NORVIK BANKA offers fast and convenient payments all over the world!
NORVIK BANKA offers payment and clearing services at high international standards. The advantages of a wide network of correspondents, access to the international clearing systems such as SEPA* and TARGET2**, as well as an advanced intra-bank automatic payment processing system allow NORVIK BANKA to offer fast, convenient and high quality commercial payments both in Latvia and abroad.
Internal payments in lats and in foreign currencies
Internal payments (when both the remitter and the beneficiary hold accounts in NORVIK BANKA) are executed immediately after a payment order is submitted to the Bank.
In paper form: from 09:00 to 18:00 Riga time
In electronic form (via e-NORVIK) from 08:00 to 21:00 Riga time (on working days and on Saturdays)
External (outgoing) payments in lats
Outgoing payments in lats are executed immediately after a payment order is submitted to the Bank until 13:00 Riga time; otherwise the payment is executed on the next working day.
NORVIK BANKA offers the following types of outgoing payments in lats:
Standard – payment is executed in standard order
Express – payment is executed in extraordinary order after a payment order is submitted to the Bank
If the beneficiary´s bank is located outside Latvia, it is necessary to specify a Latvian bank as a correspondent of the beneficiary´s bank.
External (outgoing) payments in foreign currencies
To ensure the successful execution of a payment in foreign currency, it is important to specify the following information in a payment order:
Beneficiary bank BIC (Bank Identifier Code)
Beneficiary bank’s name
Beneficiary bank’s location city and country
Name of ultimate beneficiary
Account of ultimate beneficiary * If a payment is made to a country in which IBAN (International Bank Account Number) standards are used, the beneficiary’s correct IBAN should be specified, otherwise extra charges could be deducted for non-automatic processing of the payment (NON-STP). You can check the correct IBAN here.
Details of a payment Purpose and date of the payment as well as contract or invoice number. The details of the payment should be completed in a language understood by the beneficiary.
Please bear in mind that when making a payment in any CIS currency (RUB, UAH, BYR), the payment order should be completed in Russian (this helps to avoid extra charges and possible delays in payment).
Paying the commission
- OUR Remit
When specifying the commission as (OUR), the customer (remitter) pays all additional charges by the intermediary and beneficiary’s bank so that the beneficiary receives full payment amount.
NORVIK BANKA has limited responsibility if an intermediary bank does not comply with the commission instructions given in a payment order due to its internal policy (for example, local clearing standards or the requirements of its domestic payment system).
Additional charges are deducted from the customer´s (remitter´s) account upon the intermediary bank´s request without further authorization.
- SHA (Remitter pays Remitter´s bank charges, Beneficiary pays all other charges)
Specifying the commission as (SHA), the beneficiary pays NORVIK BANKA´s defined charges only, but all additional charges are deducted by the intermediary and beneficiary´s banks from the payment amount.
If the type of a commission is not specified, or the customer makes a payment in cash (without opening an account in NORVIK BANKA), the commission is automatically defined as (SHA).
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* SEPA - The Single Euro Payments Area consists of the 27 EU member states, three EEA countries (Norway, Iceland and Liechtenstein) and Switzerland.
SEPA will ensure that customers and companies are able to place and receive non-cash euro payments with the same terms and conditions regardless of whether the payment is domestic or cross-border, while at the same time introducing more efficient and secure payment instruments and methods in the European market. The SEPA project is supported by European banks, The European Central Bank (ECB) and the European Commission (EC).
** TARGET2 is the RTGS system for the euro, offered by Eurosystem. It is used for the settlement of central bank operations, large-value euro interbank transfers and other euro payments. It provides real-time processing, settlement in central bank money and immediate finality.
