UAEFTS FAQs
As per directive from UAE Central Bank, all inter bank local transfers denominated in AED will be routed through UAEFTS post 14th April 2012. To understand more on the implications of this change, you are requested to go through the below FAQs.
What is UAEFTS?
UAEFTS stands for UAE Funds Transfer System. It is the new UAE Central Bank portal to be used for execution of all Inward and Outward AED payments within UAE.
What is the benefit of UAEFTS?
The system functions as Real Time Gross Settlement System which enables execution of transactions much faster as compared to the current system.
Is there any change in the TT application form?
A new TT application form has been introduced to include all the requirements as mandated by UAE Central Bank.
Can the existing TT application form be used for AED payments?
A new TT application form is designed for AED payments within UAE. However, for non-AED payments existing form can be used.
Will the transfer be affected if the beneficiary name and IBAN does not match as per
beneficiary Bank's records?
As mandated by UAE Central Bank all local AED transfers will be credited to beneficiary solely on the basis of IBAN. Beneficiary name / other details will not be validated. You are requested to provide correct IBAN of the beneficiary on the application.
Is IBAN mandatory post 14th April 2012?
Yes, IBAN is mandatory for all Inward and Outward AED payments within UAE from 14th April 2012, including late submissions done on 12th April 2012, except for credit card payments. You are requested to ensure that a 23 digit beneficiary's IBAN starting with "AE" is mandatorily mentioned in the application.
Will the above be also applicable for Standing Instructions
effecting local AED payments within UAE?
If you have standing order for effecting payments from your account to beneficiary accounts held in banks within UAE, then you need to advise the bank of the correct equivalent IBAN for the beneficiary account, in absence of which the standing orders will fail to get executed. Similarly, if you are receiving funds through Standing Instructions from any of the banks in UAE, please advise your IBAN to the remitter.
What additional information is required from the customer?
As mandated by UAE Central Bank, remitter should provide the "TRANSACTION TYPE" along with the "REF" of remittance (Details/Purpose of remittance such as Payment against Invoice No, Salary for the month, etc.) as additional details. In the absence of these details UAE Central Bank will not accept transfer instructions.
What are the various "TRANSACTION TYPE" mandated by UAE Central Bank to be used for
remittance originating from Individual accounts?
UAE Central Bank has mandated usage of following set of "TRANSACTION TYPE", one of which needs to be selected along with the related "REF" depending on the nature of your transfer if the remittance is originating from Individual accounts:
| CODE |
DESCRIPTION |
REF required |
| MIS |
Miscellaneous |
/INVOICE NO (INV) OR
REF OF ORDERING CUSTOMER (ROC) OR
REF OF BENEFICIARY(ROB)/ |
| CRP |
Credit Card Payment |
/Any REF related to the transfer/ |
| REM |
Remittance |
/Any REF related to the transfer/ |
| CHC |
Charitable Contributions |
/Any REF related to the transfer/ |
What are the various "TRANSACTION TYPE" mandated by UAE Central Bank to be
used for remittance originating from Business accounts?
UAE Central Bank has mandated usage of following set of "TRANSACTION TYPE", one of which needs to be selected along with the related "REF" depending on the nature of your transfer if the remittance is originating from Business accounts:
| CODE |
DESCRIPTION |
REF required |
| MIS |
Miscellaneous |
/INVOICE NO (INV) OR
REF OF ORDERING CUSTOMER (ROC) OR
REF OF BENEFICIARY(ROB)/ |
| SAL |
Salary |
/Any REF related to the transfer/ |
| ALW |
Allowance |
/Any REF related to the transfer/ |
| BON |
Bonus |
/Any REF related to the transfer/ |
| COM |
Commission |
/Any REF related to the transfer/ |
| COP |
Compensation |
/Any REF related to the transfer/ |
| OVT |
Overtime |
/Any REF related to the transfer/ |
| TKT |
Tickets |
/Any REF related to the transfer/ |
| CRP |
Credit Card Payment |
/Any REF related to the transfer/ |
| EOS |
End Of Service / Final Settlement |
/Any REF related to the transfer/ |
| REM |
Remittance |
/Any REF related to the transfer/ |
| POS |
POS Merchant Settlement |
/Any REF related to the transfer/ |
| CHC |
Charitable Contributions |
/Any REF related to the transfer/ |
| LAS |
Leave Salary |
/Any REF related to the transfer/ |
| ACM |
Agency Commission |
/Any REF related to the transfer/ |
| CCP |
Corporate Card Payment |
/Any REF related to the transfer/ |
What if the above details with respect to TRANSACTION TYPE are not provided by the
customer?
Post 14th April 2012 (including late submissions of 12th April), omission of the details with respect to TRANSACTION TYPE will lead to rejection of messages by UAE Central Bank.
Can TT requests be submitted over letter head of the company?
Yes, letter head of company can be used for execution of transfers; however you need to ensure to mention the TRANSACTIPN TYPE and REFERENCE NO for processing the request as these are mandatory fields. Applications without this information will not be processed and would be returned.
For further details on this, you are requested to visit your nearest Emirates NBD branch or contact your Relationship Manager.
