According to Directive 2007/67/EC, the entire amount of a customer’s payment will be transferred to a recipient’s account. Correspondent banks involved in the transfer will not be entitled to withhold any fees from the payment’s amount.
In case the customer specified other type of fees (OUR or BEN) in his payment order, Rietumu Bank or a correspondent bank is entitled to change the type of payment fee to SHA.
The bank will execute payments from the member countries in EUR and other currencies outside the EEA charging OUR and SHA-type fees.
According to the Directive, from 1 November, incoming payments in EUR and other currencies of the EEA have to be transferred to a customer’s account on the day funds are transferred to a correspondent account of a recipient bank.
* Member countries of the European Economic Area: Iceland, Norway, Liechtenstein and 27 EU countries – Austria, Belgium, Bulgaria, Czech Republic, Denmark, France, Greece, Estonia, Ireland, Italy, Cyprus, Latvia, United Kingdom, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Spain, Hungary, Germany, Sweden.
** Currencies of the European Economic Area: EUR, GBP, DKK, NOK, SEK, PLZ, CZK, LTL, EEK, LVL.
