Payza members in Pakistan are now required to enter their IBAN to withdraw by bank wire
Pakistan is in the process of implementing the International Bank Account Number (IBAN) system, an international standard for structuring account numbers. The IBAN system has already been adopted in much of the world as a means to simplify the identification of bank accounts regards of their location, to facilitate both domestic and international transactions.
The transition of Pakistani bank accounts to the IBAN system was announced by the State Bank of Pakistan in May of last year and is expected to be fully implemented by the end of June 2013. Payza has already transitioned to the use IBANs for the identification of Pakistani bank accounts.
All Payza members with Pakistani bank accounts will be required to provide their IBAN to Payza in order to withdraw funds from their e-wallet by bank wire. Once the IBAN has been provided to Payza, it will be saved in the account for future use.
How to Identify your IBAN
According to the guidelines announced by the State Bank of Pakistan, IBANs will have been generated for all Pakistani bank account by December 2012 and you should have been notified of your IBAN by your bank. If you do not know or are unsure of your IBAN, check your bank statement or contact your bank. You can also use an IBAN validation service such as those provided by Standard Chartered or IBANCalculator.com.
How to Add your IBAN to your Payza Account
If you have not already done so, you will be prompted to enter your IBAN the next time you add a Pakistani bank account or initiate a bank wire withdrawal to a Pakistani bank account. Once you have provided your IBAN to Payza, and other bank account details, and save them to your Payza account. Once completed, you can proceed with your bank wire withdrawal.
For more information about the implementation of the IBAN system in Pakistan, visit http://www.centralbanking.com/central-banking/news/2175757/bank-pakistan-decides-implement-iban