Foreign currency and BGN payments
- Municipal Bank AD offers all types of payment services in the country and abroad.
- The bank executes payment orders to accounts in the bank's branch network, to accounts in other Bulgarian banks, to accounts in foreign banks from around the globe, pursuant to the applicable legislation in the country.
- Municipal Bank AD receives payments in a foreign currency ordered by other branches of the bank, by other Bulgarian banks, as well as by foreign banks from around the globe.
- The bank trades in foreign currencies against BGN, and conducts arbitrage operations from one foreign currency to another on account or at the cash desk.
The bank executes transfer orders within the following terms:
- To perform a credit transfer and/or direct debit in BGN, the bank accepts payment documents (transfer orders) on paper or submitted through the “Online banking”, service registers them in the accounting system in the order of their reception, specifying a reference number, date, hour and minute, and where the payment document does not specify a date of execution, executes them as follows:
- through BISERA - for amounts below BGN 100 000 with a current value date - the date of their receipt, provided that the payment documents have been received by the bank by 2:30 p.m. on a business day;
- through RINGS for amounts exceeding BGN 100 000 and/or for express payments in BGN - with a current value date - the date of their receipt and within one hour of their receipt, provided that the payment documents have arrived at the bank by 3:00 p.m. on a business day;
Payment documents received after the specified hours are processed with a value date of the next business day.
- To perform a credit transfer in a foreign currency, the bank accepts payment documents (transfer orders) on paper or submitted through the “Online banking” service, registering them in the accounting system in the order of their receipt, specifying a reference number, date, hour and minute. If the payment documents are received by the bank by 3:00 p.m. and no execution date is specified therein, transfer orders are executed by the bank depending on the client's wishes, the currency and the applicable payment system, as follows:
- with a value date not later than the next business day - for transfers ordered in euro on the territory of the European Economic Area;
- with a current value date – for express transfers, carried out at the option and discretion of the bank, for which an additional fee is collected pursuant to the Bank's Tariff;
- with a value date of up to two banking days from the date of their receipt – for transfers that are not ordered pursuant to item 1 and item 2.
Payment documents received after the specified time are considered received on the next business day.
For the execution of transfer orders in BGN or in a foreign currency, the client pays fees and commissions pursuant to the current Tariff for the terms and conditions, interest, fees and commissions applied by Municipal Bank AD to its operations.
Bank guarantees are most often issued to guarantee the fulfillment of contractual obligations in terms of good performance or payment, but they can also be used to guarantee any other contractual obligations.
The main types of bank guarantees issued by Municipal Bank AD are:
- Performance guarantee;
- Payment guarantee;
- Advance payment guarantee;
- Guarantee for tender participation;
- Guarantee for warranty obligations;
- Guarantee to the Association of Bulgarian Enterprises for International Road Transport and the Roads - AEBTRI;
- Financial stability confirmation guarantee;
- Guarantee for securing a bank loan;
- Rental payments guarantee;
- Others depending on the specifics of the trade relationship.
A bank guarantee is a type of credit transaction.
Municipal Bank issues guarantees via SWIFT and in the form of an official letter, in English and Bulgarian.
The bank offers consultations and provides sample texts for various types of guarantees.