Payment details

Deposits by Faster Payments, Direct Debit, BACS, CHAPS or standing order can be made, quoting the following details:

  • Beneficiary account number
    The eight digit account number of the person or company receiving the funds
  • Beneficiary name
    The name of the person or company receiving the funds
  • Bank sort code
    30-00-83

Your Al Rayan Bank IBAN and BIC have changed

What are IBAN and BIC?

IBAN stands for ‘International Bank Account Number’ and BIC stands for ’Business Identifier Code’. BIC is also sometimes referred to as a SWIFT Code or Bank Identifier Code. You use these when making or receiving international payments.

IBAN and BIC allow overseas banks to easily identify your Bank and account number, and are normally used in conjunction with each other.

How has it changed?

Previously, all Al Rayan Bank accounts shared the same IBAN and BIC. From August 2017, all Al Rayan Bank accounts have an individual IBAN, and the Bank has its own BIC. Here is an example of your new IBAN, and new Al Rayan Bank BIC:

Account -number1

Does this replace my sort code or account number?

No, your new IBAN and BIC do not replace your sort code or account number - these are additional codes with extra information to help overseas banks identify your Bank and account number when making or receiving international payments.

Where will I see this new IBAN and BIC shown?

Your new IBAN and BIC appear on your bank statements from August 2017.

Do I need to do anything?

No, the change has happened automatically. All you need to do is ensure that anybody making an international payment into your account references your new IBAN and the Bank’s new BIC.

Changes to the cheque clearing system and times

The new Image Clearing System

The new Image Clearing System is an entirely new payments system, and cheque imaging is the process that enables images of cheques to be exchanged between banks and building societies, for clearing and payment. This significantly speeds up the clearing process.

We anticipate that this service will become available during the next few months, until then cheques will clear as they do at present.

How will it work?

You’ll still write paper cheques as you do now, and you will still be able to pay cheques in at a branch counter. An image of the cheque will be created by the bank or building society when it’s paid and will be used to process the payment.

Changes to our terms and conditions reflecting these changes

We’re updating our terms and conditions. Here’s the summary of what’s changing:

1) Whereas in the past, a cheque deposited at one of our branches usually took five working days to clear, it will now usually clear by the end of the next working day.

2) Cheques, cash, or a combination of cash and cheques paid into the branch of another accepting bank will usually take two working days to clear.

Changes to our ‘personal’ tariff list charges?

If you pay a cheque into your account from a third-party which is returned unpaid, you’ll no longer be charged for it.

Cut-off time for depositing a cheque

Our branch cut-off time for depositing a cheque will remain unchanged, which is 2.30pm on a working day.

Do I need to do anything?

No, the change will happen automatically and expected to be fully rolled out by end of 2018. All you need to do is ensure that you have cleared funds available in your account at the point of writing a cheque.

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