Regulated EU payments
Regulation (EC) No. 924/2009 of the European Parliament (EP) and of the Council of 01 November 2009 "On cross-border payments in the Community" lays down restrictions for the members states in setting fees on EUR payments. The rules apply to all banks, retail and corporate customers in the EU.
Purpose of Regulation:
- To enable companies to transfer money fast, safely and cheaply from one end of the EU to the other
- To harmonise the fees for domestic and cross-border payments within the EU
- To make it possible for banks to process payments automatically, without manual processing
Provisions of Regulation:
The regulation imposes restrictions on the fees applicable to foreign payments in euro in order to ensure that the charge on these payments equals the one on domestic payments in euro (payments in EUR that Latvia effects within its territory).
EU payments are all payments that simultaneously meet the following terms:
- payment execution is set to “Standard” (the funds arrive at the beneficiary’s or correspondent bank’s disposal in two working days
- commissions are split between the payer and the beneficiary-shared (SHA)
- the payment currency is EUR and the amount to be paid does not exceed 50 000 EUR
- the beneficiary bank is located in the European Union
- beneficiary’s account number is given in the IBAN (International Bank Account Number) format
- payment order includes the SWIFT/BIC of the beneficiary bank
- the IBAN of the beneficiary and the SWIFT/BIC of the beneficiary bank are valid and refer to the same bank
If all above mentioned the features are not fulfilled, commission charges for payment execution are applied as for cross-border payments according to the bank price-list.
You can submit the payment order at any Danske Banka Customer Service Centres and in E-bank!
Take advantages of regulated EU payment!
Changes in execution of payments as of January 1, 2007
Useful information: