Payment Transactions
Domestic payments
Domestic payments are Euro transfers between partners holding accounts in different Estonian banks.
Execution of payments.
UniCredit Bank Estonian Branch accepts domestic payments for execution on the same banking day if the payment order is submitted to the bank no later than 16:00. All payments above 959 000 EUR are handled as urgent domestic payments.
Urgent domestic payments are executed with same day value if payment is accepted by bank before 17:00.
Incoming domestic payments are transferred to the account during the day of receipt.
It is possible to transfer foreign currency as intra-bank payments which are are free of charge for customers. Internal payment transactions are conducted during the same banking day if the payment order is submitted to the bank before 5 pm.
Cross-border payments
Cross-border payments are payment instructions for transferring foreign currency to a foreign bank or to another Estonian bank. Estonian kroon payments to foreign countries are also considered to be cross-border payments.
To execute an international payment, the following information is necessary:
- beneficiary’s name
- beneficiary’s bank account number or IBAN (International Bank Account Number)
- name, location (city, country) and SWIFT/BIC code of the beneficiary’s bank or the local clearing code.
Types and due dates for foreign payments
According to international practice, the value date for normal cross-border payment is T+2 from the day the transfer order is accepted for execution.
In case of urgent transfers, the value date for the payment order is the next banking day or T+1.
Express payments or same-day-value payments (T+0) can be presented in the following currencies: EUR and USD. The payment order must be presented to the bank before 2:30 pm.
The bank accepts outgoing international payment orders for execution on the same banking day if the payment order is submitted to the bank no later than 4:00 pm.
Payments with favourable charges
In addition to the standard payment types, the UniCredit Bank offers following bargain payments: EU payments, FlashPayments and Baltic Payments.
Fees and expenses
Upon acceptance of the payment order, the bank debits the charges from the remitter’s account, in accordance with the current price list. The division of expenses for cross-border payments depends on the agreement between the partners and there are three possibilities:
1. the remitter and the beneficiary share the expenses - SHA
2. all the costs are borne by the remitter - OUR
3. all the expenses are borne by the beneficiary - BEN
The most popular method is the “shared” option, when the payer bears the
expenses of his/her bank and the beneficiary bears the expenses of foreign
banks.
The full amount to the beneficiary, or the OUR payment method is used, when the payment is for a fixed amount, for instance the payment of membership fees.
expenses of his/her bank and the beneficiary bears the expenses of foreign
banks.
The full amount to the beneficiary, or the OUR payment method is used, when the payment is for a fixed amount, for instance the payment of membership fees.
Incoming international payment orders
Receipts in foreign currency are deposited on the UniCredit Bank customer’s account on the bank value date, provided the payment notice is received before 4:00 pm. The bank has the right to control the receipt of the funds to the correspondent account before crediting the customer’s account.
Information for business partners for receipt of cross-border payments
For the successful receipt of foreign payments, it is important to forward correct bank requisites to the partner:
- Beneficiary’s name and address
- Beneficiary’s IBAN
- Beneficiary’s Bank – AS UniCredit Bank Estonian Branch
- Beneficiary’s Bank SWIFT/BIC code – UNCREE22
- UniCredit Bank´s Correspondent Bank depending on the currency of the payment
Declaration of international payments
According to the Regulation of the Bank of Estonia, the resident remitters or beneficiaries are obligated to declare all international transactions equal or above 12 782 EUR or equivalent in foreign currencies.
In order to declare incoming and outgoing payments, a transaction code which describes the content of the transaction is assigned and the residence of the other party is to be determined. Current information is necessary to the Bank of Estonia for preparing the balance of payment.
In order to declare incoming and outgoing payments, a transaction code which describes the content of the transaction is assigned and the residence of the other party is to be determined. Current information is necessary to the Bank of Estonia for preparing the balance of payment.
Updated 149 days ago
