Useful advice on Remittances
When sending a remittance via a branch or via web banking, you must provide the beneficiary’s bank BIC and their account in IBAN format (in case you remit to countries that have adopted IBAN) so that the remittance may be classified as streamlined (STP Straight Through Processing).
Additionally, depending on the currency and destination country of the remittance, you may have to choose among charging options, depending on who will bear the remittance fees. In any case, the Bank may ask you for supporting documents so as to send the remittance.
- Straight Through Processing (STP)
Remittances bearing IBAN and BIC are classified as STP transactions, as they allow the beneficiary’s account to be credited directly via cutting-edge systems and without human intervention.
STP transactions help you minimise the time for sending a remittance, reduce the manual intervention by banks and limit your transaction costs.
To benefit from all STP transactions, your outgoing remittances should bear:
- For participating countries (*), the beneficiary’s account in IBAN format and their bank BIC
- For other countries, the beneficiary’s account number and their bank BIC
In reverse, when you expect a remittance, regardless of the country of origin, you must give the originator your account in IBAN format and your Bank’s BIC.
(*) Which countries participate in IBAN
Find more information on countries which have adopted IBAN a www.ecbs.org/iban/iban.htm.
- Bank Identifier Code (BIC)
The BIC uniquely identifies one Bank anywhere in the world. The BIC for Piraeus Bank is PIRBGRAA and is valid for all our branches in Greece.
- International Bank Account Number (ΙΒΑΝ)
The International Bank Account Number or IBAN is your bank account number structured according to the specifications set out by the European Committee for Banking Standards. All EU countries have adopted it mandatorily. Other countries have adopted it voluntarily.
The Bank calculates the IBAN for each of the accounts held with it and sends it to you. To find out the IBAN for an account you hold with Piraeus Bank, check your account statement, ask for it at our branches, consult our website www.piraeusbank.gr or visit winbank web banking (www.winbank.gr).
Depending on the destination country and currency of the remittance you wish to send, you may choose how the charges are divided between you and the beneficiary of the remittance. You have three options: OUR: you are charged with all involved bank fees, BEN: the beneficiary is charged with all fees and SHA: each of you is charged with their bank fees.
Pursuant to Law 3862/2010 (PSD) on payment services, the use of OUR and BEN charging options is prohibited for euro payments made within the European Economic Area (EEA). OUR and BEN charging options are only available for remittances outside the European Economic Area (EEA) and in cases of FX conversions.
- What supporting documents are required for a remittance
Depending on the remittance amount, destination country and your customer classification (personal banking, business banking, corporate banking), the Bank may ask you for further information and supporting documents (e.g. periodic or extraordinary VAT return, statement for payment of withheld income tax) to execute your transaction. To learn more about supporting documents for remittances, visit your nearest Piraeus Branch.