Payments and transfers

Our payment products and services are designed to make your life easier

SWIFT PAYMENTS  •  SEPA PAYMENTS  •  SEPA DIRECT DEBIT  •  STANDING ORDERS

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SWIFT payments
  • You can execute a significant volume of payments to be processed on the same day.
  • Get your payments across several jurisdictions via SWIFT system.
  • There is no additional charge for urgent payments – all payments are processed same day value, provided the payment instructions are given before cut-off time.
  • Competitive charges for payments.
  • Charge option “shared” or “ours” or “beneficiary”.
Cut-off times for processing payment orders:
  • For EUR, GBP, CHF and RUB: from 08:30 to 13:00, Cyprus time.
  • For USD: from 08:30 to 16:00, Cyprus time.
  • Transactions may require supporting documents i.e. invoice etc.
SEPA payments
  • Easy Euro payments throughout the European Economic Area
  • No differences in terms of payment execution or pricing
  • Efficiency and speed for cross-border transfers
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The objective of SEPA is to harmonize the payments market across Europe by using common procedures and standards for payments in Euro currency ensuring there are no distinctions between National and Cross border payments. 

The full list of SEPA countries can be found at the following link:  www.ecb.europa.eu/paym/integration/retail/sepa

  • The payment currency must be Euro
  • The payer’s bank and the payee’s bank are both located in the European Union or in the Member States of the European Economic Area and signed up for SEPA payment scheme
  • The payment order needs to contain the payee’s International Bank Account Number (IBAN) and Business Identifier Code (BIC) of the payee’s bank
  • The amount of payment shall not exceed 50.000 Euro
  • Value date T + 1 (next day) provided that payments is received by the bank before official cut-off time
  • Charge option – only "Shared" (the payer and the payee shall both bear the cost of the payment)
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SEPA Direct Debit

Always pay on time

  • Pay for goods and services throughout the entire SEPA area.
  • No risk of late or missed bills, taxes or insurance payments.
  • Payments executed free of charge.

A Direct Debit is a payment instruction provided by a client (Payer) to the creditor organisation/service provider (Payee) in the form of a Direct Debit Mandate. The Direct Debit allows the Payer's bank to debit the Payer's account for variable or fixed amounts claimed by the Payee at predefined regular intervals. The main difference between a standing order and a Direct Debit is that a standing order is arranged by the Payer and is for a fixed amount, whereas a Direct Debit is specified and collected directly by the Payee for an amount which might not be known in advance.

The SEPA Direct Debit scheme is a pan-European service introduced by the European Payments Council (EPC) which allows clients to pay for goods or services throughout the entire SEPA area (EU, Norway, Iceland, Lichtenstein and Switzerland) using a standardized Direct Debit product, easily, securely and efficiently.

If you want to set up a Direct Debit for payment of your utility bills, insurance premiums, taxes etc. you should provide a SEPA Direct Debit Mandate to the Payee directly. SEPA Direct Debits are processed by the Bank according to SEPA Direct Debit Scheme Rulebook published by the EPC. The SEPA Direct Debit Scheme Rulebook, detailed information, terms, rights and responsibilities can be found on EPC website http://www.europeanpaymentscouncil.eu.

  • A simple means of paying regular bills, taxes, insurance premiums etc. without the risk of late or missed payments
  • SEPA Direct Debit is only available for Euro settlements. Both the Payee and Payer must hold an account in Euro with a financial institution located in the SEPA area
  • Terms and Conditions for SEPA Direct Debit payments are standardized across all SEPA countries
  • SEPA Direct Debits are regulated by SEPA Direct Debit Scheme Rulebook for handling rejected, returned and refunded SEPA Direct Debit Collections
  • If you do not agree with the SEPA Direct Debit processed from your account, you can claim a refund of the relevant amount within the time limits prescribed in the SEPA Direct Debit Scheme Rulebook
  • SEPA Direct Debit payments are executed free of charge
Standing orders

Adapted to your needs

  • Regular, automatic, fixed transfers from your account at RCB.
  • Particularly useful for paying rent, repaying loans or other regular transfers.
  • Just choose the amount, frequency and date.
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  • You can automate regular payments and avoid spending time calling the Bank
  • You can manage your finances efficiently and have your regular payments always done on time
  • Each payment under a standing order is charged as per the Bank's Commissions and charges for transfers
More ways you can use standing orders
Minimum account balance If the account balance on a certain date is lower than a preset target level, the required amount is transferred from another specified account with RCB in order to top up the account.
Maximum account balance If the account balance on a certain date is higher than a preset target level, the surplus amount is transferred to a specified account with RCB or another bank.
Account balance within a preset range If the account balance is outside the preset range, it is topped up from another specified account with RCB, or the surplus amount is transferred to a specified account with RCB or another bank.
Automatic RCB card repayment The required amount is transferred from the current account to cover the balance due on the card account on the due date.
Regular transfer of a fixed amount from one account to another at RCB or at another bank Payment amount and frequency of transfer (daily, weekly, monthly, quarterly, biannually, annually) are defined. The specified amount will be transferred automatically at the specified frequency.
Regular FX conversion Conversion amount and frequency (daily, weekly, monthly, quarterly, biannually, annually) are specified. The specified amount will be converted automatically at the specified frequency.

 

Standing orders are available to all holders of a current account at the Bank. All a client needs to do is to complete a standing order form at any of the Bank’s branches or set it up through RCB Online Banking.

There is more you can discover