We ensure payments according to the currency and payment type chosen by the customer. By choosing the payment priority, you determine also the speed of execution of the payment. A standard transfer has lower commission fees that an urgent or express payment, whereas an express transfer is guaranteed immediate processing.

When filling out a payment order, it is also necessary to specify the commission fee type: to pay the commission fee in full, in part or to allow the recipient to cover transfer costs (OUR, SHA, BEN).

Intrabank Payments

Transfers between your accounts at the bank are executed within a couple of seconds 24/7. An intrabank payment is a fast solution also for payments with counterparties that have accounts opened at our bank.

European Payments (SEPA)

SEPA (Single Euro Payment Area) payment is a payment in euro with no amount restrictions and within the euro area, where the beneficiary’s account number must be specified in IBAN format. SEPA payments are performed between 28 EU Member States, as well as Norway, Iceland, Switzerland, and Lichtenstein, which are included in the Schengen area.

A European (SEPA) payment must comply with the following requirements:

• the payment currency is euro;
• the payment is executed for the full amount – the commission fee is determined by applying the shared (SHA) method;
• the payment has no amount restrictions;
• IBAN account standards are used in transfers;
• single erroneous payment refund procedures are observed.

Instant Payments

Instant Payments (SEPA Instant Credit Transfers) are a quick version of the SEPA payment scheme, ensuring the execution of payments 24/7/365, including on days-off and holidays. Money reaches the beneficiary within few seconds.

Instant payment can be executed if:

• the payment amount does not exceed EUR 100,000;
• the beneficiary bank supports SEPA Instant;
• there are no technical impediments for execution of the payment.

If a European payment with a standard priority cannot be executed as an instant payment, it is automatically executed as a SEPA payment.

If the option “Execute only as instant payment” is checked in the payment order:

• if the beneficiary bank cannot accept the instant payment due to technical or other reasons, the payment is declined;
• the funds are returned to your account within 10 seconds;
• the payment is not automatically executed as a SEPA payment.

You can set maximum limits of instant payments for both an individual instant payment (up to EUR 100,000) and the total amount of instant payments made in a day.

The said limits can be changed by submitting an application at the Bank or by introducing changes via your Internet Banking system.

Verification of Payee (VoP)

When making transfers within the European Union, the Bank ensures the possibility of checking whether the beneficiary’s name and surname or legal entity’s name correspond to the indicated IBAN acount number.

VoP is carried out only if this functionality is ensured by the beneficiary bank as well (payment service provider).

If non-compliance is detected:

• you will receive a notification of non-compliance;
• you will be able to choose – whether to confirm the payment or refuse therefrom.

Important!
If you confirm the payment despite the non-compliance specified, funds might be credited to the account that is not held by the indicated beneficiary. In such case, you undertake full responsibility for the consequences of the payment made. Due technical or other reasons VoP might be unavailable, we encourage to verify carefully the beneficiary’s information and assess the risks prior to authorising the payment. 

International Payments

International payments are transfers to foreign banks in any currency, in which the bank performs transactions. An international transfer in a foreign currency is a safe and popular method of transferring funds, which allows sending money to any country of the world within the SWIFT system.

Regular Payment

A regular payment is an automatic transfer performed on the pre-set date from the customer’s current account to other account at the Bank, other Latvian commercial bank or other foreign bank. 

Moreover, it is possible to receive a payment order confirmation in the international format.

Benefits:

• a payment order form to be filled in only once for a regular payment;
• automatic execution of regular payments without additional participation of a customer;
• time savings;
• assurance that monthly regular payments, e.g., utility bills or lease payments, are made on time;
• an opportunity to create a regular payment to credit the payment card account;
• without an additional commission fee for the service, the commission fee is deducted from the current account only for the respective transfer in accordance with the Price List.