In order to send a SWIFT payment to SLOVAKIA it is highly recommended to meet the following recommendations:
Overview
Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g., SWIFT BIC, IBAN, and beneficiary bank address).
Country Requirements/Restrictions
Currency & Clearing Information: Currently, domestic clearing is a non-SWIFT-based utility that is fully automated with real-time processing capabilities. Inherited from the former Czechoslovakia, the local clearing systems are based on the same principles and use similar methods for processing (the only differences are due to legal requirements for payments in both countries).
Payment Restrictions: All transactions between residents and non-residents above EUR 12,000 must be reported to the National Bank of Slovakia. Payments made to and from accounts held by residents abroad must also be reported.
Account Restrictions: Residents and non-residents are permitted to open and maintain domestic or foreign currency accounts either locally or abroad.
SEPA: Strict formatting standards and SEPA guidelines exist in Europe regarding cross-border payments. IBAN and SWIFT BIC are required for all euro payments. SEPA standards apply for euro payments to beneficiaries with accounts in Slovakia.
Payment Formatting Rules for EUR
Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials), and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary. IBAN numbers for beneficiaries with accounts in Slovakia must be included in the payment instruction.
Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier, full name, and address of the beneficiary bank. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxSKxx or xxxxSKxxxxx.
Additional Information: No notional value date rules. Payments will be effected as soon as possible under the rules of each bank.
For the following financial institutions in SLOVAKIA you can find a list of their correspondent banks with the currencies and nostro accounts. Also you will find an instructions how to track the payments and other useful information which will help you to send/receive a SWIFT funds transfer or investigate a status of existing payment.
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