FOREIGN PAYMENT OPERATIONS

Owing to great experience of Čačanska banka in conducting foreign payment operations and the developed network of correspondent banks, its clients may be provided with full services relating to foreign payment operations, namely:

• Opening accounts to clients (residents / non-residents)
• Foreign payments
• Foreign collections
• Loro and nostro transfers
• Western Union transfers
• Foreign cheque collection
• Payment against business trips (advance payment / final settlement)
• Receipts from / payments to Kosovo
• Purchase and sale of foreign currency at fx market
• Fx loans
• Registering foreign credit with the NBS
• Documentary operations (letter of credit, guarantee, documentary collection)

The Bank is directly connected to SWIFT network (Society for Worldwide Interbank Financial Telecommunication) making international payment operations safe and fast.

SWIFT address of Čačanska banka a.d. Čačak is CABARS22.

What banks are correspondents of Čačanska banka a.d. Čačak?

You can pay to any country in the world through Čačanska banka in 10 different currencies. It holds correspondent accounts in prime banks.

Why choose Čačanska banka?

• expert staff that assist you in foreign payment operations
• fast processing of payment orders with the value date as of the same date
• the client is provided with the evidence of payment at the payment date
• possibility of using receipt at the date of its allocation
• possibility of paying out receipt in advance (before the value date)
• all types of foreign collections for legal entities as well as retail transfers in country are executed free of charge

What documents are required to open a foreign currency account?

Documents required to open a resident foreign currency account of a legal person
Documents required to open a non-resident dinar / foreign currency account of a legal person

What is required by a domestic legal entity (resident) to execute foreign payments through ČB?

1. Fully completed payment order

2. Document as evidence that there is obligation to pay abroad (e.g. pro-forma invoice for advance payment; invoice and customs clearance, contract etc.)

3. Instruction for foreign payment (note: the instruction must include beneficiary’s IBAN and SWIFT address of the beneficiary’s bank)

Upon the receipt of required documents, provided it is complete and accurate, payment will be executed on the same business day, and the applicant will be provided with a copy of SWIFT message as the evidence that the payment is executed.

Information regarding foreign payments to EU member states up to EUR 50,000

What do you need in order to receive money from abroad?

Any private person or legal entity will provide from the Bank payment instructions in order to receive foreign payment, stating foreign correspondents of Čačanska banka for various currencies as well as accurate IBAN of the beneficiary.

The instructions may be provided in any branch / sub-branch of Čačanska banka at counters or from foreign payment officers.

Upon the receipt of foreign payment, the legal entity beneficiary will send to the bank a document supporting the collection as well as a request for funds allocation (either to fx account or dinar account) in a written form with its heading.

The deadline for sending the allocation request is 24 hours, i.e. the receipt will be allocated as at the date of notification or not later than the next day.

What is IBAN?

International Bank Account Number – IBAN is international standard for identifying bank accounts. IBAN was originally adopted to facilitate payments within the European Union, but today it is one of the basic conditions for automatic data processing for foreign payments. Serbia implemented it on January 1, 2005 as a technical innovation for facilitating payment operations through the network of foreign correspondent banks.

IBAN consists of two country code (ISO 3166-1), followed by control number (two check digits) and up to thirty alphanumeric characters for the domestic bank account number. IBAN in Serbia consists of 22 alphanumeric codes starting with RS35.

Contact:

Tel: ++381 32 302 174, 302 176

Fax: ++381 32 348 898

e-mail: devpromet@cacanskabanka.co.rs