Useful information on services offered through the e-banking platform

New account numbers

As of March 2013, numbering of the accounts held with the Bank’s data processing systems has changed. Relevant information on account numbers opened before 10/03/2013 can be found under the “Account Details” menu.

Term Deposit Drawdown Account

In the new data processing system of the Bank, Time Deposits are held as “contracts” numbered in the form of “LDXXXXXXXXXX”, and any transactions related to them are carried out through a corresponding Term Deposit Drawdown Account held in the same currency as the Deposit. Term Deposit Drawdown Accounts are deposit accounts through which cash withdrawals and fund transfers are permitted. At maturity, if the Term Deposit is not renewed, funds are automatically credited to the corresponding Term Deposit Drawdown Account and instantly available to the account holder.

Information on the Term Deposit Drawdown Account number is available under the “Account Details” menu.

Loan Drawdown Accounts

In the new data processing system of the Bank, Loans are held as “contracts” numbered in the form of “LDXXXXXXXXXX”, and any transactions related to them are carried out through a corresponding Loan Drawdown Account. Each loan corresponds to a unique Loan Drawdown Account held in the same currency as the loan. When the loan is fully repaid, the corresponding Loan Drawdown Account is also closed.

Funds transferred through Internet Banking to pay loan instalments or any overdue debt related to the loan can be credited only to the Loan Drawdown Account. The said funds shall be automatically transferred from the Loan Drawdown Account, immediately (within the same day) in the event of overdue debts or upon instalment payment date in the event of an upcoming instalment.

Information on the Loan Drawdown Account number is available under the “Account Details” menu.

SEPA Money Transfers

SEPA MTs are funds in euro, up to €50,000, transferred from payment accounts held in euro with banks in SEPA area countries, including local banks (*). To forward SEPA MTs, the principal (ordering customer) must know the IBAN of the account to be credited. The BIC of the beneficiary’s Bank is not required. Cut-off time is 12:30 pm (local time). SEPA MTs placed through Internet Banking after the cut-off time shall be carried out on the immediately following business date. All SEPA MTs, prior to their final execution, are routed to the Bank’s branch where the account debited is held, for control and completion of the transaction. The transaction shall remain “Pending – Subject to Final Authorization” in Internet Banking until completion by the competent branch. No additional action is required on the part of the customer.

Money transfers between accounts held with the Bank

Funds transferred to accounts held with the Bank in the name of the principal (ordering customer) or another Such transfers may be carried out in both euro and foreign currency, irrespective of the currency of the debit or credit account (Multicurrency and Cross-Currency Transactions). For security reasons as well as for determining the final exchange rate (if applicable), amounts over the equivalent of €20,000 shall be routed to the Bank’s branch where the account debited is held, for control and completion of the transaction. The transaction shall remain “Pending – Subject to Final Authorization” in Internet Banking until completion by the competent branch. No additional action is required on the part of the customer.

Cut-off times applicable to such transactions are quoted in a list posted under the specific transaction’s menu. Transactions placed through Internet Banking after the cut-off time shall be carried out on the immediately following business date.

SWIFT Money Transfers

Euro or FX fund transfers to local or overseas banks, carried out from accounts held in euro or foreign currency, irrespective of amount. The principal (ordering customer) has the right to determine the value date of the amount credited to the beneficiary account, selecting among “same day value”, “next day value” or “+2 days value”. If the IBAN of the account to be credited is entered, the BIC of the beneficiary’s Bank is not required. However, if only the beneficiary’s account number is entered, then the BIC of the beneficiary’s Bank is required.

All SWIFT MTs, prior to their final execution, are routed to the Bank’s branch where the account debited is held, for control and completion of the transaction. The final FX rate applied to SWIFT MTs in currencies other than that of the account debited (multicurrency SWIFT MTs) over the equivalent of €20,000 (on the basis of the Bank’s FX rates) is determined by the Bank’s Dealing Room.  The transaction shall remain “Pending – Subject to Final Authorization” in Internet Banking until completion by the competent branch. No additional action is required on the part of the customer.

Cut-off times applicable to SWIFT MTs are quoted in a list posted under the specific transaction’s menu. Transactions placed through Internet Banking after the cut-off time shall be carried out on the immediately following business date.

Tax Payments

These are payments to the Tax Department of the Republic of Cyprus using the Bank’s Internet Banking Service to settle the following tax dues:

  • Value Added Tax (VAT)
  • Installments included in the Schedule for Settlement of Overdue Tax Liabilities (if the natural or legal person has registered with the Ariadne Gateway Portal)

Payments to the Tax Department are made from euro accounts and are offered free of charge by our Bank to users of our Internet Banking Service.