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Conditions for Funds Transfers Execution with Česká exportní banka

1. Introductory provisions

Česká exportní banka, a.s. (hereinafter “Bank”) executes payments in accordance with the provisions of generally binding legal regulations, in particular in accordance with the Act on Payment System No. 284/2009 Coll., as amended, and the Decree No. 169/2011 on the Rules of the Creation of Account Numbers for Making Payments, including multilateral interbank agreements and bilateral arrangements with correspondent banks. 

The Bank is a direct participant of the CERTIS domestic interbank payment system (Czech Express Real Time Interbank Gross Settlement System) of the Czech National Bank. Identification code of the Bank in the CERTIS settlement system is 8090.

 The Bank is a member of the international organization SWIFT (Society for Worldwide Interbank Financial Telecommunication) through which financial and nonfinancial data related to international and domestic payments are exchanged.  The Bank´s SWIFT Bank Identification Code (BIC) is CZEECZPP.

In accordance with provisions of the Act No. 58/1995 Coll., on Insurance and Financing of Exports with State Support and on Supplement to the Act No. 166/1993 Coll., on the Supreme Audit Office, as amended, in payment system area the Bank focuses particularly on execution of payment operations connected to provisions of supported financing. The conditions for providing supported financing affect the way in which a transfer of funds connected to supported financing is executed.

In accordance with Section 2 (1) a) of the Act No. 284/2009 Coll., on Payment System, as amended, payment transaction is understood deposit of funds to a payment account, withdrawal of funds from a payment account or transfer of funds. Banking day means any day except for Saturday, Sunday and non-working day when banks which participate in the relevant transfer of funds usually perform activities necessary for execution of the transfer. The Bank does not provide cash payments, collections and electronic banking.

Definitions:

EEA means EU member state or other state which is a member of the European Economic Area;

IBAN, (International Bank Account Number) is an internationally standardized bank account number which clearly identifies account, bank institution which keeps the account and country where the bank institution which keeps the account resides;

BIC (Bank Identification Code) is a unique code which clearly identifies the bank within the worldwide financial community and under which the bank is connected to the SWIFT network (sometimes it is stated as SWIFT code);

Effective Moment is the moment when payment order is accepted and it occurs on the day when the Bank is obliged to debit funds from account of the client and which was designated by the client as the maturity day, however, only in the case when all conditions for executing transfer order stipulated by agreement and legal regulations, including sufficient available funds on the account, are met in this period;

2. General provisions

The Bank accepts funds to the client´s account through cashless payments according to a unique identifier. The Bank makes payments from account to account exclusively  on the basis of single or multiple executable written payment orders in paper form (hereinafter “transfer order”) up to the amount of the balance of account as of the Effective Moment. In case of a transfer order for more payments on a single date which are not covered by necessary funds which the client is authorized to dispose of, the Bank determines the sequence of payments, unless the client communicates otherwise.

Within disposal of funds on an account, the client is responsible for respecting generally binding legal regulations. Transfer orders are submitted by the client in a form approved by the Bank and signed in accordance with specimen signatures submitted to the Bank to the account. The transfer orders are authorized by a signature of an authorized person in accordance with the specimen signature.

The Bank is authorized to not execute a transfer order to a country which is listed amongst countries suspected of supporting terrorism or through banks and their subsidiaries also outside of these territories in the case when the parent bank is registered in a country listed amongst countries suspected of supporting terrorism. The Bank is authorized to not execute a transfer order in favor of a recipient which is listed amongst sanctioned subjects. 

Domestic payment system:

Domestic payment system is understood as cashless transfers of funds in CZK on the territory of the Czech Republic accounted through CNB Accounting Center via system CERTIS.

Transfer orders must contain these mandatory data:

  • Unique identifier of the payer, i.e. account No. and Bank code,
  • Unique identifier of the payee account No. and Bank code,
  • Currency, amount,
  • signature of persons authorized to dispose of funds on the account, according to specimen signatures

The above stated data represent a condition for a proper execution of the transfer order. If any of these data is not in the transfer order or the conditions set by the relevant agreement are not met, the Bank will refuse the transfer order. The Bank will inform the client of such transfer order refusal (including reasons and procedure for remedies) by fax or email.

Apart from the mandatory data the client may state the following requirements in a transfer order: 

  • required maturity date,
  • constant symbol, if required by a special legal regulation,
  • variable symbol – maximum of ten digits,
  • specific symbol - maximum of ten digits,
  • text message for the payee,
  • transfer order issue date.

Foreign payment system

Foreign payment system means cashless transfers of funds in foreign currencies to a foreign country and the Czech Republic including Czech crowns to a foreign country (Outgoing Payment) and transfers of funds in foreign currencies from foreign country and the Czech Republic (Incoming Payment).

Cashless transfers to foreign countries and the Czech Republic in a foreign currency including CZK transfers to foreign countries

Outgoing payment:

Transfer orders must contain these mandatory data:

  • Unique identifier of the payer, i.e. account No. or IBAN, exact name and address,
  • Unique identifier of the payee, i.e. account No. or IBAN, exact name and address and BIC code of payee´s bank, exact name and address
  • currency, amount
  • method of payment of charges,
  • signatures of persons authorized to dispose of funds on the account according to specimen signatures
  • specific requirements of foreign banks.

 Apart from the mandatory data the client may state the following requirements in a transfer order: 

  • required maturity date,
  • transfer purpose – information for the payee,
  • transfer order issue date.

For transfers to EEA member states in currencies of these member states, is mandatory to state the account No. of the payee in IBAN format, the account name and BIC code and the name of the payee´s bank.

The above stated data represent a condition for a proper execution of the transfer order. If any of these data is not in the transfer order or the conditions set by the relevant agreement are not met, the Bank will refuse the transfer order. The Bank will inform the client of such transfer order refusal (including reasons and procedure for remedies) by fax or email.

Outgoing Payment – EuroPayment:

Payment in EUR when the account of the payer and recipient is kept in a country in EU/EEA up to the amount of EUR 50,000 inclusive, BIC – SWIFT code of the payee’s bank, charging code SHA and without any specific requirements on processing (e.g. information for the bank)

Transfer orders must contain these mandatory data:

  • Unique identifier of the payer, i.e. account No. in IBAN format , exact name and address,
  • Unique identifier of the payee, i.e. account No. in IBAN format, exact name and address and BIC code of the payee´s bank, exact name and address
  • currency, amount
  • method of payment of charges – SHA,
  • signatures of persons authorized to dispose of funds on the account according to specimen signatures 

Apart from the mandatory data the client may state the following requirements in a transfer order: 

  • required maturity date,
  • transfer purpose – information for the payee,
  • transfer order issue date.

The above stated data represent a condition for a proper execution of the transfer order -EuroPayment. If any of these data is not in the transfer order or the conditions set by the relevant agreement are not met, the Bank will refuse the transfer order. The Bank will inform the client of such transfer order refusal (including reasons and procedure for remedies) by fax or email. In the case when any of the stated requirements on transfer order is not met, it is not EuroPayment but Outgoing Payment which shall be processed and charged as Outgoing Payment in accordance with the Tariff of Fees.

Transfers from a foreign country and the Czech Republic in a foreign currency

The Bank shall credit client´s account with funds if the following conditions are met:

Incoming payment – correspondent bank shall credit our account with a sum, we shall receive payment instructions from intermediary bank which shall contain, in particular:

  • Unique identifier of the payer, i.e. account No., (IBAN), exact name, eventually address,
  • Unique identifier of the payee, i.e. account No., (IBAN), exact name, eventually address,

Incoming payment EuroPayment – account number of the payer and the payee in IBAN international format, eventually name of  the account of the payer/payee, EUR currency, amount up to EUR 50,000 inclusive, payment from countries in EU/EEA, method of payment of charges – SHA, no specific requirements on processing.

In the case when conditions for crediting funds to the account of the client are not met, it is not EuroPayment but Incoming Payment which shall be processed and charged as Incoming Payment in accordance with the Tariff of Fees.

3. Time periods for funds transfers

3.1  As part of the payment system executed in the Czech Republic in Czech crowns (CZK) the Bank uses its technical connection to interbank clearing system operated by the Czech National Bank which provides quick settlement of payments between banks.

The Bank is obliged to debit funds from the account of the client on the day when Effective Moment occurred. Otherwise the Bank will refuse transfer order or, if agreed with the Client, the Effective Moment will occur on the day when all conditions for transfer order execution are met. The client must submit transfer order for domestic payment during working hours at least 1 (one) banking day before the required maturity date unless other period is agreed with the client.

With transfer orders to an account kept by another bank within the domestic payment system the Bank will ensure that the bank account of the recipient is credited with the funds in accordance with the transfer order at the latest by the end of the banking day following the day when the Effective Moment of transfer order occurred, i.e. after debiting the funds from the account of the client.

 If the client is the recipient of the funds transferred by transfer order within the Bank, the Bank shall credit these funds to the account of the recipient at the latest by  the end of the banking day when the Effective Moment of transfer order occurred.

If the client of the Bank is the recipient of the funds transferred from another domestic bank, the Bank will credit these funds to the account of the client immediately after they are credited to its account in CNB Clearing Center.

3.2 Within the foreign payment system the Bank particularly uses networks of foreign correspondent banks which credit the accounts of recipients through SWIFT system.

When executing payments in foreign currencies the Bank is obliged to debit funds in a foreign currency from the client´s account on the day when Effective Moment occurred. Otherwise the Bank will refuse transfer order or, if agreed with the Client, the Effective Moment will occur on the day when all conditions for transfer order execution are met. The client must submit transfer order in a foreign currency for domestic payment or foreign payment system during working hours at least 1 (one) banking day before the required maturity date unless other period is agreed with the client.

In the case of transfers to a foreign country and transfers to the Czech Republic in a foreign currency the funds are credited to the accounts of the recipient´s bank at the latest two banking days following the day when Effective Moment of bank transfer occurred, i.e. after funds are debited from client´s account. 

Transfers from a foreign country are credited to the account of the client immediately after the Bank receives the funds, i.e. when the funds are credited to its account or if these funds are in currency which is not used within EEA, by the end of the banking day which follows the day when the funds were credited to the Bank account and the Bank received all documents necessary for crediting the amount to the client´s account.

3.3  The Client is authorized to recall a transfer order at the latest within working hours on the banking day which precedes the day when Effective Moment should occur by a notification delivered to the Bank.  

Working hours of the Bank are published at the registered office of the Bank and on www.ceb.cz

4. Prices in payment system

The bank is authorized to charge the client for account keeping, for eventual conversions, for all performed services and factual expenses related to the payment system (hereinafter “Price for Services”). Price for Services is set in the Tariff of Fees for services provided by the Bank (hereinafter "Tariff") or set by an agreement of contracting parties. The Bank is obliged to issue payment document to the client upon his request if this information is not obvious from the document on provided payment service. The Bank is authorized to set off receivable of the client for transfer of funds from the account against its receivable for the payment services and to use the funds on the account to pay its receivable.

Method of payment of charges:

Within payment transactions outside EEA the client, as the payer, is authorized to determine that the price for executing the transfer or a part thereof shall be paid by the recipient. Provided the client selects in the transfer order form:

i)  the method of payment of charges BEN – the recipient of this payment shall pay all charges for the executed transfer and he therefore acknowledges that the transfer amount will be decreased by price of the Bank according to the Tariff and simultaneously the transfer amount may be decreased by prices charged by the recipient´s bank and intermediary banks,

ii)  the method of payment of charges SHA – the client will pay charge for executed transfer according to the Tariff  and simultaneously charges of intermediary banks and recipient´s bank may be charged to the recipient of the transfer, eventually the transfer price may be decreased by these charges,

iii)  the method of payment of charges OUR – the client pays Bank charges, charges of intermediary banks and charges of recipient´s bank. The recipient will receive transfer amount sent by the client in the original full amount;

With payment transactions outside EEA the client also pays charges of received payment, which were supposed to be paid by the payer based on transfer order instruction in the case when the charges are not paid by the payer in the period of 3 months following payment crediting.

With transactions inside EEA and in the currency of EEA member state which do not include currency conversion the prices for transfer execution shall be paid partially by the client and the recipient, i.e. in the form of SHA charge. The Bank is authorized to change the code of payment of charges stated by the client – OUR or BEN to a mandatory charge payment code SHA. However, the Bank is not authorized to decrease the transfer amount by a price thereof.

With transactions inside EEA and in the currency of EEA member state which include currency conversion the client is authorized to determine charges of SHA or OUR type. If the client states OUR charge code the prices connected to the transfer are paid by the client. However, the Bank is not authorized to decrease the transfer amount by a price thereof.

5. Exchange rates used for currency conversions

Sell and buy exchange rates according to exchange list of the Bank valid as of the conversion day, i.e. the day when transfer of funds from client´s account is executed, respectively on the day when payment is credited to the client´s account (hereinafter “ČEB exchange rate”) are used for conversion of one currency to other currency for an identical client (conversion of currencies within payment system) as follows:

a) payments in CZK from a foreign currency account t will be converted by “Foreign Currency Buy” ČEB exchange rate;

b) payments in a currency other than CZK from a CZK account will be converted by “Foreign Currency Sell” ČEB exchange rate;

c) payments in a currency other than CZK from a foreign currency account will be converted by “Foreign Currency Sell” ČEB exchange rate into CZK and “Foreign Currency Buy” ČEB exchange rate to the currency of the account;

d) payments in CZK sent to a foreign currency account will be converted by “Foreign Currency Sale” ČEB exchange rate; 

e) payments in a currency other than CZK sent to a CZK account will be converted by “Foreign Currency Purchase” ČEB exchange rate;

f) payments in a currency other than CZK sent to a foreign currency account will be converted by “Foreign Currency Purchase” ČEB exchange rate into CZK and “Foreign Currency Sale” ČEB exchange rate to the currency of the account.

The exchange list of the Bank is published at the registered office of the Bank or on www.ceb.cz 

6. Subsequent information after transfer execution

The Bank informs the client of executed payment transactions (i.e. incoming/outgoing payments, EuroPayment and executed transfers within the Bank) in writing by account statement in periods agreed in the agreement on current account, or in agreement on provision of supported financing, of the state of funds on current account, i.e. of the balance on the current account and executed transfers.

 7. Procedures of complaints and disputes resolution

After receipt of account statement the client is obliged to check the continuity of accounted transfers, correctness of data on the state of funds, correctness of payments execution and to immediately inform the Bank of any defects in accounting, or eventually failure to execute or account realizable transfer orders.

Defect complaints are filed by the client at authorized Bank employee – an account administrator. The account administrator shall inspect the request and, in cooperation with specialized units of the Bank, assess the complaint. If the complaint is justified the account administrator shall remedy the situation without undue delay.

Clients may turn to financial arbiter with disputes which shall occur between the Bank and its clients. This body for solving disputes between providers and users of payment services operates in accordance with a special legal regulation, i.e. the Act No. 229/2002, Coll., on Financial Arbiter, as amended, effective as of 1 January 2003. The client´s rights to turn to a court or to file a complaint with the Czech National bank remain unaffected by the above mentioned.

Rules for processing complaints and claims made by clients are published at the registered office of the Bank and on www.ceb.cz.

8. Final provisions

This Notice on Payment System in Česká exportní banka, a.s is effective as of 1 July 2014 and it is available to clients at the registered office of the Bank and on www.ceb.cz.

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