Transfers & Payment Processing

Typical Application:

• Internal transfers: SEPA credit transfers can be used to settle payments between your various Euro accounts at our bank. Internal SEPA transfers can simply be ordered as a special transfer type ‘Internal remittance’.
• External transfers: Common transfers via the SEPA network from your Euro account. Typically used for low-cost transfers within the European Economic Area (EEA = EU countries plus Iceland, Liechtenstein and Norway) and some other countries.

Currencies:

• Currency of the debit account: Euro
• Currency of the target account: Euro

Execution Types:

• SEPA credit transfer
• SEPA scheduled transfer
• Standing order

Typical Transfer Time:

• Internal transfers: Internal transfers are settled on the day of the order
• External transfers: SEPA transfers are usually received by the recipient bank on the same day on bank working days. In exceptional cases they can, however also be received on the following bank working day. If the payment is submitted after our cut-off times (acceptance deadline), the processing period begins on the next bank working day. Further information on our cut-off times can be found in the FAQs.

*Execution is subject to the applicable legal framework.

Typical Application:

• Internal transfer: International transfers can be used to settle between your various Euro or foreign currency accounts at our bank. Internal transfers are made using the usual IBAN and BIC of the destination account at our bank.
• External transfers: Payment transactions via the SWIFT message standard is a global standard for most major currencies. Typically used for transfers outside the European Economic Area.

Currencies:

• Currency of the debit account: Foreign currency or Euro
• Currency of the target account: Foreign currency 

Execution Types:

• As soon as possible according to cut-off rules (see our list of prices and services)
• Scheduled Transfer by booking day
• Scheduled Transfer by value day

Typical Transfer Time:

• In addition to the cut-off times, the transfer time depends on the availability of the payee's bank and the selected currency, among other things, and can take several days.
• Further information on our cut-off times can be found in the FAQs.

*Execution is subject to the applicable legal framework.

Typical Application: Fastest possible transfer between accounts of participaiting banks in the euro area. 

Currencies: Euro

Execution Types: 

• As soon as possible
• Postdated remittance per execution day 

Typical Transfer Time:

• For transfers within the cut-off times (bank processing times) to an account at a bank with a connection to the TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) system, the amount is normally available to the recipient bank on the same day.
• Transfers to banks not connected to the TARGET system that are ordered before the cut-off time usually reach the recipient bank on the same or the next bank working day.
• However, the express transfer only works in the SEPA payment area. Not all countries and banks support it.
• Further information on our cut-off times can be found in the FAQs.

*Execution is subject to the applicable legal framework.

You can choose between the following transfer types:

The SEPA area includes the European Economic Area (EEA = EU countries and additionally Iceland, Liechtenstein and Norway) and some other countries (listed in the applicable price list, which you will find in the general legal conditions).

The term ‘internal booking’ refers to the date on which a transaction is recorded in your account. The ‘value date’, on the other hand, is the date on which the transaction is recognised on your account balance and is now actually available. There may be a time difference between the booking date and the value date – as well as between the value dates of the respective sending and receiving banks.

Public holidays, Saturday and Sunday are not bank working days. Bookings are only made from Monday to Friday. Therefore, the times for transfers that you make on such days may be longer. So if you transfer money on Friday, it will only be proccessed on Monday. Please note that there may be different national and international public holiday rules that also affect bank working days.

International payments are subject to strict regulatory requirements. The information provided must be obtained by us in order to fulfil the requirements of the SWIFT network and thus in particular the recommendations of the FATF (Financial Action Task Force) and the EU Money Laundering Directives.

Fees and costs can be charged in two ways:

With SEPA credit transfers, however, fees and costs are only charged using the SHARE method. 

Payments may incur various charges depending on the type of payment, the amount and the banks involved. It is important to be aware of the specific charges for transfers, currency conversions and any additional fees. This information is detailed in our List of Prices and Services under our general legal conditions.

SEPA credit transfers can be used to settle payments between your various euro accounts at our bank. Internal SEPA transfers can simply be ordered as a special transfer type ‘Internal bank transfer’.

International transfers can be used to settle between your various euro or foreign currency accounts with our bank. Internal transfers are made using the usual IBAN and BIC of the destination account at our bank. The currency of the payment must match the currency of the destination account. More complicated constellations are possible, but must be processed via foreign exchange transactions with your advisor. 

A rough estimate of the transfer duration for the individual transfer types can be found in the description of the payment types above.

For international transfers in particular, it can take several days for the payment to be fully completed.

The exact date of receipt of payment may vary. Various factors such as the processing times of the correspondent banks, weekends and public holidays, international times zone differences have an influence on this. These are beyonde our control. 

To ensure that your payment is processed as planned, you should take note of the bank's cut-off times and bank working days.

The bank's cut-off times are set out in our SSI (Standard Settlement Instructions).

If you have any questions, please contact your client advisor.

The SSI (Standard Settlement Instructions) for the payment transactions of our branches in Germany and Luxembourg can be found here. Alternatively, you can obtain them from your client advisor. 

In our SSI, our cut-off times for outgoing payments are specified separately for the accounts of the German and Luxembourg branches.

In the "Currency" column, select the currency to be transferred. 

In the "Cut-off time (CET/MEZ)" column you will find the respective cut-off time. This is aviable in the following versions: 

• The value date (VD) indicates that the transfer will be value dated on the debit account on the same day if the transfer is submitted by the specified time and it is a bank working day.
• The specification VD -1 (Value Date -1) indicates that the transfer will be value dated on the debit account on the following bank working day if the transfer is submitted by the specified time.

You only need all other details in the SSI to coordinate incoming payments to your foreign currency accounts with us. In this case, simply forward our SSI to the bank of the debit account. Our SSI will help the paying bank to specify the payment correctly.

If you have any questions, please contact your customer advisor.