Useful advice on Remittances
When sending a remittance via a bank branch, you must provide the beneficiary bank BIC and beneficiary account in IBAN format (in case you remit to countries that have adopted IBAN) so that the remittance may be classified as streamlined (STP-Straight Through Processing).
Additionally, depending on the currency and destination country of the remittance, you may have to choose among charging options, depending on who will bear the remittance fees. In any case, the Bank may ask you for supporting documents prior to sending the remittance.
Remittances bearing IBAN and BIC are classified as STP transactions, as they allow the beneficiary account to be credited directly via cutting-edge systems and without human intervention.
STP transactions help you minimize the time for sending a remittance, reduce the manual intervention by banks and limit your transaction costs.
Deutsche Bank granted to ABK-Egypt (formerly known as Piraeus Bank-Egypt) the STP Excellence Award for four consecutive years (2012, 2013, 2014 & 2015) for both US Dollar and Euro payments.
To benefit from these transactions, your outgoing remittances should bear:
- For participating countries, the beneficiary account in IBAN format and bank BIC (SWIFT Code)
- For other countries, the beneficiary account number and bank BIC (SWIFT Code)
The BIC uniquely identifies one Bank anywhere in the world. The BIC for Al Ahli Bank of Kuwait – Egypt is ECBAEGCA and is valid for all our branches in Egypt.
The International Bank Account Number or IBAN is beneficiary account number in his bank, structured according to the specifications set out by the European Committee for Banking Standards. All European Union countries have adopted it mandatory. Other countries have adopted it voluntarily. Egypt has not adopted it yet.
Depending on the destination country and currency of the remittance, you wish to send, you may choose how the charges are divided between you and the beneficiary of the remittance. You have three options:
- OUR: you are charged with all involved banks fees
- BEN: the beneficiary is charged with all banks fees
- SHA: each of you is charged with your bank fees
Depending on the remittance amount, destination country and customer classification (Individual/ Corporate), the Bank may ask you for further information and supporting documents, prior to sending the remittance.