EU-payment

EU payments are standard payments made from an EU member state to another member state.

The following conditions must be met in order for the EU payment to be effected:

• payment currency is EUR;
• payment type is standard;
• payment amount is up to 50,000 euros;
• the payer’s bank and the beneficiary’s bank must be located in an EU member state;
• the correct IBAN (International Bank Account Number) of the beneficiary and BIC (Bank Identification Code – i.e. SWIFT code) of the beneficiary’s bank must be specified;
• the IBAN of the beneficiary and the BIC of the beneficiary’s bank must refer to a particular member state; 
• the payer and the beneficiary share the costs (the commission fee is equally divided i.e. SHA);
• the “payment details” field must be filled out;
• the payment is made from an EUR account and transferred to an EUR account;
• EU payments are made electronically via Solo Internet or Solo Multibank.

Once the above payment conditions are met, the bank shall automatically process the payment as an EU payment.

EU payments shall be transferred to the beneficiary’s account within 5 banking days at the latest.