Payments^*

1. What is a credit transfer?

The credit transfer is executed on the grounds of a transfer order submitted by the originator where the bank debits his/her account and transfers the money to the beneficiary account.

2. What are SEPA instant credit transfers?

SEPA instant credit transfers are euro payments between banks within the Single Euro Payments Area (SEPA), in which the funds are transferred immediately and become available to the beneficiary at any time, 24 hours a day, 7 days a week, 365 days a year.

3. What is a SEPA direct debit?

The SEPA Direct Debit is a payment instrument whereby the payer gives prior authorization (mandate) to the payee to withdraw funds from their account. The payee initiates the payment, and the payer’s bank verifies that it complies with the given authorization and executes the transfer. The authorization may be provided in paper form or electronically. The bank monitors compliance with the conditions specified by the payer in the mandate.

4. What is a value date?

For the client ordering the transfer the value date is the date when the bank debits his/her account with the amount of the transfer or receives the necessary cash for the transfer including charges and commissions that are due.

For the client receiving the transfer the value date is the date when the bank of the beneficiary leaves the funds to his/her disposal.