Currency Guide - nordea.com
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Currency guide September 16 2021
Transcript of Currency Guide - nordea.com
Currency guideSeptember 16 2021
Table of contents
2
Australia 7
Austria 8
Bahrain 9
Bangladesh 10
Belgium 11
Bulgaria 12
Canada 13
China 14
Croatia 15
Czech Republic 16
Denmark 17
Estonia 18
Egypt 19
Finland 20
France 21
Germany 22
Great Britain 23
Greece 24
Hong Kong 25
Hungary 26
Iceland 27
India 28
Indonesia 29
Ireland 30
Israel 31
Italy 32
Japan 33
Jordan 34
Kazakhstan 35
Kenya 36
Kuwait 37
Latvia 38
Lithuania 39
Luxembourg 40
Mexico 41
Morocco 42
Netherlands 43
New Zealand 44
Norway 45
Pakistan 46
Peru 47
Philippines 48
Poland 49
Portugal 50
Qatar 51
Romania 52
Russia 53
Saudi Arabia 54
Serbia 55
Singapore 56
South Africa 57
South Korea 58
Spain 59
Sri Lanka 60
Sweden 61
Switzerland 62
Thailand 63
Tunisia 64
Turkey 65
United Arab Emirates 66
United States 67
General Information on Cross-Border Payments 3
Purpose of Payment Code (PoP code) 4
How to format name and address of the beneficiary 5
SEPA Scheme Countries and Territories 6
3
General Information on Cross-Border Payments
Payment Information Mandatory Information
In order for your payment to reach the beneficiary within the stated time you must provide
complete and accurate information about the beneficiary, full name and address, account
number and bank details.
If your payment includes incomplete or inaccurate information there is a risk that the
payment will be delayed or returned by the beneficiary’s bank which may incur
supplementary charges and foreign exchange losses for you as the remitter.
The beneficiary’s full name, address and country is mandatory avoiding abbreviations.
Use extra care providing the correct name of the beneficiary and use legal name(s) if
possible. In some countries there must be an exact match with the account holder
information in the beneficiary bank in order for the payment to be processed.
Your should always state the reason for payment in the “Message to the beneficiary” e.g.
invoice numbers, description in text, etc. In some countries it is also mandatory to state a
local payment purpose code.
Bank Account Number and BIC Currency
Use the IBAN (International Bank Account Number) where applicable as the account format in
the payment. Other countries may require a prefix number such as a sorting code, routing
number or Fedwire (USA) in addition to the account number.
Provide the beneficiary bank’s BIC (Business Identifier Code) which is always 8 or 11
characters.
Observe that payments in the Single European Payments Area (SEPA) consisting of countries
in the EU/EES (please see page 5) only require a valid IBAN as part of the payment instruction.
For all other cross-border payments a BIC is mandatory.
The general recommendation is to send a payment in the currency of the beneficiary’s
country instead of the local currency of the sending country. The currency exchange will
then be performed by the sending bank (Nordea) which is normally at a more favourable
rate than if the currency exchange is performed by the beneficiary bank. Note that some
local banks are not able to process payments in the currency of the sending country.
Invoice payments should be paid in the currency stated on the invoice.
Currency availability per service may vary. Refer to the relevant service for information
about available currencies.
• Bahrain – for all currencies
• China – for CNY or CNH payment into mainland China
• Indonesia – for all currencies
• India – for all currencies
• Jordan – for all currencies
• Kazakhstan – for KZT payments only
• Malaysia – for all currencies
• Morocco- for all currencies
• Russia –for RUB payments only
• Thailand – for THB payments only
• United Arab Emirates – for all currencies
4
Purpose of Payment Code (PoP code)
Some countries demand that the payment contains a Purpose of Payment Code (PoP code) stated in field “Message for beneficiary”.
In some countries only payments in local currency should carry the PoP code, some countries demand the PoP code irrespective of currency.The PoP codes can be found here
The countries can be found below:
Name and Address
The beneficiary’s full name and address should be written exactly as stated on the invoice and do not use abbreviations.Incorrect spelling or abbreviations of the recipient’s name or address will likely lead to the payment being rejected.
Examples:
• Limited must be written as Limited and not abbreviated to Ltd.
• Special characters such as ampersand (“&”) may not be used. Use “and” instead.
• All payment instructions must be made using the English alphabet A-Z.
• Replace Nordic æ/Æ , ä/Ä, ø/Ø, ö/Ö, å/Å, or German ü/Ü, ß, etc. letters with the closest English equivalent.
• Do not use accents on letters such as á, é etc. Replace with the closest equivalent English letters.
• If beneficiary’s name is longer than the space allows please continue on the next row.
Example - Concerning payments to China:If the recipients name as stated on the invoice does not fit in the space allotted in the name field of the payment instruction, continue with the name in the first line of the address field.
Do not split or hyphenate names or words between the name field and address field. This may lead to a repudiation of the payment by the beneficiary bank.
5
How to format name and address of the beneficiary
SEPA Scheme Countries and Territories1. Austria2. Belgium3. Bulgaria4. Croatia5. Cyprus6. Czechia7. Denmark8. Estonia9. Finland(including Åland Islands – 10.)11. France(including oversea territories of French Guiana, Guadeloupe, Martinique, Mayotte, Réunion, Saint Barthélemy, French part of Saint Martin, Saint Pierre and Miquelon)12. Germany13. Greece14. Hungary15. Iceland16. Ireland17. Italy18. Latvia19. Liechtenstein20. Lithuania21. Luxembourg22. Malta23. Monaco
24. Netherlands25. Norway26. Poland27. Portugal(including Azores –28. and Madeira –29.)30. Romania31. San Marino32. Slovakia33. Slovenia34. Spain(including Canary Islands – 35.)36. Sweden37. Switzerland38. United Kingdom(including Gibraltar – 39.)40. British Crown DependenciesGuernsey – 41., Jersey – 42., Isle of Man – 43.44. Vatican City State45. Principality of Andorra
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The Single Euro Payments Area (SEPA) is a
European Union (EU) payments integration initiative,
that from 1 March 2019 consist of 36 countries.
In order to enable a SEPA payment the ordering
customer must fulfil following conditions:
✓ The transfer currency must be in euro
✓ The receiving bank must be in the SEPA
area
✓ The charge code is shared (SHA) between
the initiator and beneficiary
✓ The account number of the receiver must be
in IBAN (International Bank Account
Number) format
Australia
Country code AU
Currency code AUD
Account number structure No standard
Clearing code/bank code/sort code Called BSB (Bank/State/Branch) is mandatory and consists of 6 digits, state as (example): //AU123456
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
7
Austria
Country code AT
Currency code EUR
Account number structure IBAN is mandatory and consists of 20 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
8
Bahrain
Country code BH
Currency code BHD
Account number structure IBAN structure and consists of 22 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message for the beneficiary”. Purpose of Payment 3 letters must be stated irrespective of currency. PoP code should be formatted: /BENEFRES/BH//XXX/ and can be found here
9
Bangladesh
Country code BD
Currency code BDT
Account number structure 13 digits
Clearing code/bank code/sort code Included in the account number
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”.Transfers in BDT currency are only allowed to BDT accounts in Bangladesh.
10
Belgium
Country code BE
Currency code EUR
Account number structure IBAN is mandatory and consists of 16 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
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Bulgaria
12
Country code BG
Currency code BGN
Account number structure IBAN is mandatory and consists of 22 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
Canada
13
Country code CA
Currency code CAD
Account number structure No standard
Clearing code/bank code/sort code Canadian Routing Number, consists of 9 digits – a leading zero, a three digit financial institution number and five digit transit number. On the invoice it might be stated as 123-45678. In the payment you should add a 0 in front of the 8 digits and remove the hyphen. It should be stated as (example): CC012345678
Beneficiary’s name and address Must be formatted as follows:Full name, street number, suite/apartment number, street name, city, province-code (two alpha characters), ‘CA’, postal code. PO/Box address is not allowed.
Additional information Reason for payment should be stated in “Message to the beneficiary”.Canadian Routing Numbers: https://www.canadaroutingnumber.com/
China
14
Country code CN
Currency code CNY (on-shore Renminbi)Only for payments to CNY bank accounts in mainland China
Currency code CNH (off-shore Renminbi)For payments to mainland China and outside China.
Account number structure No standard
Clearing code Provide the CNAPS, 12 digits, for payments in currency CNY and CNH to mainland China only
Beneficiary’s name and address
Full name and address to be stated, please see instructions on page 5
Additional information All payments in all currencies must include a detailed purpose of payment in plain text in English in the field message to the beneficiary. For payments in CNY and CNH to mainland China provide as the first line of text the mandatory purpose of payment code (find codes here) followed by a detailed purpose of payment in English in the field message to the beneficiary.
Croatia
15
Country code HR
Currency code HRK
Account number structure IBAN is mandatory and consists of 21 characters
Clearing code/bank code/sort code Not needed, including in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
Czech Republic
16
Country code CZ
Currency code CZK
Account number structure IBAN is mandatory and consists of 24 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
Denmark
17
Country code DK
Currency code DKK
Account number structure IBAN is mandatory and consists of 18 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
Estonia
18
Country code EE
Currency code EUR
Account number structure IBAN is mandatory and consists of 20 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
Egypt
19
Country code EG
Currency code EGP
Account number structure 13 digits
Clearing code/bank code/sort code Included in account number
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”. EGP denominated invoice or other relevant documentation should be available upon request. Transfers in EGP currency are only allowed to EGP accounts in Egypt.
Finland
20
Country code FI
Currency code EUR
Account number structure IBAN is mandatory and consists of 18 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
France
21
Country code FR
Currency code EUR
Account number structure IBAN is mandatory and consists of 27 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Germany
22
Country code DE
Currency code EUR
Account number structure IBAN is mandatory and consists of 22 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Great Britain
23
Country code GB
Currency code GBP
Account number structure IBAN is mandatory and consists of 22 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
Greece
24
Country code GR
Currency code EUR
Account number structure IBAN is mandatory and consists of 27 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
Hong Kong
25
Country code HK
Currency code HKD
Account number structure 11-12 digits
Clearing code/bank code/sort code Bank code consists of 3 digits
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 4
Additional information Reason for payment should be stated in “Message to the beneficiary”
Hungary
26
Country code HU
Currency code HUF
Account number structure IBAN is mandatory and consists of 28 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Iceland
27
Country code IS
Currency code ISK
Account number structure IBAN is mandatory and consists of 26 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”.
India
28
Country code IN
Currency code INR
Account number structure No standard
Clearing code/bank code/sort code IFSC = Indian Financial System Code, 11 characters and identifies bank and branch office. Example: SCBL0036018
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”.Mandatory to state Purpose of Payment, the codes can be found here. Transfers in INR currency are only allowed to INR accounts in India.
Indonesia
29
Country code ID
Currency code IDR
Account number structure No standard
Clearing code/bank code/sort code Should be stated
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information In order to comply with Foreign Exchange Activity (LLD) reason for payment should be stated in “Message to the beneficiary”. IDR denominated invoice or other relevant documentation should be available upon request. For payment of import in any currency to Indonesia the Purpose of Payment Code 1011 should be stated, example 1011//Invoice 12345. Transfers in IDRcurrency are only allowed to IDR accounts in Indonesia. Purpose of payment codes can be found here
Ireland
30
Country code IE
Currency code EUR
Account number structure IBAN is mandatory and consists of 22 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Israel
31
Country code IL
Currency code ILS
Account number structure IBAN is mandatory and consists of 23 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Italy
32
Country code IT
Currency code EUR
Account number structure IBAN is mandatory and consists of 27 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Japan
33
Country code JP
Currency code JPY
Account number structure 7 digits
Clearing code/bank code/sort code 3 digits
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Jordan
34
Country code JO
Currency code JOD
Account number structure IBAN is mandatory and consists of 30 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”.Mandatory to state 4 digits payment purpose code followed by payment reason in free text.Purpose of payment codes can be found here.Transfers in JOD currency are only allowed to JOD accounts in Jordan.
Kazakhstan
35
Country code KZ
Currency code KZT
Account number structure IBAN is mandatory and consist of 20 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5BIN 12 digits is mandatory
Additional information Reason for payment should be stated in “Message to the beneficiary”.Mandatory to state purpose of payment (7 digits known as KNP)Purpose of payment code and be found here
Kenya
36
Country code KE
Currency code KES
Account number structure 10 - 13 digits
Clearing code/bank code/sort code Included in account number
Beneficiary’s name and address Full name (no initials), address, and telephone number of the beneficiary customer
Additional information Reason for payment should be stated in “Message to the beneficiary”.Payments above eq. USD 10,000 require submission of the underlying documentation to Nordea (commercial invoice, proof of dependency and relationship in case of maintenance, etc) before the payment request. Transfers in KES currency are only allowed to KES accounts in Kenya.
Kuwait
37
Country code KW
Currency code KWD
Account number structure IBAN is mandatory and consists of 30 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Latvia
38
Country code LV
Currency code EUR
Account number structure IBAN is mandatory and consists of 21 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Lithuania
39
Country code LT
Currency code EUR
Account number structure IBAN is mandatory and consists of 20 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Luxembourg
40
Country code LU
Currency code EUR
Account number structure IBAN is mandatory and consists of 20 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Mexico
41
Country code MX
Currency code MXN
Account number structure CLABE is the 18-digit standardized beneficiary account number (like IBAN)
Clearing code/bank code/sort code Included in account number
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Morocco
42
Country code MA
Currency code MAD
Account number structure 24 digits
Clearing code/bank code/sort code Included in account number
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”.Mandatory to state Purpose of Payment, the codes can be found here
Netherlands
43
Country code NL
Currency code EUR
Account number structure IBAN is mandatory and consists of 18 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
New Zealand
44
Country code NZ
Currency code NZD
Account number structure No standard
Clearing code/bank code/sort code Branch code/sort code is called BSB (Bank/State/Branch) and consists of 6 digits, should be stated as (example): //NZ123456
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Norway
45
Country code NO
Currency code NOK
Account number structure IBAN is mandatory and consists of 15 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Pakistan
46
Country code PK
Currency code PKR
Account number structure IBAN is mandatory and consists of 24 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”.Commercial payments are allowed.Payments from Pakistani citizens to their families in Pakistan must include remitter’s unique ID number such as passport, Social Security number etc, date and place of birth and purpose of payment.Transfers in PKR currency are only allowed to PKR accounts in Pakistan.
Peru
47
Country code PE
Currency code PEN
Account number structure 20 digits
Clearing code/bank code/sort code Included in account number
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”.Transfers in PEN currency are only allowed to PEN accounts in Peru.
Philippines
48
Country code PH
Currency code PHP
Account number structure No standard
Clearing code/bank code/sort code Included in account number
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”. To be able to receive PHP currency, statedbeneficiary account must be held in PHP currency with a bank in the Philippines. Incorrect payment instructions, includingpayments in PHP into USD or other non-PHP accounts, can result in rejection of the payment by the Philippines bank.
Poland
49
Country code PL
Currency code PLN
Account number structure IBAN is mandatory and consists of 28 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Portugal
50
Country code PT
Currency code EUR
Account number structure IBAN is mandatory and consists of 25 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Qatar
51
Country code QA
Currency code QAR
Account number structure IBAN is mandatory and consists of 29 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Romania
52
Country code RO
Currency code RON
Account number structure IBAN is mandatory and consists of 24 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Russia
53
Beneficiary’s name and address Full name and address to be stated, please see instructions on page 5
Payment requirements all currencies All payments in all currencies must include a detailed purpose of payment in plain text in English in the field message to the beneficiary
Payment Requirements RUB:
VO code – purpose of payment For RUB payments provide as the first line of text the mandatory VO code followed by a detailed purpose of payment in English. The VO codes can be found here
INN – tax code For RUB payments the INN code (taxpayer identification code) is for residents of Russia and is required for companies (consists of 10 digits) and for individual entrepreneurs (consists of 12 digits)
BIK – national identification code BIK consists of 9 digits starting with 04
Clearing account number with the Central Bank of Russia:
20 digits
Saudi Arabia
54
Country code SA
Currency code SAR
Account number structure IBAN is mandatory and consists of 24characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”. Purpose of Payment should be written in free text and is mandatory, otherwise the payment will be rejected by the Saudi bank
Serbia
55
Country code RS
Currency code RSD
Account number structure IBAN is mandatory and consists of 22characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Singapore
56
Country code SG
Currency code SGD
Account number structure No standard
Clearing code/bank code/sort code Included in account number
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
South Africa
57
Country code ZA
Currency code ZAR
Account number structure No standard
Clearing code/bank code/sort code Branch code/clearing code/routing number or sort code consist of 6 digits. Sometimes 8 digits are stated on the invoice however only the 6 first digits should be stated as branch code as (example): ZA123456
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
South Korea
58
Country code KR
Currency code KRW
Account number structure No standard
Clearing code/bank code/sort code Not needed
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Payments above eq. of USD 20,000 requireKRW denominated invoice to be delivered to Nordea together with the payment request. Transfers in KRW currency are only allowed to KRW accounts in South Korea.
Spain
59
Country code ES
Currency code EUR
Account number structure IBAN is mandatory and consists of 24 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
Sri Lanka
60
Country code LK
Currency code LKR
Account number structure No standard
Clearing code/bank code/sort code Not needed
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”. If the remittance is a transfer of earned wages (remuneration) the text “Inward worker remittance” must be stated in the beginning of the message. Transfers in LKR currency are only allowed to LKR accounts in Sri Lanka.
Sweden
61
Country code SE
Currency code SEK
Account number structure IBAN is mandatory and consists of 24 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Switzerland
62
Country code CH
Currency code CHF
Account number structure IBAN is mandatory and consists of 21 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Thailand
63
Country code TH
Currency code THB
Account number structure No standard
Clearing code/bank code/sort code Included in account number
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”. Purpose of Payment code 6 digits must be stated. Purpose of payment codes can be found here
Tunisia
64
Country code TN
Currency code TND
Account number structure IBAN is mandatory and consists of 24 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
Turkey
65
Country code TR
Currency code TRY
Account number structure IBAN is mandatory and consists of 26 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”
United Arab Emirates
66
Country code AE
Currency code AED
Account number structure IBAN is mandatory and consists of 23 characters
Clearing code/bank code/sort code Not needed, included in IBAN
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message for the beneficiary”. Purpose of Purpose of Payment 3 letters must be stated irrespective of currency. PoP code should be formatted (example): /BENEFRES/AE//GDI/INVOICE 4567Purpose of payment codes can be found here
United States
67
Country code US
Currency code USD
Account number structure No standard
Clearing code/bank code/sort code Routing/Fedwire/ABA number consists of 9 digits starting with FW, e.g. FW123456789
Beneficiary’s name and address Full name and address to be stated, please seeinstructions on page 5
Additional information Reason for payment should be stated in “Message to the beneficiary”
DISCLAIMER
Nordea Markets is the commercial name for Nordea’s international capital markets
operation.
The information provided herein is intended for background information only and for the
sole use of the intended recipient. The views and other information provided herein are the
current views of Nordea Markets as of the date of this document and are subject to change
without notice. This notice is not an exhaustive description of the described product or the
risks related to it, and it should not be relied on as such, nor is it a substitute for the
judgement of the recipient.
The information provided herein is not intended to constitute and does not constitute
investment advice nor is the information intended as an offer or solicitation for the purchase
or sale of any financial instrument. The information contained herein has no regard to the
specific investment objectives, the financial situation or particular needs of any particular
recipient. Relevant and specific professional advice should always be obtained before
making any investment or credit decision. It is important to note that past performance is
not indicative of future results.
Nordea Markets is not and does not purport to be an adviser as to legal, taxation,
accounting or regulatory matters in any jurisdiction.
This document may not be reproduced, distributed or published for any purpose without the
prior written consent from Nordea Markets.
Nordea Bank Abp, Satamaradankatu 5, FI-00020 NORDEA, Finland, domicile Helsinki,
Business ID 2858394-9. Further information on Nordea available on www.nordea.com
