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Domestic payments/International transfers |
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Domestic payments and international transfers
for legal entities are the basic banking services allowing to effect non-cash
payments by means of a funds transfer. The customer indicates the amount
of money, currency, beneficiary’s bank and other information, and instructs
the bank to perform the funds transfer. The instruction may be given both
orally and in writing. It can be submitted to the bank's branch or via
the electronic payment system.
According to National (i.e. Republic of Latvia) legislation or market practice of the beneficiary bank, any bank is allowed to credit funds to beneficiary in accordance with beneficiary's account number indicated in the payment order, without taking into consideration given beneficiary name.
Possibilities:
- Effect non-cash payments (avoiding restrictions set for cash transactions),
- Give payment order instructions orally or in writing - at the bank's
branch, by telephone or via the Internet,
- Effect transfers with the current value date in different currencies,
- Ensure the accuracy of payment details (the bank's database includes
most of the world's correspondent banks),
- Ensure the confidentiality of transactions (the bank does not release
information on the performed transfers without the customer's permission),
- Perform safe money transfers in the internal bank system, in the
electronic clearing system of the Bank of Latvia and the global data
transmission network of SWIFT messaging,
- Receive from the bank supporting documents for the transactions,
- Enjoy lower commission charges than those set by other banks,
- Benefit from individual discounts for international transfers.
To effect payments, you have to:
- Hold a Current Account with Swedbank
- Submit payment order to the bank.
Most widespread national clearing codes of foreign
banks
When filling in an international payment order, you
must indicate correct data of your beneficiary’s bank and intermediary
bank.
By taking into account the preferred payment currency
and the beneficiary’s country, it is advisable to note the following specifics
of the transfer to ensure a quality execution of the payment order.
USD
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USA |
- ABA ROUTING or FW code (9 digit code- to be indicated in the field of beneficiary bank name)
- name of beneficiary’s bank
- city/country of beneficiary’s bank
- SWIFT code (if ABA ROUTING or FW code not mentioned)
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Any other country
(Germany, UK, Russia, etc.) |
- Name of beneficiary’s bank
- city/ country of beneficiary’s bank
- SWIFT code – if known, consists of 8 or 11 characters, out of which the first 6 characters are always letters, e.g.: CBVILT2X, HABAEE2X, BKTRUS33.
- Name of correspondent bank
- SWIFT code or correspondent account of correspondent bank
- Intermediary bank is usually one of the U.S. banks, but there
may be exceptions.
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EUR
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Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece. Hungary, Ireland, Italy, Iceland Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom
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- IBAN account
- SWIFT code
- BLZ code (if SWIFT code not mentioned)- 8 digit code to be indicated in the field of beneficiary bank name)
- Name of beneficiary’s bank
- City of beneficiary’s bank
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GBP
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United Kingdom |
- SORT CODE - 6 digit code to be indicated in the field of beneficiary bank name
- SWIFT code (if SORT CODE code not mentioned)
- Name of beneficiary’s bank
- Address, city of beneficiary’s bank
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RUB |
Russia |
- BIK code, which consists of 9 digits (BIK044…653)
- Correspondent account consists of 20 digits (301………………653), the last three digits of BIK code always coincide with the last three digits in the correspondent account (BIK code and Correspondent account to be indicated in the field of beneficiary bank name or ‘Bank info’ )
- name of beneficiary’s bank
- city of beneficiary’s bank
- also branch if known
- INN code for beneficiary, also KPP code, if known ( INN and KPP codes to be indicated in the field of beneficiary`s name)
- When filling in the detail field of a payment order you
must start with indicating a code which consists of combination
of two letter ''VO'' (currency
operation code) which is followed by transaction code
(pdf file in Russian) that consists of 5 characters without
any space betwen them. For example, ''VO10030 ZA UGOLJ PO
DOGOVORU NO 1, NDS 300 RUB''.
Precise and clear purpose of payment, data and number
of invoice and agreement, NDS (VAT) amount. If service or
commodity is subject to tax exemption, you must indicate
"WITHOUT NDS".
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all |
Canada |
- SWIFT code
- Name of beneficiary’s bank
- Beneficiary name
- Beneficiary account number. It is obligatory to indicate TRANSIT NUMBER (5 figures) before beneficiary account number
- Beneficiary address
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