Frequently Asked Questions on Retail Remittance

1. What is a remittance?
A remittance is the transfer of money, often across international borders, for purposes such as supporting family, paying for goods, or fulfilling financial obligations.

• Inward remittance: Money received from overseas, typically sent by individuals working abroad.
• Outward remittance: Money sent abroad for payments, services, or family support.

2. How many channels are available at SIB for sending money?
You can send money through the following channels:

• SIB branches
• Online Banking
• ATMs

3. What are the fees for sending a remittance?
Fees vary depending on the beneficiary's country (UAE, GCC, world). For details, refer to the transfers section under SIB "services & charges – retail."

4. How long does it take for a remittance to reach the recipient?
The average turnaround time is 3-5 business days, subject to:

• Internal due diligence
• Beneficiary and intermediary bank requirements

5. Is there a limit to how much money I can send?
To view your transaction limits:

• Log in to your SIB Online Banking personal account
• Navigate to menu (three dots on the top-right corner)
• Select profile & settings > view transaction limits

6. Where can I check the status of my remittance?
Log in to SIB Online Banking, navigate to:

• More > message center > compose
• Select inquiry under nature of request and transfers under category type to submit your message.

7. What should I do if my remittance is delayed?
You can:

• Submit an inquiry through the secure email inbox via internet or Mobile Banking
• Call the SIB call center to raise a tracer request
• Visit the nearest SIB branch for assistance

8. How can I cancel a fund transfer?

• Straight-through process (STP) transactions: Processed instantly and cannot be canceled.
• Transactions under review: Modifications are possible within 3 business days, subject to internal due diligence, via a written request at a branch or online.

9. How do I recall a fund transfer?
Submit a request via Online Banking:

• Go to notifications > message center > compose
• Select inquiry under nature of request and transfers under category type.

10. How do I get a copy of my SWIFT?
Submit a request via Online Banking:

• Navigate to message center > compose
• Select inquiry under nature of request and transfers under category type.

11. When do we need an IBAN and SWIFT?

• IBAN: Required for inward remittances in the UAE.
• SWIFT: Used for international communication between banks for inward and outward transfers.

12. Where can I find my IBAN number?
Log in to your SIB Online Banking account and go to accounts > more options > account details.

13. What is the turnaround time for remittance cancellation?
Transactions under review can be modified within 3 business days, subject to internal due diligence.

14. Where can I check my transfer reference number?
Log in to Online or Mobile Banking and go to transfers > transaction details.

15. What is the remittance failure process?
Failed transactions due to technical reasons are reversed within 24-48 hours. You may also submit a message via Online Banking under the message center.

16. What information is required to process a remittance?
You’ll need:

• Account details
• Beneficiary’s full address
• Purpose code and purpose of payment
• IBAN and SWIFT details

17. To which countries can I make an instant and free transfer?
Instant and free transfers are available to:

• India, Pakistan, Jordan, Sri Lanka, the Philippines, and Nepal.
  For more details, refer to the relevant section on the SIB website.

18. What are the charges for remittance cancellation?
Refer to the transfers section under SIB "services & charges – retail."

19. What is the difference between immediate and normal transfers?

• Immediate transfer: Processed instantly, ideal for urgent payments.
• Normal transfer: Processed within a few business days, following standard banking procedures.

20. How long does an international transfer take?
Typically 3-5 working days, depending on internal and correspondent bank processes.

21. Are there charges for inward remittances?
No charges apply for receiving inward remittances.

22. Can I transfer money to another SIB account via the ATM?
No, ATM transfers are only possible between personal accounts within the same branch.