Payments

We know that you need funds transferred to your account to be at your discretion as soon as possible, and that is why we credit payments in major currencies to your account on the day those are received. Not less important is to ensure that funds sent by you reach beneficiary without delay. 

We find the most convenient payment route for funds to be received by beneficiary in the shortest time and with minimum hindrance. We have everything needed to achieve this: a wide network of correspondent accounts, experienced employees and technical solutions.

We offer multicurrency current account that allows performing outgoing and incoming payments, without need for additional arrangements and forced currency exchange. Besides payments in euro and US dollars, we offer transfers in Russian roubles and other currencies.

Simple and logical Internet bank provides hints for correct completion of a payment at the very beginning. You can call your private banker to give instructions on correcting minor mistakes in your payment orders or setting different sequence of processing payments, so that urgent payments are always executed in the priority order.

  • Requirements for stating the payment purpose

    The field “Information to beneficiary” is mandatory for all payments.

    Please fill out the field “Information to beneficiary” in English, Russian or Latvian. In case of external payments in US dollars, please fill out the field “Information to beneficiary” in English.

    In case of payments in US dollars, a meaningful and precise description of the payment nature should be stated in the field “Information to beneficiary”:

    • In case of payments for goods or services, a detailed name of the goods or description of the services should be provided, as well as number and date of the agreement, bill, or invoice.
      For example:
      /Delivery of coal 1000 tons, according to agreement No.123 from 15.05.2015, invoice No.123 from 01.06.2015/
      /For software development, under contract No.12345 date 01.03.2015, invoice No.123/AB date 01.07.2015/
    • In case of payments for transportation services, the description of the service should be provided, as well as number and date of the agreement, bill, or invoice, the route and transport type, and for sea vessels – name and IMO code of the vessel.
      For example:
      /For welding equipment transportation, from Khabarovsk to Ekaterinburg, by railway, invoice No.123 from 01.06.2015/
      /Payment for MV ABC, IMO 1234567, prepayment for bunkering at port XXX, under invoice 54321 date 01.07.2015/
    • In case of payments under loan agreements, the loan purpose, number and date of the agreement and the loan term should be stated.
      For example:
      /Loan for purchase of freezing equipment, acc. to agreement No.123 as from 01.05.2016, loan term 15.05.2015 - 14.05.2016/
    • In case of payments concerning investments, the date and number of the agreement should be provided, as well as description of the investment transaction nature.
      For example:
      /According to agreement No.123, from 15.05.2015, purchase of 50 pct shares of company ABC/
    • In case of payments for securities, it is necessary to state the name of the securities, their quantity, price, and ISIN (if assigned).
      For example:
      /Purchase of 999 shares MTL - MECHEL-SPON ADR, price 10.05 USD, ISIN US0000000001/

    We would like to remind that the bank is entitled to request the customer to provide the documents supporting the payment, and in particular cases those documents should be provided before execution of the payment.

  • Requirements for payments in Russian roubles

    When completing the form ‘Payment Order’ and stating currency code RUB (Russian roubles), please pay attention to filling the fields mentioned below.

    1. In the field ‘Reg. No. or personal ID code’:
      • state TIN (taxpayer identification number) if it is assigned. For legal entities, TIN should consist of 10 characters, and for individuals — of 12 characters;
      • state KPP (tax registration reason code) if it is assigned. KPP is 9 characters long and is assigned to taxpayers–legal entities in addition to TIN.
    2. In the field ‘Acc. No.’: if beneficiary bank is in Russia, the beneficiary’s account number consists of 20 digits and contains numerical code -810- (6th, 7th, and 8th digits of the account number).
    3. In the field ‘Information to beneficiary’: currency operation code should be stated first. This code consists of 5 characters and is stated in parentheses: (VO12345). Provide the currency operation code in accordance with the payment details and legislation of the Russian Federation.


    4. Brief information on some groups of currency operation codes:

      (VO1....) — payments for goods.
      (VO2....) — payments for performed work and rendered services. For these groups, it is mandatory to state the name of goods or services, number and date of the invoice or agreement pursuant to which payment or advance payment is made. The codes for payment and advance payment are different.
      (VO4....) — loans. The term and interest are mandatory to be stated.
      (VO5....) — payments under capital investments.

      More detailed information on currency operation codes is available at the Bank of Russia home page.



    5. In the field ‘Beneficiary bank’: for identifying Russian banks or their branches, use BIK (bank identifier code – a unique identifier of settling participants in the Bank of Russia payment system), which is 9 characters long. If the beneficiary bank is outside the Russian Federation, Russian intermediary bank, which is identified by BIK, is mandatory to be stated alongside the beneficiary bank’s correspondent account with the intermediary bank.
    6. The field ‘Acc. No. with intermediary bank’ is used in case the beneficiary bank is outside Russia and has an account with correspondent bank.
    7. The field ‘Intermediary bank’ is used in case the beneficiary bank is outside Russia.
  • Requirements for payments in Chinese yuan

    When completing the form “Payment Order” and stating currency code CNY (Chinese yuan) the field “Information to beneficiary” shall begin with a payment purpose code:

    1 /GOD/ Cross-Border Goods Trade
    (including general merchandise, goods for processing and repairing, goods bought in transportation ports, import and export of non-currency gold, etc.)
    2 /(P)RGOD/ Fund Return for Cross-Border Goods Trade
    /PRGOD/ stands for partial return
    /RGOD/ stands for full return
    3 /STR/ Cross-Border Service Trade
    (including services relating to transportation, travel, communication service, constructions and installation services and their subcontract services, insurance, financial services, computer and information services, patent and license fees, sports and entertainment services, government services and other commercial services)
    4 /(P)RSTR/ Fund Return for Cross-Border Service Trade
    /PRSTR/ stands for partial return
    /RSTR/ stands for full return
    5 /CFT/ Cross-Border Capital Trade
    (including capital account transactions (capital transfers, acquisition / disposal of non-productive, non-financial assets), direct investment, securities investment and other investments)
    6 /(P)RCFT/ Fund Return for Cross-Border Capital Trade
    /PRCFT/ stands for partial return
    /RCFT/ stands for full return
    7 /OCA/ Other Current Account Transactions
    (including income (salary, investment profits) and current transfers (donation not related to real estate or without conditions, payments to foreign countries including compensation, tax amercement, membership fees, payment of employees who are hired over one year, occassional payments))
    8 /RMT/ Cross-Border Individual Remittance
    9 /(P)RRMT/ Fund Return for Cross-Border Individual Remittance
    /PRRMT/ stands for partial return
    /RRMT/ stands for full return
    10 /FTF/ Financial Institution Transfer
    (financial institutions transfer except business types No. 1-9)
  • Regular payments

    Automatic regular payments save your time when you need some payments to be made in accordance with a specific schedule. Such payments can be made to any account with ABLV or another bank. To use this opportunity, complete a corresponding application, stating frequency of payment execution, payment order validity period and other required details.

    For payment to be performed under your order, you need to ensure that amount of funds in the payment currency necessary for payment execution and payment of the respective commission is available in your current account.

    Standing orders can be completed in the Internetbank, personally at our office, or printed out and sent by fax to your private banker.

  • Account balance management

    Account balance management enables you:

    • to maintain a set minimum account balance by replenishing this account using funds transfer from current account;
    • to maintain a set maximum account balance by transferring excess funds to another account with ABLV, e.g. your savings account.

    Please note that:

    • maximum balance can be maintained in current account only;
    • minimum account balance can be maintained in card and cash accounts only.

    Excess funds can be transferred to other accounts with ABLV only:

    • to another current account – yours or the one held by another customer;
    • to card account – yours or the one held by another customer;
    • to your savings account;
    • to your cash account.

    Standing order for account balance management can be completed in the Internet bank, personally at our office, or printed out and sent by fax to your private banker.

  • IBAN verification

    • IBAN (International Bank Account Number) is a number of the customer’s bank account as per international numbering standards.
    • IBAN structure: first two letters – state code, then follow two check digits and a combination of letters and digits or digits only – code of the bank and/or its branch and the account number (the number of characters depends on the IBAN length used in a particular country).
    • In electronic form, IBAN should not contain any spaces, punctuation marks or other symbols (in printed form only, IBAN may contain spaces to split characters into groups and thus make it better discernible).

    Advantages of the IBAN Format

      • IBAN allows identifying customer’s account in a particular financial institution or its branch.
      • Check digits confirm correctness of the specified customer’s bank account number.
      • Specifying account number in IBAN format, you lessen the potential for errors or delays in performing a transfer, and also lessen the possible risk of incurring additional costs due to manual transfer processing.
  • IBAN Verification

    You can verify IBAN of any country:

  • Additional Information for Customers

    Use your Internetbank ID and password to access customer information.

  • Bonus overdraft at the right time

    At the end of the working day, around 7 p. m., the Client Line received a call from our client – the company engaged in logistics. Its employee found himself in a difficult situation: being on a gas station in Poland, he did not have enough money on his card account to pay for fuel.
    • In this company there work a lot of drivers, and each of them has a payment card for settlements during their trips. One employee of the company is responsible for monitoring the balance on drivers’ card accounts. Unfortunately, in the described situation the driver’s card account hadn’t been replenished on time, although there was enough money on the company’s account. The banking day has closed and the private bankers serving this company's account left.

    • Fortunately, their colleague stayed in the office, and the head of the department, inputting transactions into the banking system, was still at work as well. All parties involved quickly coordinated their actions, as a result, in less than a half an hour, the driver was granted a bonus overdraft on his card account. The driver paid for the fuel and was able to continue his way without disrupting the schedule.

    Vladislavs Serdjuks

    Head of Private Banking Department North

  • Investigating incoming payment

    Our client sent us a credit note for the incoming payment – as a guarantee for taking an overdraft to pay for purchased goods. However, in the first half of the day the money stated in the document didn’t come to the bank. So the client got concerned about the situation.
    • According to a credit note the funds passed through the chain of correspondent banks. We could able see that funds only on our correspondent account, and we didn’t find them there. We immediately began to investigate the situation: our Payment Investigation Department made a request for investigation of the payment to the correspondent bank of the sender, and got explanation that the amount had came with incorrect details.

    • Due to the effective work of all participants of the process, the amount under investigation entered our correspondent account in the same business day, the client was immediately granted an overdraft, and its outgoing payments posted on time.

      The client was pleasantly surprised by our efficiency, because, as he said, the similar process with another bank would have taken few days. 

    Mark Mizgayev

    Head of Private Banking Department Center I