13.2

The PMA started publishing its indicator for the business cycle (PMABCI) on a monthly basis since November 2012. 


 IBAN Instructions | What is IBAN?

IBAN 

International Bank Account Number (IBAN) is an international standard for identifying bank accounts. The IBAN identifies a beneficiary's bank account and includes specific information the receiving bank will use to automatically apply funds. It also allows bank clients to validate the account number of the transferee (the beneficiary of the value of the amount transferred) before the implementation of the transfer order to a local or international bank.

Palestine IBAN consists of 29 characters according to the following format from left to right:

  • Country code: two digits which is according to the International Standards Organization (ISO 3166-Alpha 2) for Palestine is (PS).
  • Check Digits: two digits which are generated by applying an international standard (mod-97-10)
  • Bank code: four digits which refer to the name of the bank in which the client has an open account. The bank code is the published SWIFT code for the bank.
  • Client account number: 21 characters and in case the account number is less than 21 characters, zeros are added to the left.

Example:

Account number of a client in Bank of Palestine is 123456789. Consequently the IBAN is PS##PALS000000000000123456789.
 

For more information please view our IBAN Brochure.

1. How can I obtain my IBAN?

You can directly obtain your IBAN from your bank. The bank is obliged to provide you with an IBAN according to the new format as of the beginning of 2013, and free of charge.

2. When should I use my IBAN?

  • Transferring money from your bank to other countries that are using IBAN (Check with your bank).
  • Receiving money transfers from abroad, where the sender must be notified with your IBAN before the execution of the transfer.
  • Transferring money to a beneficiary inside Palestine. 

3. When should I use the IBAN of the beneficiary?

  • Transferring a money order abroad in countries that use IBAN. (Check with your bank).
  • Transferring a money order to the beneficiary's bank account inside Palestine.
  • Transferring money orders between banks operating inside Palestine. The use of the IBAN is considered mandatory as of mid 2013 in any transfer between banks operating in Palestine.
  • Incoming transfers to your bank account from outside Palestine.

4. Is using an IBAN mandatory?

It is mandatory as of March 2013 and any transfer not associated with your IBAN will be returned. PMA is reviewing this policy and will update this in any changes occur.

5. What is the purpose of the IBAN?

  • Increase the effectiveness of bank transfers through electronic systems and develop them into straight through processing technology.
  • Ensure the beneficiary's account number is correct and to avoid returning transfers with incorrect account numbers. This will save time and money as a result of returned transactions.

6. Can my IBAN be checked through the internet?

Yes, PMA provides for all clients of banks operating in Palestine a free service to verify the validation of your IBAN through the PMA website: PMA. Banks also provide a range of tools that facilitate checking the validation of your account number. Please check with your bank for more information.

7. Can I use my IBAN and my bank account number to execute any money order transfer?

The use of the IBAN is enough as it contains your full bank account number.

8. If I receive a money transfer from abroad not carrying my IBAN, will the transfer be credited to the account?

According to PMA instructions and as of March 2013, transfers not carrying your IBAN will be returned and will not be credited to your bank account. You may also be charged with additional bank commissions as a result. PMA is reviewing this and will publish the instructions once updated.

9. Will my account numbers be invalid without the use of my IBAN?

No, the use of your IBAN does not lead to the modification or cancellation of your account numbers as your IBAN is not considered a new account number but is a new format which complies with international standards for specific uses.

10. Can I check the beneficiary’s IBAN before money transfer?

Yes, you can request directly from your bank in Palestine to validate the IBAN of the beneficiary, whether the beneficiary's bank account is in Palestine or in any other country in the world which uses the IBAN system.