Cross-border payments
Cross-border payments are payments in foreign currency to a customer of another bank in Latvia, as well as payments in all currencies to customers of banks abroad.
The execution of cross-border payments depends on the type of the payment, the currency and the submission time:
| Currency | Type | Submission time1 | Payment value date2 | Payment settlement date 3 |
| All currencies | Standard | 16:30 | T | T+2 |
| All currencies | Urgent | 16:30 | T | T+1 |
| CHF | Express | 10:30 | T | T |
| DKK | Express | 9:30 | T | T |
| GBP | Express | 16:00 | T | T |
| PLN | Express | 12:30 | T | T |
| SEK | Express | 16:00 | T | T |
| EUR, USD, NOK | Express | 16:30 | T | T |
| OP payment5 | Express | 16:30 | T | T |
1 - payment is processed on the same working day of the Bank if it is received until the specified Latvian time. If the payment is received after the specified submission time, the next working day of the Bank shall be the payment value date.
2 - date when the payment is debited from the payer’s current account.
3 - date when the Bank hands over the funds to the beneficiarys bank or the correspondent bank: T – payment value date, T+1 – the next working day of the bank after the payment value date. T+2 – the second working day of the Bank after the payment value date.
4 - OP payment is a payment within the OP Financial Group (between OP Group banks in Finland, Estonia, Lithuania and Latvia) meeting the following criteria: the payment currency is EUR, SEK, USD, NOK, DKK, GBP, CHF; the payment type is Express (T), the payment commission type is SHA (shared).
For cross-border payments, OP Corporate Bank plc Latvia branch offers the following commission types:
- SHA (shared) – the beneficiary and the payer each pay their banks commission. If the customer has specified SHA commission type in the payment order, the customer shall provide to the Bank the payment amount and, in addition, pay the Bank commission according to the Price List. The Bank shall send the payment order to the correspondent bank or the beneficiary’s bank specifying the SHA option in the respective SWIFT message field. At this point, it is considered that the Bank has fulfilled its obligations in respect to carrying out the payment on SHA terms. All the banks involved in the payment, except for the Bank, have the right to withhold commission fees from the payment amount, and furthermore concerning payments in the EEA member state currencies, including EUR, only the beneficiary’s bank has the right to withhold a commission from the received payment amount before transferring it into the recipients account, if agreed so between the beneficiary and its bank;
- OUR (Payer) – the payer pays all the commission fees. If the customer has specified OUR commission type in the payment order, the customer shall provide to the Bank the payment amount and, in addition, pay the Bank commission according to the Price List. The Bank shall send the payment order to the correspondent bank or the beneficiary’s bank specifying the OUR option in the respective SWIFT message field thus entrusting the correspondent bank or the beneficiary’s bank to pay the recipient a full payment amount. At this point, it is considered that the Bank has fulfilled its obligations in respect to carrying out the payment on OUR terms. If the banks involved in the payment request commission fees, the Bank shall write these charges off the customers account without requiring prior approval by the customer. For payments, where the beneficiarys bank is located in the European Union or Iceland, Liechtenstein, Norway, Monaco and Switzerland, commission type OUR is only available if currency conversion is involved or the payment is made in a currency other than the currency of the above countries.