Euro payments were launched in the European Union countries and in the countries of the European Economic Area; it refers to cross-border payments in euros to the tune of EUR 50,000.
Advantages of Euro payments
The payment (without conversion) is always delivered to the beneficiary on the next banking day latest.
The beneficiary’s account is credited with the full amount remitted; fees are charged separately.
Pricing applicable to Euro payments is more favourable.
If your business partner’s account is kept in an Economic and Monetary Union (EMU) member country, the beneficiary only pays a cross-border payment fee which is equal to the fee applied to an inland incoming payment in that country.
Prerequisites of Euro payments
Payment in euros.
Entering the beneficiary’s correct IBAN (International Bank Account Number).
Management of SHA charges (charges of sender’s bank are paid by the sender and charges of beneficiary’s bank are paid by the beneficiary).
Does not contain any requirement for special processing method (code words entered in the "Information for the Bank" field in the electronic and on-line banking applications are governed by the rules set out in the A Guide into International Payment System..
If the payment order fails to contain any of the above prerequisites, the payment is not a Euro payment, but a standard international payment, and will be processed and charged as such. Euro payments may also be delivered to the Bank in paper form. In such event, the extra charge for manual processing will be added to the charge for the Euro payment.
Euro payments in on-line and electronic banking
Euro payments in on-line and electronic banking
Online Banking
BusinessNet
MultiCash
Eltrans
BusinessNet, MultiCash and Eltrans also allow for the mass import of Euro payments.