International transfers offer a solution to your regular cross-border transfer needs in euros or in other currencies that fall outside the scope of SEPA.
How does it work?
- The following are viewed as international transfers:
- Transfers in euros to/from the countries of the European Economic Area (EEA), Monaco or Switzerland and which do not meet the definition of ‘European transfer’;
- Transfers in euros to/from countries outside the EEA, Monaco or Switzerland;
- Transfers in other currencies, including ones to/from other banks in Belgium.
- You can perform an international transfer at BNP Paribas Fortis in several ways:
- Normal transfer: settlement day + 2 (taking account of the cut-off time for accepting transfers in the different currencies);
- Urgent transfer: same-day settlement (taking account of the cut-off-time);
- International standing order like those used for payments in Belgium;
- Payment by bank cheque (cheque drawn on correspondent abroad): either remitted to the principal or sent directly to the beneficiary;
- Confirmation of the international transfer by phone, fax or e-mail at the time of execution;
- Transfer with memo date: transactions for execution at a subsequent date (up to 180 days in advance).
- The expertise of our support teams and our extensive international network;
- Rapid processing, thanks to automated processes and reduced administration;
- Flexible execution: we handle dozens of currencies, including the renminbi;
- Reliability thanks to the highly secure Swift (Society for Worldwide Interbank Financial Telecommunication) network;
- When you issue your transfers, you control the date on which your account is debited and can forecast your cash flow.
- Choice of ‘payment route’. Our presence in more than 50 countries means that we have access to all the interbank payment systems and can therefore choose the fastest, most effective and appropriate route for your transaction. This is all the more important if you operate in countries outside Europe.
- Solutions and mechanisms that protect you against the exchange risk related to certain countries and currencies.
- Expanded business hours: we do business in multiple time zones, which means we can delay the deadline for accepting your payment orders.
- Complete, precise and detailed reporting in various formats, both Belgian and international, including SWIFT format: you can keep a close eye on your financial transactions.
Good to know
- To ensure correct and rapid payment, you should systematically state your BIC and IBAN codes in your invoices: that way you can limit the risk of your payer making a mistake.
- Certain countries are subject to embargo or specific restrictions. BNP Paribas Fortis will provide you with a list of the relevant countries, as well as the structure of each country’s IBAN account.
- The costs may vary from one country to another. There are three options for allocating the costs:
- Shared (SHA): this is the most frequent option and is also used by SEPA. An international bank transfer to an EEA member country and executed in a PSD currency (Payment Services Directive on the following currencies: EUR, BGN, CZK, DKK, HUF, HRK, PLN, RON, SEK, GBP, NOK, ISK and CHF) is always executed with shared costs: each party pays its own bank’s charges. Except in the case of a foreign exchange debit transaction. In other words, you are only liable for costs incurred in Belgium.
- Costs payable by the beneficiary (BEN); in this case, the bank deducts the costs from the transferred amount.
- Or costs payable by the payer (OUR): the principal has to pay certain charges on the overall amount received.
Think about opening an account abroad so that you are closer to your clients and suppliers and have access to local payment solutions.