Cashless Payments (Transfers)

What are the most commonly used constant symbols (CS) for cashless payments and what do they mean; which can be used?

The constant symbol is an optional appendage to a payment order. It denotes the purpose of the payment and is used in the system of payment in the Czech Republic implemented between accounts in CZK. The obligation to denote the CS applies to debit or payments to the credit of the state budget. Clients (payers) have the CS prescribed by the applicable office or institution, such as, tax administration (recipient of payment).

 

The most commonly used constant symbols are:

The constant symbol often shown on the front side of postal money orders (0379) is intended for cash payments to the post office and cannot be used for cashless methods of payment. Constant symbols ending with a 9 are intended only for cash transactions. The constant symbols 1178, 2178 and 3178 are reserved for settling payments by credit card or cheque.

Where can I get my account number in IBAN format and where is it used?

IBAN (International Bank Account Number) is an internationally standardized account number format which enables unequivocal identification of the account, country and banking institution of the beneficiary of a transfer/ payment. Application of account number of beneficiary in IBAN format and bank of beneficiary in BIC format (Bank Identifier Code/SWIFT Address) is obligatory for cross-border transfers throughout the European Economic Area (hereinafter referred to as the “EEA” means member states of European Union and Iceland, Norway and Liechtenstein ).

Should the orderer/payer – CSOB client – not give the account number of the beneficiary in IBAN format and the bank of beneficiary in BIC format on a order for transfer abroad and a domestic transfer in foreign currency sent to the EEA, he can expect to be charged subsequent fees by the bank in the EEA. The intermediary banks in the EEA are entitled to reject or return the cross border transfers with other identification of the baneficiary´s account and with other identification of beneficiary´s bank. The orderer/payer – CSOB client – can obtain the beneficiary´s account number in IBAN format and bank of beneficiary in BIC format upon request from his business partners as part of their bank connection.

In the interest of speeding up the process of cross border transfers in favour of beneficiary – CSOB clients – are also advised to give their account numbers to foreign business partners in IBAN format and BIC of CSOB (i.e. CEKOCZPP). The IBAN format of CSOB clients’ account numbers and BIC of CSOB are shown on the credit advice for the beneficiary of incoming payments and are also given on the account statements of CSOB clients.

At present account numbers in IBAN format cannot under any circumstances be used in domestic systems of payment in crowns, i.e. on payments in CZK within the Czech Republic handled through the accounting centre of the Czech National Bank.

What are the mandatory prerequisites for order for transfer abroad and a domestic transfer in foreign currency (in written and electronic form)?

Mandatory prerequisites of order for transfer abroad and for transfer inland in foreign currencies:

1. bank account number and exact name and address of orderer/payer,
2. bank account number and exact name and address of beneficiary,
3. BIC (SWIFT Address) or the national bank routing code of beneficiary´s bank, exact name and address of beneficiary´s bank – for transfers/payments directed to the EEA the beneficiary´s account number must be given in IBAN format and bank of beneficiary in BIC format,
4. amount of transfer/ payment shown numerically including decimal location (with the exception of JPY and HUF),
5. designation of currency of transfer/ payment (ISO currency codes as per CSOB exchange rate list),
6. purpose of transfer/ payment – information for beneficiary,
7. method/code of charging for transfer/ payment execution (i.e. who is to pay the bank fee, the orderer/payer or the beneficiary) - OUR/SHA/BEN,
8. effect date/due date of order (if this is not given CSOB interprets the date of effect of the order as no later than the bank day following the day upon which the order was received),
9. should it be requested that an order be processed by the STP (Straight Through Processing) method with special rate charges, it is essential that the bank of the beneficiary be given in BIC format (i.e. SWIFT address) and that the client give the bank no special/additional information/instructions (such as a request for a contractual rate, specification of the bank connection of the beneficiary , i.e. another intermediary bank, requests for sending confirmation on the handling of the payment, etc.) – order must be only delivered via electronic banking channels,
10. cross-border transfers with special rate charges involve transfers/ payments in EUR denominations of up to 50,000 EUR directed to member states of the EU and EEA, for which it is necessary that the bank of the beneficiary be given in BIC format (i.e. SWIFT address), the account number of the beneficiary be shown in IBAN format and the method/code of SHA charging be given, i.e. orderer/payer and beneficiary pay their bank’s expenses.

What does “SEPA Credit Transfer” mean?

*) transfers where no IBAN/BIC is indicated can be refused or returned, applying additional charges for manual processing (so called “non-STP”) at the same time

SEPA itself does not solve the particular charging of SEPA instruments, incl. SEPA Credit Transfers. In the virtue of the Regulation (EC) No. 2560/2001 on cross-border payments in Euro, the limit of EUR 50.000 remains valid for the application of the same charges levied by the bank for EU/EEA and domestic transfers.

How can I get back a payment that I sent to the wrong account number of a recipient in the domestic crown system of payment?

You must make a request for the return of a payment at your home branch which will mediate the transfer of the request to the bank of the recipient and in turn to the recipient and/or transfer a request for the return of a payment directly to the bank of the recipient.

How can I make payment orders through the domestic crown system of payment and what are the fees for having funds deducted from the account?

Domestic crown orders for transfer can be made at CSOB branches at the teller or in the collection box located in each branch. In the collection box you can deposit domestic one-time/permanent orders for transfers/collections, permission for collection, mass orders for transfer/collection to a total amount of up to CZK 100,000. The collection box is intended for transfer orders effective as of the next bank day at the earliest.

Transfer orders can also be made via the electronic distribution channels CSOB Linka 24, CSOB Mobil 24, CSOB Internetbanking 24, CSOB MultiCash 24 and CSOB Edifact 24.

There is a fee of 9 CZK for accounting entries put into the collection box (debit with due dates for the next and following days),

There is a fee of 40 CZK for accounting entries at the teller (debit with date of payment the same day),

There is a fee of 18 CZK for accounting entries made in writing at the teller (debit with due dates for the next and following days),

There is a fee of 6 CZK for payment orders entered through the CSOB Linka 24 service (debit accounting entries). For other electronic services (electronic debit accounting entries) the fee is 3 CZK.

What are the conditions for preferred charging for transfers sent to abroad and for domestic transfers in foreign currency?CSOB offers a preferential fee on SEPA Credit Transfers within the European Economical Area (EEA) and Switzerland in case that the client’s payment instruction meets all following mandatory conditions:

The identification of both beneficiary bank and beneficiary account by BIC / IBAN is mandatory for processing the SEPA Credit Transfer within EEA. Furthermore, the intermediary banks in EEA are allowed to refuse or return the payment in case this condition is not met or even the BIC or IBAN are not valid.

There is no need to use any special forms or technologies to input the SEPA transfer. The payment order will be automatically processed and charged as the SEPA transfer in case all the necessary conditions for electronic channels or standard paper-based payment order for transfer abroad are met.

Preferential fee is also applied on automated (“STP”) transfers in case that that the client’s payment instruction meets all following conditions:

What are the conditions for preferred charging for transfers received from abroad and for domestic transfers in foreign currency?

CSOB offers a preferential fee on SEPA Credit Transfers within the European Economical Area (EEA) and Switzerland in case that the sender’s payment instruction meets all following mandatory conditions:

The identification of both beneficiary bank and beneficiary account by BIC / IBAN is mandatory for processing the SEPA Credit Transfer within EEA. Furthermore, the intermediary banks in EEA are allowed to refuse or return the payment in case this condition is not met or even the BIC or IBAN are not valid.

Mainly for incoming payments from abroad, be aware that entering SEPA is a continuous process and the banks are joining it step by step. That is why we can assure the full SEPA processing only for those banks who actively act as “SEPA” ones. The breakdown of active banks is available on the European Payments Council webpage .

Preferential fee is also applied on automated (“STP”) transfers in case that that the sender’s payment instruction meets all following conditions: