What information is required for foreign payment initiation
Name, address and account number of beneficiary
When initiating a payment to the beneficiary’s account opened in the bank which is located in European Union, account number must be IBAN (International Bank Account Number) In case of other countries, it might be different as each country has their own rules and standards.
In the absence of the beneficiary’s name and address, the beneficiary's bank may refuse to execute the incoming payment.
Payment type provides an opportunity to determine how fast the beneficiary will receive the payment. There is possible to choose between three options - normal, urgent or extra urgent, depend on payment currency. If the payment type is not specified, it is considered to be normal.
Beneficiary's bank code - SWIFT/BIC
BIC (Bank Identifier Code) or SWIFT-code is an 11-digit combination (in case you have 8-digits last digits must be filled with XXX) of letters and numbers which serves to identify a payment service provider. You can check a BIC/SWIFT code from the public register of SWIFT/BIC codes (www.swift.com).
If you fail to specify the beneficiary’s bank SWIFT/BIC, the bank may deduct an additional fee specified in the pricelist of the bank for manual processing of the payment order.
Details of payment
You need to indicate the purpose of the payment. It should be a specific and short text, not more than 140 characters.
Type of Service fee
Depend on type, the service fees will be deducted from your account according to the valid price list. The distribution of expenses depends on the agreement between the payer and the beneficiary. The following options are available:
- SHA – the payer will pay the Danske Bank’s fees for the foreign payment order; the beneficiary will pay the charges of the foreign bank.
- OUR – the payer will pay all the charges for the foreign payment order, both Danske Bank’s charges and the charges applied by the foreign bank. In this case the beneficiary receives the entire amount of the transfer.
- BEN – the beneficiary will pay all the charges for the foreign payment order, both Danske Bank charges and the charges applied by the foreign bank. Therefore the beneficiary does not receive the full amount transferred.
For payment orders to EU and EEA only SHA option is available.
Correspondent bank - not necessary
It is not necessary to specify the correspondent bank of the beneficiary’s bank (except for payments in RUB).
Danske Bank will select an optimal correspondent bank of the beneficiary’s bank. If the customer specifies the correspondent bank, Danske Bank will process the payment order according to the customer’s request. Please note, that if the correspondent bank is specified incorrectly, foreign bank may return the amount transferred or charge in addition for the payment order. When specifying the correspondent bank of the beneficiary’s bank, the SWIFT BIC of the beneficiary’s bank must be specified. In the event of failure to specify the SWIFT BIC of the beneficiary’s bank, Danske Bank may deduct an additional charge as specified in the pricelist of the bank for manual processing of the payment order.
Additional information for payments in RUB
- Beneficiary bank details
- The bank’s BIK code (9 digits). SWIFT BIC does not need to be specified.
- The correspondent bank account number (20 digits starting from digit 3; the last three digits of the correspondent account must coincide with the last three digits of the BIK code).
- The full name and address of the beneficiary's bank.
- Beneficiary details
- The beneficiary’s INN number (if the beneficiary is a legal entity, the number consists of 10 digits; if the beneficiary is a private person, the number consists of 12 digits).
- If the beneficiary is a private person –name, surname and father’s name must be specified.
- The beneficiary’s bank account number – 20 digits starting from digit 4.
- Payment purpose
- VO (currency operation) code that usually consists of 5 digits. This code must be entered in the payment purpose field (VOXXXXX).
- Exact payment purpose – the number and date of the contract or the number and data of the invoice.
- Beneficiary bank details
How long does it take to transfer money?
Payment type - normal
- EUR payment to EEA counties are executed within one business day.
- The rest of payments are executed within two business days.
Payment type - urgent
- All payments accepted by bank by 3:00 p.m. on a business day are executed within one business day.
- All payments accepted by bank after 3:00 p.m. on a business day or on a non-business day are executed within two bank business days.
Payment type - extra urgent
- EUR payments accepted by bank by 3:00 p.m. on a business day are executed on the same business day.
- EUR payments accepted by bank after 3:00 p.m. on a business day or on a non-business day are executed on the next bank business day.
- DKK, GBP, NOK, SEK and PLN payments accepted by bank by 12:00 p.m. on a business day are executed on the same business day.
- DKK, GBP, NOK, SEK and PLN payments accepted by bank after 12:00 p.m. on a business day or on a non-business day are executed on the next bank business day.
Foreign payments within Danske Bank A/S Group Banks
- Payments between Danske Bank customers in Estonia, Lithuania and Latvia are instant in any currency (except CNY). The payment order is processed immediately, any calendar day including non-business days.
- Payment orders in, BGN, CHF, CZK, DKK, EUR, GBP, HUF, ISK, NOK, PLN, RON or SEK, accepted by bank by 4:00 p.m. on a business day are executed on the same business day.
- Payment order in, BGN, CHF, CZK, DKK EUR GBP, HUF, ISK, NOK, PLN, RON or SEK, accepted by bank after 4:00 p.m. on a business day or on a non-business day are executed on the next business day.
- Payment orders in other currencies accepted by bank by 12:00 p.m. on a business day are executed within one business day.
- Payment orders in other currencies accepted by bank after 12:00 p.m. on a business day or on a non-business day are executed within two business days.
Revocations, investigations and amendments related to foreign payments
A customer may submit a request to cancel a foreign payment order after the order has been submitted to the bank.
- If the amount of a payment transaction has not been transferred to the beneficiary’s bank or the intermediary bank – Danske Bank will re-credit the payment amount to the payer’s account.
- If the payment order has already been transferred to the payee’s bank or the intermediary bank – Danske Bank is able only to recall the payment and will return the payment amount to the payer only after the payment is returned and refunded to the bank. Danske Bank takes no responsibility for the actions taken by the intermediary bank or the beneficiary's bank for cancellation of payment orders and return of the transferred amount.
Fees for processing of the payment order will not be reimbursed.
Investigations and amendments
Investigations and amendmentsThe payer may ask to investigate the payment status or provide revised information for the payment order (except for the information on the amount and currency). If the payment has been already debited from the correspondent account, Danske Bank will inform the intermediary bank about the case, but the result of the revision will be under beneficiary’s bank consent.
An application of request to revoke, amend or investigate a foreign payment may be submitted at Danske Bank's office in Estonia or via Danske eBank.
Payments to United Arab Emirates
Initiating payment to UAE is necessary to add transaction code in field „Details of payment“, which can be found from the Central Bank of United Arab Emirates homepage (https://www.centralbank.ae/en).
Payment without transaction code may be delayed or returned by the beneficiary bank.
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Payments that are made in euros within countries located in the European Union.
Foreign Payment Orders
Payments in foreign currency in favour of payee’s account whose account is abroad or whose account is opened in other banks registered in Lithuania.
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