CKB

International payments (nostro remittances)

  • Facilitate payments
  • Simple way to execute international payments
  • Exceptionally inexpensive way to execute international payments

Product description

FX remittance is an instrument used in international payment operations system. It enables clients to make payments to and receive payments from international partners related to purchasing or selling goods or services. FX remittance, as an international payment instrument, may also be used for money transfers related to performed services or various types of support to public and private sector. It is mostly used in situations where there is trust between partners and should not preferably be used for highly risky payments. Since the fee charged is low, this instrument is most commonly used for FX payments.

Nostro remittance is a remittance by which Bank clients make international payments on different grounds. To perform the payment, the Bank should be provided with the following documents:

  • Invoice, pro-forma invoice or contract based on which the payment is to be made
  • Instructions on FX account of international partner, i.e. recipient
  • Payment order, stamped and signed
The product is intended for all natural persons that have a FX account established with the Bank.

Product price

The Bank charges the following fees:

  • for amounts up to EUR 1,500 - 1% of the amount (minimum EUR 9)
  • for amounts from EUR 1,500 to EUR 3,000 - 1% of the amount
  • for amounts from EUR 3,000 to EUR 50,000 - 1% of the amount
  • for amounts over EUR 50,000 - 0.5% of the amount
If the client wants to bear the costs of the final user of funds (option “OUR”), besides standard commission he has to pay costs of additional commission as follows:

  • From EUR 1 to EUR 4999 - EUR 10.00
  • From EUR 4999 to EUR 12500 - EUR 15.00
  • From EUR 12500 and more - EUR 20.00

How to use this product?

It is necessary to have a FX account opened with CKB. The FX account is opened parallel to opening a gyro account with the Bank.

A gyro and a foreign exchange account may be opened at the Bank counter, against presenting an ID card that confirms the clients identity.

To perform the international transfer, the Bank should be provided with the following documents:

  • Invoice, pro-forma invoice or contract based on which the payment is to be made
  • Instructions on FX account of international partner, i.e. recipient
  • Payment order, stamped and signed (Form No. 70)
The documentation must be submitted to the International Payments Department.