Terms and conditions Cross-border trading

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1 Terms and conditions Cross-border trading Here you and your company can gain an overview of the various payment forms you can choose from when trading with partners abroad. Cross-border trading also includes payment in foreign currencies in Denmark which, taken together, are called cross-border payments. If you need further information, you are welcome to contact your account manager. The necessary details Using the correct details is important in connection with cross-border payments. Below we list the most important ones. IBAN IBAN is short for International Bank Account Number. This is a number linked to all accounts in EU countries as well as many other countries. IBAN is a code that identifies the country, the bank and the account number(please see list of IBAN countries). You IBAN number is stated at the bottom of your account statements. In Jyske Netbank Erhverv you find your IBAN number on the account statements in Net- Boks. Moreover, you can find your IBAN number in the Mobilbank and ipadbank under the menu item 'Modtag penge (Receive money). BIC BIC means Bank Identifier Code. The BIC is eight or eleven characters long. The first six characters are always letters, and the rest are letters and/or digits, e.g. JYBADKKK (Jyske Bank, Copenhagen). BIC was formerly called SWIFT address. Danish Payment Services Act The Danish Payment Services Act is based on EU rules with the purpose of securing the citizens and businesses more uniform rights across the borders with a view to facilitating the single market for payments in the EU. The Danish Payment Services Act comprises payment in the currencies of the euro countries and the European Economic Area (EEA) countries and payments to and from these countries. The act regulates, among other things, the distribution of costs, information and execution time for both incoming and outgoing payments. Distribution of costs The distribution of costs can be agreed between the remitter and the beneficiary in three ways: 1

2 1. Costs in Denmark and abroad are paid by the orderer (OUR). In connection with payments covered by the Danish Payment Services Act, OUR can only be used in some cases. Costs abroad may be calculated as a percentage of the amount. This amount may be large. Therefore we recommend that you include the beneficiary s banking charges in your payment. In some countries, for instance the US, the OUR code is not respected, and the beneficiary may have to pay charges. 2. Costs in Denmark are paid by the orderer and costs abroad by the beneficiary (SHA). 3. Costs in Denmark and abroad are paid by the beneficiary (BEN). In connection with payments covered by the Danish Payment Services Act, BEN cannot be used. We recommend the use of the cost code SHA in all cases. Cross-border payments Payments When you make payments, it is in the interest of both parties that the payment reaches the beneficiary. Therefore it is very important that you have the correct details: BIC/beneficiary's bank/clearing code IBAN/the beneficiary s account number The name of the beneficiary (the name in which the account is registered) Preferably the beneficiary s address Preferably the address of the beneficiary s bank Some payments specifically require one or more of these details and cannot be carried out without such details. We offer several types of cross-border payments. Your choice will depend on such things as the size of the amount, the currency, the terms and conditions and liquidity. You can make a transfer direct to an account abroad via Jyske Netbank Erhverv or by ordering a transfer at a Jyske Bank branch by using the form "Anmodning om overførsel til udlandet" (request for cross-border transfer), and you can order an international cheque by using the form Checkbestilling til udlandet (request for international cheque). The forms are available at a Jyske Bank branch. 2

3 Types of payments available when ordering through Jyske Netbank Erhverv and at a branch SEPA payments You can send payments in euro to Denmark, the rest of the EU as well as Norway, Lichtenstein and Iceland. You must use BIC, IBAN and the cost code SHA. If you choose a SEPA payment in JNE, you can send special SEPA-specific details regarding the payment direct to the beneficiary (for instance, end-to-end references). This may be a request or a condition on the part of the beneficiary. Standard payments We execute the euro transfer as a SEPA payment if, on the basis of the details and the beneficiary, it is possible. Otherwise the payment will be sent to one of Jyske Bank s correspondent banks. In special cases, for instance a currency to a country other than that of the currency, intermediary bank fees may be payable to banks abroad. In connection with payments within the EU and the EEA in the currencies of these countries, you can only use the cost codes SHA and OUR. In connection with other countries and currencies, all cost codes can be used. Urgent payments Urgent payments can be carried out at extra cost. Urgent payments are carried out without a loss of value days for remitter. In connection with payments within the EU and the EEA in the currencies of these countries, only the cost codes SHA and OUR can be used. In connection with other countries and currencies, all cost codes can be used. Intra-group transfers If previously agreed with International Payments, you can transfer to the accounts of group units. In connection with transfers within the EU and the EEA in the currencies of these countries, only the cost codes SHA and OUR can be used. In connection with payments to other countries and in other currencies, all cost codes can be used. Execution time and exchange rate The execution time is the time from our receipt of an order for a transfer until the amount is available to the beneficiary's bank. The settlement date is the date at which your account is debited. If an exchange takes place, Jyske Bank's market rate is applied when the transfer is entered in the books - unless the amount exceeds the limit for the individual exchange rate. The limit for individual exchange rates is: for NOK, SEK, GBP, USD and EUR, the limit is the equivalent value of DKK 5 million; for other currencies, the limit is the equivalent value of DKK 1 million and higher. Jyske Bank's market rates are available at Jyske Bank's website. 3

4 TYPES OF CROSS-BORDER TRANSFERS Type SEPA payments and euro payments that fall within the scope of the Danish Payment Services Act Standard Number of days after settlement where the amount is available at Jyske Bank's correspondent bank (execution time) 1 banking day after settlement comments EUR with IBAN, BIC with the cost code SHA received before (6 p.m.). Payments that fall within the scope of the Danish Payment Services Act Payments that do not fall within the scope of the Danish Payment Services Act Urgent and intra-group payments 2 banking days 2 banking days Received before (3 p.m.). Plus one day if the order is received in paper form. At the settlement date DKK received before (1.30 p.m.). Urgent and intra-group payments Urgent and intra-group payments The day after the settlement date (debit value date the day after the settlement date). 2 banking days after the settlement date (debit value date 2 days after the settlement date) CAD, EUR, GBP, NOK, SEK and USD received before (3 p.m.). AED, AUD, CHF, CZK, HKD, ISK, JPY, KES, LTL, MAD, NZD, PLN, RON, RUB, SAR, SGD, THB, TRY and ZAR received before (3 p.m.). Other currencies received before (3 p.m.). In special situations, please contact us It is always advisable to contact your relationship manager in situations where you wish to make payments to special countries. 4

5 Other means of payment: Cheques If you are unable to obtain details about the beneficiary s IBAN/account No. and bank, it might be a good idea to pay by cheque if only a small amount is involved. The disadvantages of cheque payments are - that the cheques are to be forwarded by post; - that it may take a long time before they arrive and that they may disappear in the post. You can order a cheque by using the form Checkbestilling til udlandet (request for international cheque) via your branch and you may order cheques via Jyske Netbank. International cheques are settled at Jyske Bank's market rate and subject to the same limits as individual rates for transfers. SEPA Direct Debit resembles payment services in euro Moreover, you can transfer euro to a beneficiary if he or she has been registered as a SEPA Direct Creditor (this information is available from the creditor). You must enter into a payment agreement with the creditor, who can then automatically withdraw money from your account according to agreement. Before you can enter into payment agreements, you must arrange this with your relationship manager. Read more about SEPA Direct Debit at jyskebank.dk. 5

6 Payments from abroad as well as euro payments from Denmark Payments The fastest and most simple way of receiving a payment from abroad will be to ask the remitter to deposit the amount direct into your bank account. When you are to receive payments, it is important that you give all your account details: - your name and address to which the account is linked - your IBAN number - the bank s BIC: JYBADKKK. Your client may have a choice of various transfer types. The most important thing for you is that you have clearly expressed that you want a transfer direct into your account (based on the details stated) and the due date. If details are missing in the transfer, it may be difficult for us to deposit the money and in some cases we have to return the money to the remitter. Intra-group transfers You can enter into agreements to receive intra-group transfers from other group units on special terms and conditions. Please contact your relationship manager for further information. Payments from EU and EEA countries Jyske Bank receives transfers from a number of European banks, including Danish banks. The remitter s country, the currency and the currency of the credit transfers determine how the amount is received. 6

7 Our settlement procedure for payments that fall within the scope of the Danish Payment Services Act: EXCHANGE RATE APPLIED AT THE TIME OF ENTRY* AMOUNTS RECEIVED BEFORE (1.45 p.m.) Transfers from EU/EEA countries in DKK/EUR to DKK/EUR. Transfers from EU/EEA countries in EU/EEA currencies to accounts in the same currency. At Jyske Bank's market rate Will not be exchanged CREDITED TO YOUR AC- COUNT The same day the amount Bank's disposal The same day the amount Bank's disposal Transfers from EU/EEA countries in EU/EEA currencies to accounts in a different currency. At Jyske Bank's market rate The day after the amount Bank's disposal. *Unless the amount exceeds the limits for individual exchange rates. The limit for individual exchange rates is: for NOK, SEK, GBP, USD and EUR, the limit is DKK 5m and higher; for other currencies the limit is DKK 1m and higher. Other transfers The chart below shows examples of transfers from clients outside the EU and the EEA countries, or transfers where you have chosen a currency that is not covered by the Danish Payment Services Act. In connection with transfers from countries outside the EU and the EEA, it is still possible to use all three ways of distributing costs. The remitter's bank determines the date when the transfer will be available. Our settlement procedure: AMOUNTS RECEIVED BEFORE EXCHANGE RATE APPLIED (1.45 p.m.) AT THE TIME OF ENTRY* All to the credit of foreignexchange accounts in the same currency. All to the credit of account in another currency. Will not be exchanged At Jyske Bank's market rate CREDITED TO YOUR AC- COUNT The day after the amount Bank's disposal. The day after the amount Bank's disposal. *Unless the amount exceeds the limits for individual exchange rates. The limit for individual exchange rates is: for NOK, SEK, GBP, USD and EUR the limit is DKK 5m and higher; for other currencies the limit is DKK 1m and higher. 7

8 Recalls Cross-border payments can be recalled by the orderer until payment has been finally processed by International Payments. Subsequently, payments can only be recalled with the beneficiary's consent. Unless the reason behind the reversal is that covering by the bank does not take place because the covering has been blocked due to anti-terrorist measures, money laundering etc. Enter into a Service Agreement When Jyske Bank receives a payment from abroad, the amount will be deposited in the account stated by the foreign remitter. If you wish to have amounts deposited in a different account, you can enter into a Service Agreement with Jyske Bank. The agreement concerns all the company s incoming payments from abroad and/or in foreign currencies and it offers the following advantages: When your clients make payments, we have beforehand in the Service Agreement arranged into which accounts your foreign-currency payments are to be deposited, e.g. euro payments into the company's EUR account or SEK payments into the DKK account even if your remitter may have transferred the amount into another account. You can at any time change the agreement, which can be in effect until further notice - or until a specified date. You decide. The Service Agreement is free of charge. Cheques You may also choose to receive payments by cheque. You must, however, be aware that cheques are bought at Jyske Bank subject to certain provisos. This means that if the cheque is not honoured abroad, you risk that we will again withdraw the amount including costs and differences in exchange rates, if any, from your account. We can also forward your cheque for collection abroad, and then you will receive the amount without any proviso. It may take a very long time from your receipt of the cheque until the amount is deposited into your account. This solution also involves higher costs. You should also be aware that a cheque that has been cashed can be returned a long time after it was cashed if it was a forged cheque. This also goes for cheques that were cashed by collection abroad. 8

9 General terms and conditions Notification When you send or receive payments to/from countries outside Denmark, you will receive an advice from Jyske Bank. In Jyske Netbank Erhverv, you can choose whether you want to receive the advice by post and/or only in Netboks in Jyske Netbank Erhverv. The advice/settlement note can be read or printed the same evening when the payment is settled. Entry details will also appear in account entries immediately after the payment has been settled. Charges At Jyske Bank you can obtain a list of prices applicable for the various forms of payment. Often costs will also be incurred for the beneficiary abroad. We do not know such costs as they may be agreed between the beneficiary and his bank. Payments take place for your account and risk. Jyske Bank is not liable for delays or errors made by the foreign banks we work with. Enquiries Please make enquiries at your branch if you wish to have any aspects of a cross-border transfer examined. Read also We also refer to Jyske Bank's general business conditions 'Dealing with Jyske Bank'. Latest update February