For the remitter – value date is the date on which his bank debits his account with the amount of the transfer.

For the beneficiary – value date is the date on which his bank credits his account with the amount of the transfer.

RINGS is a Real Time Gross Settlement payment system, organized and supported by Bulgarian National Bank. Only BGN payments are processed through RINGS.

All transactions for the amount of or over 100 000 BGN are effected through RINGS, as well as payments without limitation but under remitter’s explicit request for processing of the transfer via RINGS.

All interbank customer transfers in amount up to 100 000 BGN, cards transactions and payments related to Securities Deals are processed via BISERA. BISERA is operated by “Bankservice” PLC - a joint-stock company of local banks and Bulgarian National Bank.

SEPA is abbreviation of Single Euro Payment Area. SEPA aims to promote integration of the European market through facilitation of EUR cross-border electronic payments between countries participating in SEPA, making the transfers cheap and safe, like the existing local payments.

SEPA countries are EU countries plus Norway, Lichtenstein, Island and Switzerland. Bank clients from SEPA countries should be able to effect payments to beneficiaries in EU by using one and the same bank account as well as one and the same payment instruments.

CIBANK JSC is indirect member of SEPA through KBC Bank NV, Brussels.

SEPA payment tools are SEPA Credit Transfer and SEPA Direct Debit. As from 28 January 2008 has been implemented the SEPA Credit Transfer Scheme only.

SEPA Direct Debit is forthcoming. A basic frame for card products and payments has been developed also.

CIBANK JSC offers to its clients SEPA Credit Transfer in accordance with the structure and rules of operation of the SEPA payment instruments and in compliance of the rules laid down in EFT manuals.

SEPA Credit Transfer is each EUR payment when the remitter and the beneficiary are from EU plus Norway, Island, Liechtenstein and Switzerland; the remitter and the beneficiary have IBAN, SWIFT BIC of the banks are presented and transactions fees are shared between the remitter and the beneficiary.

According to SEPA rules, payment between the remitter and the beneficiary is settled within 3 (three) business days after the day on which the payment order has been placed.

• All EUR payment for beneficiaries outside SEPA are delivered within 3 (three) business days after the day on which the payment order is placed at the bank of the remitter;
• All USD payments for beneficiaries in USA or Canada are delivered within 24 hours from the day on which the payment order is placed at the bank of the remitter;
• All payments in other foreign currencies are credited to the beneficiary’s account within 3 (three) business days from the day, on which the payment order is placed at the remitter’s bank.

CIBANK PLC effects foreign currency payments with same day value for the remitter and the ultimate beneficiary receives funds on his account within 48 hours from the day on which the payment order is placed at the bank and according the Terms and Conditions of CIBANK PLC

• SEPA Credit Transfer should be processed by the remitting bank within 3 business days after a payment order is deposited at the bank by the remitter;
• For fast and well-timed receipt of funds by cross-border payments in foreign currencies it is necessary for the remitter and for the beneficiary to present correct and accurate information as follows:

  - IBAN of the beneficiary;

  - Name and SWIFT BIC of beneficiary’s bank;

  - Correspondent bank of the beneficiary’s bank for the relevant currency (this is related to transfers for non EU countries);

Each bank has its own Tariff and T&C for cross-border payments, but it is also obliged to comply with the international agreements, decisions and resolutions.

It is necessary for the remitter to have sufficient funds on his account as well as to present accurate information for the transfer in order a payment order to be processed by the remitting bank

Payments in BGN:

Transfers via BISERA: BGN 1.50
(collected from the payer)
Transfers via RINGS: BGN 10.00
(collected from the payer)
 

Payments in Foreign Currency:

Outgoing Transfers: CIBANK JSC collects commissions as follows:
 

1. Payment Orders with a SPOT Value Date (after two working days):

•  on paper - 0.15% of the transfer amount, Minimum EUR 15.00, Maximum EUR 200.00 

• electronically - 0.10 % of the transfer amount, Minimum EUR 10.00,   Maximum EUR 150.00

2. Payment Orders with a TOM Value Date (the following working day):

•  on paper - 0.25 % of the transfer amount, Minimum EUR 25.00, Maximum EUR 250.00 

•  electronically - 0.20 % of the transfer amount, Minimum EUR 20.00,  Maximum EUR 200.00

2. Payment Orders with the SAME Value Date:

• on paper - 0.30 % of the transfer amount, Minimum EUR 30.00,  Maximum EUR 300.00 

• electronically - 0.25 % of the transfer amount, Minimum EUR 25.00,  Maximum EUR 250.00
   

3. SWIFT Fee  - EUR 10.00 per page

In addition, CIBANK JSC collects commissions of other banks in accordance with their tariffs and on the condition that the payer is charged for all the fees related to the transfer.  

Payments in Foreign Currency:

Incoming Transfers:
CIBANK JSC collects a commission of 0,1 % of the transfer amount,

• Minimum EUR 10,00
• Maximum EUR 200,00

(these commissions are collected from the customer by CIBANK only when it is stated in the payment instructions that these fees will be charged to the payer)
 

Payments in BGN 
Transfers through BISERA: By 1.00 pm orders on paper and by 3.00 pm for electronic orders - for executing payments with a value date on the same business day for the recipient;
Transfers through RINGS: By 2.30 pm orders on paper and by 3.00 pm for electronic orders - for executing payments with a value date on same business day for the recipient.

Payments in foreign currency
Ordered transfers:
All orders for payments in foreign currency shall be processed by 3.00 pm on the same business day and shall be executed with a value date specified by the originator in the payment order.
Received transfers:
All orders received in favour of customers of CIBANK JSC shall be accounted on the recipient's account with a value date on the same business day on which the bank has been credited on the respective correspondent account with the correspondent bank for the respective type of foreign currency.

KBC BANK NV, Brussels – EUR
(SEK, RON, JPY, DKK, NOK)

Up to     12500,00 EUR –   5,00 EUR
Up to     25000,00 EUR –  10,00 EUR
Up to     50000,00 EUR –  20,00 EUR
Above   50000,00 EUR –  50,00 EUR

Amendments/cancellations of outgoing
transfers –                        25,00 EUR

Investigations:
- Current year-     50,00 EUR
- Past years -      100,00 EUR

KBC BANK NV, New York Branch – USD

Outgoing STP transfers –      1,00 USD
Outgoing Repaired transfers –       2,50 USD
Returned transfers –    25,00 USD
Investigations -  100,00 USD
(for the past six months)

CREDIT SUISSE S.A., Zurich – CHF

In favor of Credit Suisse clients – free
In favor of third banks clients:
  - STP transfer –     7,00 CHF
  - Repaired transfer –   13,00 CHF

Amendments/cancellations –   50,00 CHF

Investigations:
For the past six months -   100,00 CHF

NATWEST RBS, London - GBP

In favor of NatWest RBS clients – free
In favor of third banks clients:
  - in UK –   12,00 GBP
  - outside UK –      20,00 GBP

Investigations:
Past six months -   25,00 GBP
Over six months to 1 year -   50,00 GBP
Over 1 year -                   100,00 GBP