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FINANCIAL INSTRUMENTS

Transfers

What are the main types of transfers and their features?

02/09/2021

Main Types of Transfers

1. Transfers in LEK to domestic Banks in Albania

- Transfer of amounts in LEK in favor of a Beneficiary, holder of a current account of a different Bank from the Bank of the Order in Albania.
- To allow the correct execution of the payment, the payment order must indicate the IBAN code of the Recipient.
- Payments can be ordered both at the bank counters and through the use of alternative online channels.
- Transfer in LEK on arrival The Beneficiary does not pay any commission or further expenses to his bank.
- While for transfers made from all online channels, the costs of the orderer on Transfers for amounts up to LEK 20,000 are free. *

* Over this amount the Principal pays half the commission if he would appear at a bank counter.

2. Transfers in foreign currency to domestic banks in Albania.

- It is about the transfer of amounts in foreign currency in favor of a Beneficiary, holder of a current account of another Albanian Bank, different from that of the Order in Albania.
- As in any case: To allow the correct execution of the payment, the payment order must accurately show the beneficiary's bank details.
- Unlike payments in LEK: the execution of these payments is done through foreign banks, as banks in Albania do not have foreign currency accounts with each other. *

* Payment costs are higher in these cases.

3. Transfers in foreign currency to foreign banks outside the Albanian territory.

The transfer of amounts in foreign currency in favor of a Beneficiary, holder of a current account of a Bank outside Albania must meet the following conditions:
- The Payment Order must accurately indicate the Beneficiary's bank details, and according to BoA regulations and the requirements of the Money Laundering Prevention authorities, transfers with supporting material must be documented. (eg invoices, contracts, etc.)
- Even the execution of these payments is done only through correspondent foreign banks.
- Payment costs are high in this case, they vary from one bank to another and from one country to another.
- Although there is a standardization of costs and delivery time of payments in foreign currency, their processing also depends on other factors which are related to the controls performed to prevent money laundering by all banks that affect and transit it. payment.


Currency Date: Currency date means the date of validity of the funds, the date on which these funds become available for use.

 

Foreign currency transfer commissions (inside or outside Albania):

The payment ordering customer can choose who will pay the transfer fees from the moment of ordering the transfer.

 

Example

Client X will transfer USD 1,000 to Client Y at the latter's bank in New York. The command line has 3 options:
1) that all commissions are paid by the Beneficiary of the transfer. In this case the principal pays only USD 1,000. The beneficiary receives less than USD 1,000 after all commissions have been deducted. The terminology used by the banks in this case is BEN (meaning Beneficiary).
2) that all commissions are paid by the Principal: In this case the principal pays all commissions so that the Beneficiary has in his account the amount of USD 1,000. The terminology used by the banks in this case is OUR (So the Order).
3) that all commissions be divided between the ordering party and the recipient of the transfer. In this case the Principal pays USD 1,000 + his bank commissions while the Beneficiary receives less than USD 1,000 after all other types of commissions have been deducted. The terminology used by banks in this case is JSC (Shared).

 

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