Money transfers can be performed both by visiting Baltikums Bank and via remote management systems:

• Internet Bank – all operations are performed according to international security standards using the electronic signature calculator Digipass;
• Telephone Bank;
• Fax.

Baltikums Bank offers SWIFT transfers using correspondent banks of the Central office and Baltikums Bank (Cyprus):

• Among Baltikums Bank customers in any currency:
• Among customers of the Central office;
• Among customers of Baltikums Bank (Cyprus);
• Among customers of the Central office and Baltikums Bank (Cyprus);
• Money transfers to other banks in various currencies.

Multiple options of money transfers:

• Transfers in any currency to any country worldwide;
• The expanded correspondent bank network of Baltikums Bank allows ensuring minimal settlement terms at most advantageous fees and routes;
• Baltikums Bank is a member of the European settlements system TARGET and of the international payment system SWIFT;
• Prompt crediting of incoming funds – the same day;
• Non-cash settlements;
• Submitting payment orders orally over the phone or in writing – at the Bank or via a remote settlement system (Internet Bank, Fax settlement system, or Telephone Bank);
• Transfers of a current day in various currencies;
• Reliable money transfers within the internal banking system, within the Clearing System of the Bank of Latvia, and in SWIFT (Society for Worldwide Interbank Financial Telecommunications);
• Searching, cancelling, and supplementing payments;
• Receiving transaction certification documents from the Bank;
• Simultaneous currency exchange.

Baltikums Bank opens and services correspondent accounts in various currencies.

Deutsche Bank has positively rated the quality of processing outgoing payments at Baltikums Bank and has awarded the Bank four times (for performance in 2006, 2007, 2008, and 2009) with the annual award Deutsche Bank’s EUR Straight-Through Processing Excellence Award:

• The award proves the professional level of employees of Baltikums Bank and the quality of the banking technologies supporting automated execution of the performed payments.

Types of transfers by execution terms

Standard:

• The transfer execution term:
  • LVL - D (until 12:00), D+1;
  • USD - D+1;
  • EUR - D+1;
  • Other hard currencies - D+2.

Urgent:

• The transfer execution term:
  • LVL - D (12:00-03:00pm);
  • USD - D (09:30am-03:00pm);
  • EUR - D+1;
  • Other hard currencies - D+1;
  • LTL, RUR - D+1.

Express:

• The transfer execution term:
  • USD - D (09:30am-05:00pm) execution within 2 hours;
  • EUR - D (09:30am-03:00pm);
  • LTL, RUR – D (09:30am-12:00).

Transfer fee

The fee system Baltikums Bank applies for performing money transfers meets international standards. This fee collection system allows customers choose the most suitable fee payment type for each situation. The Bank’s experts will advise you as necessary.

From 1 June, 2010 Baltikums Bank will start executing payments within member-states of the European Economic Area (EEA)* in EUR and other currencies of the member-states** in accordance with requirements of the European Parliament and Council Directive 2007/64/EC and the Law on Payment Services.

Only one commission type applies to such payments – SHA:

• The payer pays the commission of their bank, and the beneficiary – the commission of their bank, if any;
• Mediating banks do not deduct a commission and the beneficiary receives the entire payment amount:
  • In this case, the commission from the transferred amount is not deducted any more;
• Payments cannot be executed if another commission type is stated.

Payments beyond the EEA in euro and other currencies of the member-states are executed with the commission types OUR, SHA, BEN.

Introduction of requirements of this Directive would raise efficiency and quality of payment execution across the EEA on unified terms.

You can obtain more information on payment execution regulations from your private bankers.

* Member-states of the EEA: Iceland, Liechtenstein, Norway, and EU 27 member-states: Austria, Belgium, Bulgaria, Czech Republic, Denmark, France, Greece, Estonia, Ireland, Italy, Cyprus, Latvia, Great Britain, Lithuania, Luxembourg, Malta, Netherland, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Spain, Hungary, Germany, Sweden.

** Currencies of the EEA: CHF, CZK, DKK, EUR, GBP, LTL, LVL, NOK, PLN, SEK. 

Customers of Baltikums Bank can choose from three fee payment options that meet international standards:

• OUR - the fee is paid by the SENDER;
• SHA - the fee is SHARED: one part is paid by the sender and the other – by the beneficiary;
• BEN - the fee is paid by the BENEFICIARY.

To perform money transfers it is necessary:

• To open a Current account with Baltikums Bank;
• To submit to the Bank a correctly completed payment order signed by the person stated in the Legal Entity Signature and Business Stamp Specimens/Individual’s Signature Card, and the Declaration on the Beneficial Owners;
• To maintain on the Current account an amount of funds sufficient to perform the payment and pay the banking fees.

Baltikums Bank may request confirmation documents (agreements, invoices, etc.) from customers to execute payments.

Baltikums Bank retains the right not to execute payments if appropriate confirmation documents are not submitted.