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FAQs - UAE Funds Transfer System

As per Central Bank of the UAE guidelines, all interbank funds transfers denominated in AED will be routed through UAE FTS from 14th April 2012.

Q. What is UAE FTS?

A. FTS stands for 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.

Q. What are the advantages of UAEFTS?

A. The system functions as Real Time Gross Settlement System enabling the execution of transactions much faster than the current system. It supports online request, eliminates paper-based transactions and is effective for bulk processing of dirham transfers within UAE.

Q. Is there any change in the Fund Transfer application form?

A. Yes! A new Fund Transfer application form has been introduced covering all the requirements as mandated by UAE Central Bank.

Q. What if the beneficiary name and IBAN does not match at beneficiary Bank?

A. All Dirham funds transfers will be credited to beneficiary entirely on the basis of IBAN. Beneficiary name / other details will not be certified. Please provide correct IBAN of the beneficiary on the application form.

Q. Will the Standing Instructions be dealt through UAEFTS for AED payments within UAE?

A. Yes! If you have given standing order to your Bank in UAE for the execution payments you need to advise the bank of the correct IBAN for the beneficiary.

Q. Do I need to provide any other information to the Bank for AED Fund Transfer?

A. Yes! You must provide the "TRANSACTION TYPE" (as explained below) 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 orders.

Q. What are the various "TRANSACTION TYPE" as mandated by UAE Central Bank to be used for remittance originating from Individual accounts?

A. UAE Central Bank has mandated usage of following set of "TRANSACTION TYPE", one of which needs to be chosen 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
 

Q. What are the various "TRANSACTION TYPE" as mandated by UAE Central Bank to be used for remittance initiated from Business accounts?

A. 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 initiating 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
   

Q. With respect to TRANSACTION TYPE, what if other details are not provided by the customer?

A. From 14th April 2012 (including late submissions of 12th April), exclusion of the details with respect to TRANSACTION TYPE will lead to rejection of message by UAE Central Bank.

Q. Can I make Fund Transfer request on company letter head?

A. Yes, letter head of company can be used for Fund Transfer requests, however you need to mention complete details as per prescribed form of the Bank.

For further information, please visit your nearest HBL Branch or contact HBL PhoneBanking at 600 522 228.

 
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