Foreign exchange operations
Dear Sir or Madam,
in accordance with the PSD2 Directive and the Payment Services Act, we inform you that all transfers in foreign exchange conducted in the countries of the European Union, including Poland, as well as Norway, Iceland, and Liechtenstein should have the SHA cost option selected. Choosing the OUR option may result in:
– a change in the cost option by the recipient's bank;
– a delay in the execution of the payment;
- charging additional fees by the recipient's bank
The bank processes payment orders in 12 convertible currencies: USD (US dollar), EUR (euro), GBP (British pound), CHF (Swiss franc), AUD (Australian dollar), CAD (Canadian dollar), DKK (Danish krone), SEK (Swedish krona), NOK (Norwegian krone), CZK (Czech koruna), HUF (Hungarian forint), JPY (Japanese yen) and in Polish zlotys upon the request of individual and institutional clients with accounts at the Cooperative Bank in Szczytno.
There is a possibility to execute orders in an urgent mode in EUR, USD, GBP.
The bank executes transactions in foreign exchange through the following systems: SWIFT, EuroElixir, and TARGET2.
BIC (SWIFT) Code of the Bank – POLUPLPR
Glossary:
Foreign exchange transfer is a payment order and a SEPA transfer.
Payment order is an instruction directed to or received from another domestic or foreign bank recommending the execution of a payment or transfer of a specific amount of money to the indicated recipient (beneficiary).
SEPA Transfer is a transfer executed by banks operating in the territory of the European Union and Norway, Iceland, Liechtenstein, and Switzerland that have signed an agreement on joining SEPA, meeting the following conditions:
- transaction currency EUR;
- the transfer instruction contains a valid beneficiary account number in the IBAN standard preceded by the country code in which it is held and a valid BIC code of the bank (BIC code), which is equivalent to the bank's Swift address (Swift code), to which the transfer is directed;
- the cost option "SHA" is present;
- the transfer does not contain any additional payment instructions;
- the sending bank and the receiving bank of the transfer are participants in the SEPA Credit Transfer – SCT.