Frequently Asked Questions on Business Remittance:

1. What is a remittance?
A remittance is the transfer of money from one place to another, often across countries. It’s commonly used for sending payments to employees, suppliers, or partners in different countries. Businesses use remittance services to handle cross-border payments efficiently, securely, and at low cost.

2. How many channels are available at SIB for sending money?
You can send money through SIB’s branches or Online Banking. Choose the channel that’s most convenient for you!

3. What are the fees for sending a remittance?
Fees vary depending on the channel used to send the money. For detailed breakdowns, refer to our schedule of charges at www.SIB.ae/en/personal-banking/general-terms-conditions.

4. How long does it take for a remittance to reach the recipient?
Typically, it takes 3-5 business days for a remittance to reach the recipient. This timeline may vary depending on due diligence requirements and the beneficiary's bank.

5. Is there a limit to how much money I can send?
To check the transfer limits on your account, log in to SIB Online Banking, go to profile & settings, and view your transaction limits under the menu option.

6. Where can I check the status of my remittance?
You can track your remittance by logging into SIB Online Banking, going to the message center under notifications, and submitting an inquiry about your transfer status.

7. What should I do if my remittance is delayed?
If your remittance is delayed, you can reach out to us through Online Banking, call our call center to request a tracer, or visit any SIB branch for assistance.

8. How can I cancel a fund transfer?
Transfers processed instantly cannot be canceled. If the transaction is under review, you may request changes by submitting a written request at a branch. You can also submit an inquiry through SIB Online Banking.

9. How can I recall a fund transfer?
To recall a fund transfer, log into SIB Online Banking, go to the message center under notifications, and submit an inquiry.

10. How do I get a copy of my SWIFT?
You can download your SWIFT copy by logging into SIB Online Banking, going to transfers, selecting transaction details, and downloading the transfer acknowledgment.

11. When do I need an IBAN and SWIFT?
For inbound remittances to the UAE, you'll need to provide your IBAN. For outward remittances, requirements may vary depending on the country’s regulations.

12. Where can I find my IBAN number?
To find your IBAN, log into SIB Online Banking, go to accounts, and select account details.

13. What is the TAT for remittance cancellation?
If the transaction is under review by the bank, it can be altered within 3 business days, subject to internal due diligence. For instant transactions, cancellation is not possible.

14. Where can I check my transfer reference number?
You can find your transfer reference number by logging into SIB Online Banking, selecting transfers, and reviewing transaction details.

15. What is the remittance failure process?
If a transaction fails due to technical reasons, we’ll reverse it within 24-48 hours. You can track the status via Online Banking or reach out to us for assistance.

16. What is the required information to process remittances?
You'll need to provide your company’s account details, the beneficiary’s full address, the purpose of payment, IBAN, and SWIFT details.

17. To which countries can I make an instant and free transfer?
Currently, instant and free transfers are not applicable for business accounts.

18. How much are the remittance cancellation charges?
For cancellation charges, please refer to our schedule of charges at www.SIB.ae/tariff.

19. What is the difference between immediate transfer & normal transfer?
Immediate transfers are not applicable for business accounts at this time.

20. How long will it take for an international transfer to be credited to the beneficiary’s account?
International transfers usually take 3-5 working days, subject to internal and correspondent bank processing times.

21. Will SIB charge customers for receiving inward remittances from outside the country?
No, there are no charges for receiving inward remittances.

22. To which currencies can I make an immediate transfer?
Immediate transfers are not applicable for business customers, as all transactions are subject to due diligence.

23. What is the maximum amount that can be transferred immediately?
For business customers, immediate transfer limits do not apply, as all transactions are subject to due diligence.

24. Can I transfer money to another SIB account through the ATM?
No, ATM transfers between SIB accounts are not possible.

25. What do you mean by correspondent banks, and what are their charges?
For information about SIB’s correspondent banks and related charges, please visit www.SIB.ae/en/remit.