FX inflows (loro remittances)

  • Facilitate payments among reliable international partners
  • 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 imported or exported goods. 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.

Loro remittance is a remittance by which Bank clients receive international payments on different grounds. To perform the payment, the Bank should be provided with a document showing the basis of the inflow:

  • 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 by authorized person

The product is intended for all legal entities that have a FX account established with the Bank.

Product price

Legal entities are not charged a fee for loro remittances.

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.

To open an account for carrying out domestic and international payments, it is necessary to file an application, based on which an account opening and maintaining agreement will be signed. The application is to be supported with the following documentation:

  • Resolution on entry in the court register or other relevant authority register
  • Notification on industry code classification issued by relevant statistics authority
  • TIN (Tax Identification Number or PIB in Montenegrin) award decision issued by Public Revenues Directorate
  • Specimen of authorized signatures (to be obtained in the Bank)
  • OP Form (signature of authorized person certified by the responsible institution)

The OP Form should be delivered in original, while the remaining documentation should be provided for the review only.

The documentation must be submitted to the International Payments Department.