Payments

Funds Transfer

General Guidance

As a prerequisite of each transfer the bank must hold valid and up-to-date due diligence documents of its clients: a copy of a valid passport or ID for individual customers and a Certificate of Good Standing (COGS) and Certificate of Incumbency (COI) or similar for corporate entities. Please note that a Certificate of Good Standing is valid for a year, therefore corporate entities must submit a copy of the COGS annually.

All inward or outward transfers of any amount, from and to any destination, may be subject to prior review by our Compliance Department. If your transfer is reviewed we may have to hold it pending until the completion of the review. We will do this in a timely manner however we may have to ask for your assistance in providing further information or documentation indicating the exact purpose of the payment: the Bank reserves the right to request additional documentation for transfers of any amount as we are legally obliged by the laws of our jurisdiction to hold this information in our files.

Outward transfers have to be initiated in, My Fibank’s online banking platform or via payment order personally submitted at Fibank Cyprus Branch. You will be requested to enter the receiver’s personal and banking data and to upload supporting documents, such as invoices signed and stamped by the company or individual issuing the documentation, agreement, statement or other official documents between the sender and the receiver of funds.

Your payment may be held pending or can be delayed if you do not meet the documentation criteria. Should you need to submit further supporting documents, please send them to payments@fibank.com.cy

Inward transfers guidance and required documents

Fibank Cyprus Branch is a full member of the SWIFT Network and our SWIFT is FINVCY2N however the routing instructions we send may contain alternative routes which may have a different SWIFT. The Bank accepts only funding of client accounts by electronic / SWIFT transfer via its confirmed intermediary partner institutions and we supply a personalised routing instruction to each client of the bank. We are not able to accept funding of our client accounts by any of the following methods:

Any form of E-wallet transfer such as PayPal

Bitcoin or any other form of cyber currency

Credit or Debit card

Cyber gold or other electronic means of precious metal transfer

The documents required are:

Supporting documentation of the transfer (invoices signed and stamped by the company or individual issuing the documentation, agreement or other official documents between the sender and the receiver of funds). For international trade – related payments, we reserve the right to request a full list of delivery and transportation documents once available.

Please send all payments – related documents to our Customer Service team at the following e-mail: payments@fibank.com.cy

Outward transfers guidance and required documents

Outward transfers have to be initiated in, My Fibank’s online banking platform or via payment order personally submitted at Fibank Cyprus Branch. You will be requested to enter the receiver’s personal and banking data and to upload supporting documents, such as invoices signed and stamped by the company or individual issuing the documentation, agreement, statement or other official documents between the sender and the receiver of funds.

Your payment may be held pending or can be delayed if you do not meet the documentation criteria. Should you need to submit further supporting documents, please send them to payments@fibank.com.cy.

Swift Payments

We carry out your international payment quickly, securely and effectively. We work closely with partner banks abroad. As a result, your payment reaches its recipient as quickly as possible – regardless of whether you're transferring money within Europe or worldwide.

Fast and accurate payments through our Correspondent Banks - network worldwide

Straight-Through-Processing (STP) payments effected in minutes – all other payments effected within specific high-quality time targets

Online status and swift copy of payments available through our Internet Banking

All payments must bear a Digipass code; probably the most secure coding system available.

SEPA Payments

Euro payments simply and cheaply

SEPA is a payments procedure for individual orders and direct debits that enables you to transfer and collect funds within Cyprus and in Europe. SEPA applies as a binding standard in more than 30 countries. This makes payments in euros across national borders secure, simple and low-cost. The main focus of SEPA lays upon security and simplicity. The standard applies to electronic payment orders only

Overview of SEPA payments

Fully automated payment processing with IBAN and BIC

Cost transparency thanks to clear fee arrangements

High level of security as uniform standards apply to all banks

The same fees for transfers in Europe as within Switzerland

SEPA will ensure that customers and companies are able to place and receive non-cash euro payments with the same terms and conditions regardless of whether the payment is domestic or cross-border, while at the same time introducing more efficient and secure payment instruments and methods in the European market.

Please carefully check if the receiver’s details are correct, otherwise, if the payment is missing any of the details, the intermediary and beneficiary banks have the rights to charge an additional commission.

European Economic Area (EEA) members

Iceland, Norway, Lichtenstein and 28 countries of EU: Austria, Belgium, Bulgaria, United Kingdom, Czech Republic, Denmark, France, Greece, Estonia, Ireland, Italy, Croatia, Cyprus, Latvia, Lithuania, Luxemburg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Spain, Hungary, Germany, Sweden.

Payments in EUR outside European Economics Area (EEA) countries

Fibank offers payment and clearing services all over the world. We guarantee fast, convenient and high quality service at the benefit of a wide network of correspondents, access to clearing system and TARGET2 and advanced automatic payment processing system.

TARGET2 is the RTGS system for the euro, offered by Eurosystem. It is used for the settlement of central bank operations, large-value euro interbank transfers and other euro payments. It provides real-time processing, settlement in central bank money and immediate finality.

Requirements for a SEPA payment

• The currency is always euro
• Amount up to EUR 50.000
• Specification of the beneficiary's IBAN
• Specification of the recipient bank's BIC
• The recipient country is a SEPA participant
• The beneficiary's financial entity accepts SEPA payments
• Fees are shared according to the fee arrangements (SHA)

IBAN verification

IBAN (International Bank Account Number) is a number of the customer’s bank account as per international numbering standards.

IBAN structure: first two letters – state code, then follow two check digits and a combination of letters and digits or digits only – code of the bank and/or its branch and the account number (the number of characters depends on the IBAN length used in a particular country).

In electronic form, IBAN should not contain any spaces, punctuation marks or other symbols (in printed form only, IBAN may contain spaces to split characters into groups and thus make it better discernible).

Advantages of the IBAN Format

IBAN allows identifying customer’s account in a particular financial institution or its branch.

Check digits confirm correctness of the specified customer’s bank account number.

Specifying account number in IBAN format, you lessen the potential for errors or delays in performing a transfer, and also lessen the possible risk of incurring additional costs due to manual transfer processing.