Foreign currency payment orders
Dear Sir/Madam,
In accordance with the PSD2 Directive and the Payment Services Act, we inform you that all transfers in foreign currency conducted within the European Union countries 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;
- the imposition of additional costs by the recipient's bank.
The bank executes 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 krone), NOK (Norwegian krone), CZK (Czech koruna), HUF (Hungarian forint), JPY (Japanese yen), and in Polish zloty at the request of individual and institutional clients with accounts in the Cooperative Bank in Szczytno.
There is a possibility to execute urgent orders in EUR, USD, and GBP currencies. The bank executes foreign currency transactions via the following systems: SWIFT, EuroElixir, and TARGET2.
BIC (SWIFT) code of the bank – POLUPLPR
Glossary of terms:
Foreign currency payment transfer is a payment order and SEPA transfer.
Payment order is an instruction directed to or received from another domestic or foreign bank recommending the payment or transfer of a specified amount of money to a specified recipient (beneficiary).
SEPA transfer is a transfer executed by banks operating in the territory of the European Union and Norway, Iceland, Liechtenstein, and Switzerland, which have signed an agreement to join SEPA, meeting the following conditions:
- Transaction currency EUR;
- The transfer order contains a valid beneficiary account number in the IBAN standard preceded by the country code where it is maintained and a valid BIC bank address (BIC code), which is equivalent to the SWIFT address of the bank (SWIFT code) to which the transfer is directed;
- The cost option "SHA" is present;
- The transfer does not contain any additional payment instructions;
- The sender's bank and the recipient's bank of the transfer are participants of the SEPA Credit Transfer.