Foreign Currency Transfers

Outgoing Transfers:

Foreign currency payments are made through the international SWIFT payment system and with the assistance of D Commerce Bank’s correspondent banks

What Do You Need to Know?

D Commerce Bank offers its customers a cross-border transfer service based on their payment orders, which are executed under the following conditions according to the value date and transfer currency specified by the Customer:

1. A EUR payment order of the Express type (TARGET2 and EUR outside the EEA) is accepted by the Bank until 15:30;
2. A payment order in a currency other than EUR of the Express type is accepted by the Bank until 12:00;
3. A EUR payment order of the Standard type is accepted by the Bank until 16:00;
4. A foreign currency payment order (in a currency other than EUR) of the Standard type is accepted by the Bank until 15:30;
5. An instant EUR transfer – Blink/SEPA Instant – is accepted by the Bank 24/7.

A foreign currency payment order accepted by the Bank after the cut-off times above is deemed to have been received on the next business day and is executed on that next business day with a value date corresponding to the transfer type specified by the Customer.

Information and Document Requirements

When ordering foreign currency transfers to beneficiaries in third countries (outside the EU), the following must be completed:

• Declaration under Article 2(1) of BNB Ordinance No. 28 – for transfers equal to or exceeding the equivalent of 15 000 EUR;
• Copies of documents – substantiating the payment, in accordance with the Foreign Exchange Act and Ordinance No. 28 of the BNB and the Ministry of Finance;
• Declaration of Source of Funds in accordance with the Measures Against Money Laundering Act – for transfers equal to or exceeding the equivalent of 15 000 EUR. Every resident legal entity or sole trader that has concluded a transaction under Article 7(5) of the Foreign Exchange Act must submit a declaration to the BNB and provide the Bank with evidence that it has been filed.

Payments Ordered in Favour of Beneficiaries in the UAE

All payments ordered in favour of beneficiaries in the UAE must include a 3-letter code indicating the purpose of the payment. The selected code must relate to and supplement the information entered in the Payment Details field. For example, if the payment is for purchased goods and invoice numbers are quoted, GDS should be entered as the code.  You can view a list of the codes here. If no such code is provided, the transfer may be queried or returned, resulting in additional costs for the sender.