Transfer (Outward & Inward)
- The Arab Bank maintains a network of branches covering most of the world. This network facilitates the execution according to Central Bank of Algeria Regulation of all outward remittances and their fast receipt by their respective beneficiaries. In the absence of a branch in the country of destination, remittances are issued through the Bank's correspondents that have a worldwide coverage.
- Outward remittances are issued according to Central Bank of Algeria Regulation as per an application submitted by the person requesting the issuance. The application specifies the requested amount, the beneficiary's name and address or bank account number, and the name of bank and branch, if available.
- The Bank allows for executing periodic outward remittances according to Central Bank of Algeria Regulation in specified amounts and dates upon fixed instructions from its clients.
- The Bank applies the SWIFT correspondence system, which is an advanced, speedy, accurate, confidential and secure system.
Branches receive inward remittances and payment orders from branches and other banks for payment to their respective beneficiaries by crediting their accounts.
- Commission is levied by the Bank for its outward remittances, in accordance with the applicable laws and regulations in Algeria.
The Bank provides the service of buying and selling currencies against other currencies or DZD. The Bank also provides its customers with the service of foreign currency deposit, withdrawal, and transfer between accounts in the account currency or in any other currency.
- Drafts drawn on Arab Bank branches/correspondent banks in most parts of the world are issued on a limited basis.
- The cancellation of an outward draft is possible after returning it to the Bank.
- In case the draft is lost or stolen, the draft applicant or beneficiary may submit a stop-payment request for the subject draft to the Bank.