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The Central Bank of the UAE has announced the launch of an enhanced local electronic funds transfer system (UAEFTS)

The Central Bank of UAE has announced the launch of an enhanced local electronic funds transfer system (UAEFTS). These enhancements will improve processing times for electronic payments within the UAE. 

The following changes will apply to all domestic UAE Dirham (AED) payment instructions processed via your accounts maintained in the UAE from 14 April 2012.

- Effective 14 April 2012, all customers are required to provide a valid Transaction Type Code (listed below) to allow banks to accept and process payment instructions. Any payment instruction submitted to National Bank of Fujairah without a valid code may be rejected or delayed.  Salaries processed via The Wages Protection System (WPS) do not require the code. It is the customer's responsibility to ensure that the appropriate Transaction Type Code is used.

- A change in the fee structure has also been mandated for all payments routed through UAEFTS as detailed below: 

  • Remitting and beneficiary bank fees will be based on the Transaction Type Codes listed below

  • If the charge type "OUR" is selected for any payment, AED 25 shall be debited from the customer's account in addition to the standard NBF remittance fees. This does not apply to payments with "CHC" and "CCP" codes. 

  • For Personal Banking or individual customers, the maximum remittance fee that can be applied by the remitting and beneficiary banks shall be AED 25.

- If you have standing instructions for your accounts, you must amend them to ensure that a valid Transaction Type Code and IBAN are captured.  Please contact your relationship manager or visit the nearest NBF branch to modify your standing instructions.

- Please be advised that International Bank Account Number (IBAN) was implemented on 19 November 2011 with a grace period ending 12th April, 2012. Effective 14 April 2012, all domestic payment instructions are required to contain IBANs in the beneficiary account numbers. Any payment instructions including WPS payments submitted without IBAN, with the exception of credit card payments, are subject to rejection by the UAEFTS.


Transaction Type Codes

Please be advised that the codes used are dependent on the type of account you hold with NBF:

Code Transaction Type Usage Description/Remarks
SAL  Salary  To be used by companies for payments to individual employees. Beneficiary bank fees will not apply.
ALW  Allowances 
BON  Bonus 
COM  Commission 
COP  Compensation
EOS  End of Service 
LAS  Leave Salary 
OVT  Overtime   
TKT  Tickets 
ACM  Agency Commission  To be used by companies for payments to other companies. Fees will apply.
CCP  Corporate Card Payment  To be used by companies for payments of corporate credit cards held in their name.  Beneficiary bank fees will not apply.
CRP Credit Card Payments  To be used by Personal Banking or individual customers for payments to credit cards only. Beneficiary bank fees will not apply.
CHC Charitable Contributions  May be used by all customer types for payments to charitable institutions only.  Remitting and beneficiary bank fees will not apply. 
REM  Remittance  "Remittance" refers to payments to accounts of individuals or non-individuals that cannot be classified in any of the codes described above.

May be used by all customer types.  Fees will apply.
CBP Cross Border Payments
INV Miscellaneous Payment with Invoice Details
RBC Miscellaneous Payment with Beneficiary Customer Reference
ROC Miscellaneous Payment with Ordering Customer Reference

For "INV", "RBC" and "ROC" transactions, you will be required to provide the reference number in the payment details field in the standard NBF remittance form. The form has been amended to capture and reflect the abovementioned changes.

About NBF
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.

NBF's key shareholders include the Government of Fujairah, Easa Saleh Al Gurg Company LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 by Moody's and BBB+ / A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 15 across the UAE.

Corporate Communications Department
Telephone: +971 4 397 1700
Facsimile: +971 4 3972 371