About the product

Foreign transfers will allow you to settle payments in foreign currency or in PLN to a beneficiary who has an account at a foreign bank or execute a transfer in foreign currency to a beneficiary at a domestic bank.

We offer SEPA transfers, TARGET2 express transfers and traditional foreign transfers. SEPA transfers to UE countries, Iceland, Norway, Liechtenstein and Switzerland are executed in EUR with the D+1 value date. TARGET2 express transfers are payments in EUR sent with the D+0 value date. 

Using SWIFT standard for foreign transfers you can indicate value date of payment: 

  • standard (D+2) or (D+1) – depending on currency,
  • urgent (D+1) or
  • express (D).

Benefits:

  • International receivables and payables settled quickly and easily.
  • Non-standard execution times of transfers.
  • Extended cut off times - outgoing foreign transfers, depending on type, accepted until 4:00 PM; incoming foreign transfers accepted until 5:30 PM.
  • Online transfers executed in the TARGET2 system.
  • Flexible deduction of fees.
  • Transfers in about 130 foreign currencies.
  • Transfer orders submitted at the Bank's branch and through Millenet.

Change in processing of cross-border transfers due to coming into force of the amended Act on Payment Services (Journal of Laws 2017 item 2003) implementing in Poland the Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services - PSD2 (Payment Services Directive).

Starting from 20 December 2018 cross-border transfers in EU countries, Iceland, Norway, Liechtenstein and Switzerland will only have SHA option available i.e. costs involved with processing an FX transfer will be shared between the parties taking part in the transaction. BEN and OUR cost options will not be available.

Relevant changes have been made i.a. in the Millenet internet banking system as well as in “Terms and Conditions of Opening and Keeping Bank Accounts for Customers of Corporate Banking in Bank Millennium S.A.”

Scheme

schemat

Channels of access to product information

Internet

Wherever you are, with internet access, you can check account balances and history on a 7/24 basis, also viewing information concerning other products i.e.: cards, loans, guarantees and letters of credit, standing orders or term deposits.

Corporate Branch

Get detailed information about Bank Millennium products by contacting Advisors in the Corporate Banking network.

Contact with Advisor

By phone

Our Consultants will provide you with detailed information and will carry out your instructions. 

801 31 31 31
line available for fixed-line and mobile calls

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Questions and answers

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  • 1. What is the TARGET2 system and how can I perform a transfer through the system?

    TARGET2 is a pan-European system of real time settlements in EUR. TARGET2 enables execution of transfers in EUR to any bank, not necessarily European, as long as this bank is TARGET2 member, within around 15 minutes. Every EUR transfer at Bank Millennium tagged as "express" and with  beneficiary bank in TARGET2 automatically goes through this system.

     

  • 2. What are MT101 transfers?

    MT101 is a kind of international direct debit - allows to debit a different foreign or domestic account with a foreign or local currency amount. MT101 is most often used by international capital groups for centralized company liquidity management. Bank Millennium will provide this service under an individual contract.

     

  • 3. When will the beneficiary receive a foreign transfer sent through Bank Millennium?

    Foreign transfers are executed on the order date, with a D+2 or D+1 or earlier value date, depending on the selected execution mode. But remember that the value date is actually the date of receipt of funds by the beneficiary bank, so the time of transaction booking also depends on transfer settlement rules in  this bank.

     

  • 4. What are the principles for execution of transactions in CNY?

    Due to the specific nature of the settlements in CNY – the consequence of the PRC’s FX rules and regulations – and for correct performance of the transactions ordered at Bank Millennium S.A., the following principles are recommended:

    • Payment in CNY to China – it should be connected with a trade transaction (i.e. purchase of goods or services) performed on the grounds of proper documents corroborating its conclusion and legal title of the settlement, or with costs of day-to-day business operations. The bank of the counterparty in China has the right to perform an additional verification and demand from the transferor, through his bank, that documents confirming the rationale of the transfer or settlement should be delivered.
    • Name of the counterparty (payment’s beneficiary) should be stated in English and should be consistent with the name in the trade agreement. It has to indicate clearly that the beneficiary of the payment is an entrepreneur (i.e. if a name and surname are given here, then the transfer will be returned).
    • For correct execution of transfer, the bank of the beneficiary has to be stated in the payment instruction as SWIFT/BIC or CNAPS code (China National Advanced Payment System).
    • In the transfer details, apart from the invoice or contract data (number, description of the transaction), one of the below codes defining the payment should be selected from the drop-down list:

     

    Business types Code word Examples
    Trade settlement GOODS GOD Purchase/sale, export/import of goods, including goods for processing, goods for repairing, goods ordered by carriers in ports, transactions settled with L/C or cash collection, prepayments etc.
    Trade settlement SERVICES STR Settlements of services, including payments for hotel services, transportation services, remunerations, insurance, legal services, ordering research and alike.
    Capital turnover CTF Transactions on capital markets, increase in capital, reduction in capital, capital payment, securities investments, money transfers to a direct foreign investment (FID) and to investments executed by a foreign RMB qualified investor (RQFII) etc.
    Other current account transactions OCA Others, not mentioned above.

     

    Failure, to observe the above rules may result in delays in execution of transactions. Bank Millennium S.A. executes foreign transfers in CNY in accordance with the ”Terms and conditions for opening and keeping bank accounts for corporate banking clients in Bank Millennium” („Ogólne warunki otwierania i prowadzenia rachunków bankowych dla klientów bankowości przedsiębiorstw w Banku Millennium S.A.”).

    The above rules for execution of the settlements are only of informational nature. The right of the final interpretation of the current regulations and the principles for settlements in CNY remain at the discretion of the People’s Bank of China.

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