USINCZ21

Payment Instructions

General instructions for international payments to banks in CZECH REPUBLIC:

Overview

Remitter should obtain all required bank information from the Beneficiary (e.g. SWIFT BIC, IBAN, and beneficiary bank address). For additional information, please refer to the Central Bank.

Country Requirements/Restrictions

• Czech Republic is a member of the European Union and is adopting the payment practices of the EU, although it has not adopted the Euro.
• Funds movement greater than CZK 1,000,000 involving resident and non-resident legal entities and funds transfers on residents’ accounts abroad must be reported to the Central National Bank.
• Residents and non-residents are permitted to open and maintain domestic and foreign currency accounts both locally and abroad.
• SEPA standards apply for euro payments to beneficiaries with accounts in the Czech Republic, but do not apply to Czech koruna payments.

Payment Formatting Rules for CZK

• 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.
• Beneficiary Bank (SWIFT MT103 F57): Include the SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. There are no specific bank clearing codes for this country for cross-border payments. SWIFT BIC is key to routing payments to the beneficiary bank. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxCZxx or xxxxCZxxxxx. If the payee’s account is at the same bank as the payer, same-day settlement takes place. For interbank credit transfers, crediting can sometimes take as long as three working days.

Use of IBAN numbers is highly recommended. If an IBAN is not used, the 16-digit CZK account number is required. IBAN is required for all EUR payments subject to SEPA standards. Domestic services are offered to all Czech Republic banks. However, not all banks are authorized to transfer payments abroad.

IBAN: In Czechia, the IBAN format consists of 24 alphanumeric characters. It starts with the two-letter country code 'CZ', followed by two check digits and then the 20-digit domestic account number. The electronic format example is CZ9876541234567891234567, while the printed format looks like CZ98 7654 1234 5678 9123 4567.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of ARCELORMITTAL OSTRAVA A.S. for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from ARCELORMITTAL OSTRAVA A.S., you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Related SWIFT-codes

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.