The process of work by using fax is described in the corresponding section.
Forms of all documents are collected in a special section on the bank’s website: Documents / Payment and Foreign Currency Operations.
Here is a direct link to the payment order form (in PDF format).The payment order form is prepared in such a way that it can be completed directly on the screen.
If you make more than five payments a month, consider a possibility of connecting to the Internet bank system.
OUR – the client pays the commissions of both Rietumu Bank and the correspondent bank. If in the course of sending a payment, an intermediary bank and/or a receiving bank requires its commission, such additional commission (in an amount not exceeding EUR 100) will be debited from the current account of the client. The rest of the expenses are covered by Rietumu Bank.
In some cases, an intermediary bank and/or a receiving bank do not take the instructions of Rietumu Bank into account and therefore the commission of such banks may be deducted from the payment amount.
Advantage of OUR type payments: The receiver receives the exact amount of payment.
BEN – the receiver pays the commissions of Rietumu Bank and other banks involved in the remittance. The commission is deducted from the remittance amount. The minimum amount of payment is EUR 200 or an equivalent amount in another currency.
Advantages of BEN type payments: Lower rates for international payments, the client never remains “in debt” to the bank.
SHA – the client pays the Rietumu Bank commission. Commissions of intermediary banks and the receiving bank related to the remittance are covered by the receiver.
1. Payments within the borders of the European Economic Area (EEA)* in EUR and in national currencies** of the EEA member-states are made only with the SHA commission type. When making payment to the EEA country in EUR or in national currencies of the EEA member-states, a full amount of payment comes to the receiving bank and the commission of this bank may be deducted from the receiver, if this is anticipated by an agreement between the receiving bank and the payment receiver. If the BEN or OUR type of commission is indicated in such a payment order, Rietumu Bank is entitled to change it for SHA.
2. Payments in EUR and other currencies of the member-states beyond the borders of the European Economic Area are made as OUR and SHA payment types; BEN type payments in EURare not performed.
* Countries of the European Economic Area: Iceland, Norway, Lichtenstein and 27 EU countries: Austria, Belgium, Bulgaria, the Czech Republic, Denmark, France, Greece, Estonia, Ireland, Italy, Cyprus, Latvia, Great Britain, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Spain, Hungary, Germany, Sweden.
** Currencies of the European Economic Area: EUR, NOK, SEK, CZK, CHF.
| Standart | Express | |
| BEN | USD, CAD, JPY, | USD |
| OUR | Payment to the EEA country:: All currencies, except for EUR, NOK, SEK, PLN, CZK, CHF | Payment to the EEA country: USD |
| Payment to the non-EEA country: All currencies | Payment to the non-EEA country:: EUR, USD |
|
| SHA | EUR, USD, NOK, SEK, PLN, CZK, CHF |
EUR, USD |
Countries of the European Economic Area – Iceland, Norway, Lichtenstein and 27 EU countries: Austria, Belgium, Bulgaria, the Czech Republic, Denmark, France, Greece, Estonia, Ireland, Italy, Cyprus, Latvia, Great Britain, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Spain, Hungary, Germany, Sweden.
Remittances in CNY are possible only for export-import operations and only with companies located in 16 provinces and 4 municipalities of China: Inner Mongolia, Liaoning, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangdong, Guangxi, Hainan, Sichuan, Yunnan, Jilin, Heilongjiang, Tibet, Xinjiang, Beijing, Tianjin, Shanghai, Chongqing.
At present, Chinese companies in these regions are entitled to receive funds from a foreign partner in CNY and remit CNY abroad when they obtain the corresponding permit from the People’s Bank of China.
A payment order must contain the following information:
Field 57 (Receiver’s bank)
SWIFT/BIC code of the receiver’s bank,
Name of the receiving bank,
Address of the receiving bank;
Field 59 (Receiver)
Account number of the receiver,
Name of the receiver,
Full address of the receiver;
Field 70 (Purpose of payment)
Precise and full purpose of payment with an indication of:
To remit funds quickly and correctly, you have to provide the following information:
Field 59:Account number of the receiverPlease note that an indication of the contract or agreement number IS NOT sufficient information for making payments in a foreign currency.
In the field Purpose of Payment, the full and exact purpose of the transaction must be indicated.
For commercial nature payments, the following must be indicated:
In the event of payment according to a loan agreement, indicate the number and date of the agreement, the purpose of the loan, the term and the interest.
For payments in Russian roubles, the following is additionally provided:
Payments which do not meet the abovementioned criteria may be declined by the Bank or any of the authorised correspondent banks.
If the receiver indicates the correspondent bank for the receiving bank in the details, the same should be done in the payment order:
Field 56:Name of the correspondent bankPlease note that the following information must be provided when making outgoing payments in russian roubles:
Field 57:Name of the receiving bank – BIK and the correspondent account at the Cash Settlement CentreFor Russian roubles, the total length of information in the fields “Purpose of Payment” and “Additional Information” mush not exceed 210 characters.
Payment orders should be completed as follows:.
To make international bank remittances, according to the international banking regulations it is required to use a correspondent bank in the country where this currency is a national one.
For example, if you want to remit Japanese yen from Latvia to France, you have to use a correspondent bank in Japan.
The correct selection of a correspondent bank can considerably reduce the duration of remittance. Try to select a correspondent bank in the same country as the sending/receiving bank.
If the remittance is done in USD and if Rietumu Bank receives the funds by 11 a.m., they will be on your account the same day. If later, the next day.
The bank usually receives funds within 2-5 days depending on the practice of the sending bank.
A commission charged for a remittance depends on the amount and the currency type, but there is a minimum and maximum commission charged by the bank regardless of the remittance amount.
Rietumu Bank does not charge a commission for crediting funds to an operating account.
The exception is for MDL (Moldovan leu).You can obtain information about crediting your account in this currency from the Bank.
When you provide full details of the receiver, the funds reach the receiving bank within a day or two. When incomplete details are provided, more time might be required for remitting the payment.
For fast and correct crediting of funds on your account, the basic requisites of the receiver (the account number, the name, the receiver’s address) must be correctly provided in the payment order.
If the aforementioned details are unavailable or are provided incorrectly, we recommend you to contact your partner (the payment sender) as quickly as possible, so that he is able to submit the precise information to the bank the payment is sent from, and later the sending bank will forward this information to the receiving bank. Following this, the funds will be credited to your account.
If the receiving bank (i.e. Rietumu Bank) has to make an investigation itself and manually process an incoming payment with incorrect details, a commission for the investigation will be deducted from your account.
A refusal in fulfilling a payment order may be caused by the following reasons:
There are insufficient funds on the account for debiting the payment or a commission for it;
Solution: Add funds to your account or remit a smaller amount.
Incorrect details are provided;
Solution: Please provide contact information in your payment order, in this case the Bank employee will contact you.
Incomplete or insufficient payment details are provided;
Solution: It is required to indicate the exact type of goods or services for which the payment is made. Please note that an indication of the contract or agreement number IS NOT sufficient information for making payments in a foreign currency!
The test key is incorrect;
Solution: Having sent the fax, call and check the correctness of the test key.
The fax message is illegible;
Solution: Having sent the fax, call and check whether it has been received.
The account is frozen;
Solution: Call to the Information Service of the Bank and find out the reason.
Regrettably, we cannot find out about the commissions charged by other banks, as these change depending on the receiving bank and the chain of the correspondent banks.
We recommend providing the following details in the presented invoices:
Solution: Contact the sender and ask him to send a correction to the payment.