New edition of the General Terms of Business and changes in the rates and charges

Riga, Latvia, April 1, 2014, 17:30 / Banking

We change General Terms of Business, ensure incoming payments in USD and RUB available to customers within a shorter period of time, renew express-payments in USD and make amendments in Rates and Charges.

From 1 June 2014 updated 26th edition of “ABLV Bank, AS, General Terms of Business” will become effective

The most significant changes that have been made in the General Terms of Business are the following: the substitute of penalties on delayed payments for overdue interestand; the change of the term interest for the use of the credit into interest for the use of the capital. The above mentioned changes have been reflected in the Rates and Charges. Additionally, the terms of payment order submission and execution have been clarified.

From 1 June 2014 overdue interest for delaying minimum payment under Classic / Business / Gold / Gold Business cards will be equal to 60% of the unpaid minimum payment amount p.a.

New editions of documents could be found here:

From 1 April 2014, we will improve the conditions of executing the payments:

1. More incoming payments in USD and RUB will be available on the day of their processing. Thus you will be able to use the incoming funds earlier.

2. The cut-off time for outgoing express payments in EUR will be extended till 17:00. We would like to remind that express payments are processed out of turn and executed in possibly shortest time after their receipt.

3. We restore the opportunity to make outgoing express payments in USD. Their cut-off time is set to be 17:00, and those will be executed out of turn.

We would like to remind that from 1 April 2014 additional charge will be introduced, which will be applied to particular outgoing payments in USD. This additional charge equal to 0.1% of the payment amount (max. USD 500) will be only applied to payments made by foreign legal entities if all of the following conditions are true:

  • the beneficiary country is included in the list of tax-free countries published by the Cabinet of Ministers of the Republic of Latvia, which is available here;
  • the country of the beneficiary bank is not Latvia;
  • the beneficiary country is different from the country of the beneficiary bank.

Please be aware of the mandatory requirements for stating the payment purpose. Meaningful and accurate description of the payment nature should be stated in the field “Information to beneficiary”, including the following:

1. agreement/invoice number;

2. agreement/invoice date;

3. name of the goods/service/transaction type.

For more detailed information, visit our home page section Payments.