Transfers & Payments - Payment Order
Option through which you can transfer funds, any currency, to a beneficiary account in another bank in Cyprus or abroad.
You can create templates of payment order for future use. Click here to see more information about the use of templates.
When you carry out a payment order, internet banking saves the beneficiary and bank details, for future use.
Option to transfer funds through SEPA with lower charges. View Commissions & Charges
Requirements for SEPA payments:
- The currency of the payment order must be Euro.
- Charges should always be indicated as “Shared".
- The value date should not be Same Day and the payment order must be submitted before the bank’s official cut-off time.
- The beneficiary’s bank is in a member country of the European Economic Area and is a SEPA payment participant.
- The payment order needs to contain the beneficiary’s valid IBAN.
- The transfer will be executed with reduced charges through SEPA provided it complies with the relevant requirements (see above) or through another system (SWIFT) with normal charges
- If there is any problem with your transaction or if more information is required, you will be notified by telephone or Secure Message (see menu option Messages for more information)
- The submission of a payment order is available provided there the relevant exchange rates for the currency of the transaction, are available
- The Execution of the payment order is subject to the Terms and Conditions of 1bank and the Supplementary Agreement between Bank Of Cyprus Public Limited Company and its customers which are aligned with EU Directive 2007/64/EC (Payment Services Directive).
- Select Account (Ordering): Select accordingly
- Sender Details: Optional field. If the account to be debited is a joint account, you can select one of the account owners as the sender
- Charges From: Optional field. If you wish the Commissions and Charges to be debited to a different account than the ordering account, select another account from the list
- Cover any shortage funds from account: Optional field. If there are no available funds in the account to be debited, you can enter any other connected account to cover the shortage of funds
- Advice by fax: Optional field. Enter the fax number to which you want to receive a copy of the transaction
- Advice by email: Optional field. Enter the email address to which you want to receive a copy of the transaction
- Contact tel number: Optional field. Enter a contact telephone number in case the Bank needs to contact you for more information
- Beneficiary details : Enter the name of the beneficiary. If you have already carried out a Payment Order via internet banking or a branch in the past, the drop down list will contain these beneficiary names. Select accordingly.
- Beneficiary address: Enter the beneficiary address. In case of payments to countries out of the European Economic Area, it is recommended to enter the beneficiary's physical address (use at least two lines).
- Account Number/IBAN: Enter the account number or IBAN of the beneficiary, without blanks or select from the drop down list. The IBAN number is mandatory for all payments within the EEA / SEPA countries. Failure to provide an IBAN in the above cases will lead to extra charges. View Commissions and Charges
- Select Bank (existing list)
If you have carried out a Payment Order in the past via internet banking or a Bank Branch, you can select a bank used in previous payment orders, from the drop down list. Select “New Bank” if you are making a payment to a new bank
- SWIFT / BIC code
Enter the SWIFT/BIC code of the beneficiary bank and click on the icon to validate and automatically fill in the details of the bank in the relevant fields
- Search for a SWIFT/BIC code
If you do not know the SWIFT/BIC, click on icon to search for it. Select whether the search will be done by SWIFT/BIC, National ID or Bank Name. Depending on your choice, the relevant search fields appear.
Search: Click on Search once you select the Search By field
i.e Search by SWIFT/BIC: Enter BCYP. Upon clicking on Search, all the search results which contain BCYP in the SWIFT code, will be shown.
Click on the of the bank you wish to use for the payment order.
- Additional Branch Information : Optional field (available only when beneficiary bank is one of China, India or Philippines). Enter additional information if you cannot find the specific beneficiary bank branch via the Search function
- Amount: Enter the amount and select the currency of the transaction
- Charges: Select if you wish the transaction charges to be deducted from the Ordering account (OUR), the beneficiary account (BEN) or both (SHA). Place the mouse over each option to view more information
- Value Date: The Value Date is the date on which the funds are available in the Beneficiary bank (equal or greater than the Execution Date). Initially, the value date that appears is two working days after the execution date. In case the currency of the transaction is Euro, the date changes and a message appears on the top part of the screen
If you change the Execution Date, please confirm that the Value Date is the one you want. Payment Orders with a Value Date equal to the Execution Date are subject to additional charges.
- Execution Date: The Execution Date is the date on which the Ordering account is charged. Initially, the current date is displayed (if it is a working day) or the first working day (if the current day is not a working day). You can select a future date by clicking on the calendar icon . Confirm that the Value Date is the one you want
- Transfer Details: Enter the details of the payment in Latin characters i.eInvoice 123456. The details will appear on the Transaction History and the Statement of the
- account to be debited and will be sent as information to the Beneficiary bank
- Payment Supporting Documents: The submission of supporting documentation is mandatory for amounts greater than EUR 50.000 . You can upload these documents using the Select File and Upload buttons
- Submit: Click to submit the transaction
- Confirm: Click to confirm the transaction
- Transaction Number: The system returns a message at the top of the page, with the transaction status. Click on the transaction number to view the specific transaction details
For Payment Orders where the currency of the transaction is Rubles, the following fields should be completed:
- VO Code: Mandatory field. Enter accordingly
- BIK: This field is mandatory when the Beneficiary Bank is in Russia
- Correspondent account: Mandatory field. Enter accordingly. These accounts start with /3010 (default field value) or /3011 and have a total of 21 digits
- INN: This field is mandatory when the Beneficiary Bank is in Russia