Interbank FX Transfers
Interbank wire transfers
- CCB offers fast, secure and quality cash transfers in foreign currency through S.W.I.F.T. Ordering and receiving of interbank wire transfers in the country and abroad is possible from any bank office.
- Well-developed correspondent network of first-class foreign banks as well as the skilled staff of CCB ensure fast, accurate and maximum correct transfer of funds to customers of other banks to any place in the world.
- CCB makes transfers in 15 convertible currencies via its correspondent accounts in 19 banks in Europe, North America and Asia.
- If the customer wishes so, transfers can be effected also in other currencies.
- Together with the routine transfers with a 2-day value date (spot), CCB offers to its customers possibilities for fast and express transfers – respectively with 1-day value date (tom) and a value date – the same day.
- Interbank transfers through S.W.I.F.T. are one of the most reliable forms of international payments – to your trade partners as well as to your friends and relatives. CCB makes also cash currency transfers – even when the customer has no current account in the bank.
Ordering a wire transfer
In compliance with the provisions of the Currency Act, Ordinance No. 27 and Ordinance No. 28 of the Bulgarian National Bank, in case of cross-border transfers for amounts up to BGN 30 000 or the equivalent amount in another currency, the client presents only a duly completed form for a wire transfer in Latin.
Upon a cross-border transfer or payment to a third party* of amounts to the amount of BGN 30 000 or more or their equivalent amount in another currency:
- a completed form in Latin;
- a document, which evidences the remittance information/according to Ordinance No 28 of BNB/ - for example a proforma invoice, an invoice, a contract;
- a declaration of the origin of the funds in compliance with the Law on the Measures against Money Laundering /LMML/;
Upon wire transfers, performed on the territory of the Republic of Bulgaria no documents are required, which evidence the remittance information. The client shall present the following documents:
- a completed form in Latin;
- a declaration of the origin of the funds in compliance with LMML – only if the transfer is above BGN 30 000;
*Documents that evidence the remittance information upon wire transfers are required only when the transfer is made to a third country. The third country shall be understood as a country, which is not a member of the European Union (EU) and does not belong to the European Economic Area (EEA) and in which the provider of payment services of the beneficiary of the payment or transfer carries out an activity.
The following data of the beneficiary is needed to make a transfer:
- IBAN or account number;
- Name and address of the beneficiary.
- SWIFT/BIC bank code of the beneficiary’s bank, when the transfer is for a bank in a country outside the European Economic Area;
- Name of the beneficiary’s bank;
Under the Law on the Measures against Money Laundering, in case of transfer of funds, exceeding the equivalent of BGN 30,000, a declaration of the origin of the funds shall be filled in.
According to the SWIFT standards there are three defined possibilities for distribution of bank commissions for wire transfers, ordered from an account with CCB Plc:
- OUR – all bank commissions are at the expense of the ordering customer. These include the commissions of the bank of the ordering customer, of the intermediary bank (correspondent) and of the beneficiary’s bank.
- SHA – the commissions of the bank of the ordering customer are at the expense of the ordering customer. Commissions of the intermediary bank (correspondent) and those of the beneficiary’s bank are at the expense of the beneficiary.
- BEN – all bank commissions are at the expense of the beneficiary. In this case the bank of the ordering customer deducts its commissions from the amount of the transfer.
- Fees and commissions, charged by CCB Plc for currency transfers, are according to the Tariff of the Bank
Receiving a wire transfer
To receive an amount in foreign currency you need to provide the ordering customer with the following data:
- Central Cooperative Bank PLC, Bulgaria;
- SWIFT CODE: CECBBGSF;
- Your IBAN;
- Your name and address.