A transfer is the written instruction of a Customer to transfer a specified amount of money to a defined addressee in any country in the world and to any account in a specified financial institution. It is possible to carry out transfers in any freely convertible currency.
In carrying out a transfer, our Customers can choose the speed of the transfer and the form of paying commission. If the Customer wants an express transfer, then it is possible to transfer the money to the recipient on the same day. In the case of urgent and standard transfers, the transaction normally takes one to three days. Because of our long-term cooperation with Bank of Ukraine (Банк Пивдения), we are able to make standard currency payments to this bank at express speed.
Customers need to consider the amount of commission of the correspondent or third bank when they make money transfers. Usually business partners agree on commission payment prior to the transfer. The sender of funds can choose to cover all or part of the commission or have the recipient pay the commission when completing the payment request.
Starting from 1 January 2014, Latvia simultaneously with joining to Euro area became the member of SEPA system, therefore our Customers have an opportunity to use SEPA payments.
SEPA is Single EURO Payments Area, which does not have differences between intra and outgoing payments in euro currency. It was established according to the „Payment Services Directive” adopted in 2007 by the European Parliament and the EU Council. The aim of this Directive was to ensure, that payments outside EU borders would be the same easy, effective and secure to made, as payments made within borders of member states.
Features of SEPA transfer:
- currency of payment is euro;
- payment must be executed for the total amount – the commission is determined by applying shared (SHA) method, e.g. remitter pays to remitting bank and beneficiary pays to beneficiary bank;
- payment has no limits;
- for transfers are used standards of IBAN and BIC accounts;
- ensures single procedures for missent payment repayment.
SEPA system involves not only all EU member states, but as well Iceland, Switzerland, Norway, Liechtenstein and Monaco.
Thanks to operation of SEPA payments in the Single Euro Payments Area, it has significant advantages:
- quick and secure fulfilment without correspondent banks;
- low commissions;
- transfers are fulfilled at the same working day, observing date of submission.
Please consider that SWIFT copies will not be available for transfers in EUR currency.
In order to submit a payment request, the Customer does not have to go to the bank. This can be done through Internet Bank.
In order for the bank to complete the transfer the account of the Customer must contain sufficient funds to enable the transfer to be made. In those cases were the account of the customer is in a different currency, the bank can convert the amount indicated to the appropriate currency.
In cases where an error has occurred in the transfer, we recommend using the “investigate”, “correction” and “cancel” options. Our Customers have the option to correct and investigate all transfers carried out up to one year previously. When the bank receives an application, we rectify all errors as quickly as possible and issue our Client with a written response regarding the occurrence.
Unlike other banks, we offer our Customers flexibility in our transfer service parameters and are prepared to negotiate on transfer costs and terms.
If you have any questions regarding transfer terms, commission fees or require any assistance in completing the payment order, please call Customer Info Service: (+371) 67 359 000