1. What types of funds transfer are there?

In the banking practice worldwide, the most renowned payments are ordinary and urgent. Ordinary payments are carried out within two banking days. Urgent are carried out in the day of the reception of the payment.

2.1. What is a "transfer due to the sender"?

At transfer due to the sender the commission for translation of the given sum will be paid by bank of the sender. The final addressee will receive the sum equal to the one that was sent. In bank practice for such kind of transfers the term "OUR" is used.

2.2. What is a "transfer due to the sender and the beneficiary"?

With a transfer due to the beneficiary and the sender, commission is charged both from the beneficiary and from the sender. In banking practice, a generally accepted abbreviation "SHA" is used with such transfers.

3. What details are mandatory for the delivery of payment orders?

To transfer payments, the Client has to specify the following details in his or her payment order:

• Beneficiary name - title of a legal entity or family name and name of a private individual,
• For residents of Latvia, for legal entity registration number and for private individuals - personal code,
• Beneficiary account - beneficiary's account number with the beneficiary's bank,
• Beneficiary bank - the bank's name, address and identifier (BIC-SWIFT, CHIPS, ABA,BLZ) or beneficiary bank's account number with the correspondent bank,
• Correspondent bank - the bank's name, address and identifier (BIC-SWIFT, CHIPS, ABA,BLZ) - in the event that the payer transfers funds through a concrete correspondent bank

4. Are payments also carried out during weekends and holidays?

Payments which are carried out at weekends, during holidays, or before, or after the bank's working hours shall be processed and fulfilled on the next working day.

5. What does the field ‘Bank info' mean?

The field has to be filled if it is necessary to receive payment of SWIFT copy via fax or mail. Insert the necessary information in this field!

Payment or SWIFT copy will be prepared and delivered according to the pricelist.

6. What is an IBAN code?

IBAN code is an international bank account number generated in line with international standards to facilitate identification of the bank account when effecting payments among European countries. IBAN helps speeding up the payment and ensures error-free and automated payment processing.

General structure of IBAN:
A combination of up to 34 letters and digits comprising the following:

• 2 letters for the country code,
• 2 check digits
• Bank code
• Bank account number of the customer (0-9, A-Z), no separators.
• A simple algorithm ensures the uniqueness of the account number.

If your invoice or agreement specifies not only the customer's bank account number, but also the new international account number (IBAN), when filling in the payment details it is compulsory that you indicate the IBAN number as the beneficiary's account number e.g.,: FI5920171800136017.