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The payment currency is always EUR

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The bank's client is informed in advance about the fees for the transfer

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The amount of the payment
is not limited

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Maximum settlement time
by the next business day

SEPA payments are payment transactions executed on the basis of a Payment order given by the payer or the beneficiary to the payment service provider to transfer funds from a payment account or to a payment account held with a payment service provider.

A SEPA Transfer (SEPA Credit Transfer - SCT) is a non-cash transfer in EUR in the framework of the countries involved in SEPA. It is executed on the basis of a Payment order made by a payer in electronic or paper form at their bank for the transfer of funds to the beneficiary's bank, which accounts for the value of the transfer in favour of the beneficiary's account.

SEPA Transaction characteristics

  • The payment currency is always EUR
  • Payment instruction SHA - the client involved in the transaction always pays only the fees of their bank
  • The client of the bank is informed in advance about the fees for the transfer of funds
  • The full sum is credited to the beneficiary's account, without any reduction for fees
  • The amount of the payment is not limited
  • a maximum settlement time of 2 business days - the payment is credited to the beneficiary's account no later than the next business day after the settlement date on the payer's account
  • IBAN and BIC are used for identifying the accounts and the banks
  • Rejected and returned payments are governed by a standard set of rules with the ability to automate processing in the bank as well as with the client

Benefits for the client

  • performing payments in EUR in 34 SEPA countries under the same / similar conditions as within their own country from one account in one bank using the competitive environment of banks
  • payments are made in full, the client involved in the transaction always pays only their bank charges - the payer pays the fees of the payer's bank and the beneficiary the fees of the beneficiary’s bank.
  • account identification in SEPA - IBAN is sufficient
  • clear timeframe for making a payment to the beneficiary’s account, no later than the next business day - improving the client's cash flow
  • transfer of information (structured or unstructured according to clients' agreement) - "Remittance information" in the range of 140 characters

SEPA Direct Debit (SEPA Direct Debit - SDD) is a payment service where the amount of a payment transaction is debited from the payer's payment account and credited to the beneficiary's account, with the SEPA direct debit payment order being submitted by the beneficiary on the basis of the payer's consent with such a write-off. The debit authorization (mandate) for the execution of the SEPA direct debit is given by the payer directly to the beneficiary. SEPA direct debit can only be realized by the client in EUR in SEPA countries.

The advantages of SEPA direct debit

  • the possibility of making a SEPA direct debit payment in SEPA countries
  • the payment is credited to the beneficiary's account on the same day as it was cleared in the ordering party's account
  • Prevention of late payment by payer - SEPA direct debit is initiated by the beneficiary
  • ensuring of account protection as required by the client, including the possibility of issuing an Authorization for direct debit
  • notification of the client about the receipt of the SEPA direct debit from the bank, if it is the first direct debit
  • client notification of rejected SEPA direct debit
  • simple but also safe way of the payment of liabilities in EUR
  • payer's claim for refund (consumer with SDD Core)
  • improvement of cashflow for the client / collector - credit on the day of the designated due date

The following terms are used in the framework of SEPA direct debit:

  • Mandate - The consent that the payer gave to his/her partner (collector) in a non-cash form of payment in the form of a SEPA direct debit, which is a contractual relationship between the payer and the collector without the participation of the bank
  • CID - A unique collector identifier assigned to it by an institution designated to manage the collector database in the given country (in the SR it is the NBS).
  • UMR - reference of the mandate, unique collector identifier specified by the collector
  • Account protection - fully protected (blocked), partially / conditionally protected, open
  • Authorization for direct debit - consent entered on the current account of the client, by which the eligibility of direct debit from the side of the collector is checked.

EBA-STEP2 is a payment system that enables automated payment processing within banks of SEPA countries (i.e. EU / EEA countries and non-EU / EEA countries but involved in SEPA)

In order to send a payment via EBA-STEP2, when a payment order is submitted by the client, it is necessary that, in addition to standard data, the payment is as follows:

  • currency EUR
  • payment type - standard
  • the account of the recipient always in the correct IBAN form
  • instructions on fees - SHA (fees of the payer's bank are paid by the payer, the fees of other banks are borne by the beneficiary)

If the aforementioned conditions are met and the client has sufficient funds available in his/her account to make the transfer, VÚB Bank will make a payment through the STEP2 system. In such a case, the client only pays the VÚB Bank fees, payment at the beneficiary's bank is made in the full amount - without charging the fees of foreign banks.

Most frequently asked questions

I entered a SEPA Euro transfer in favour of the wrong account, what should I do if I want to get back the transferred funds?

In this case, the bank cannot cancel the payment. Therefore, we need to request a refund in the form of a request for the mediation of a refund at any VÚB branch. Subsequently, we will contact the beneficiary or the beneficiary's bank and request a refund, which we will notify you about in writing, in the form of a letter or document you will receive at the branch upon your request. If the funds are not refunded to you from the recipient by the deadline, you may request us in writing to provide the recipient's identification data for the subsequent recovery of the payment in question.

What requirements must a transfer order fulfil?

The transfer order must include the following particulars:

Mandatory data for SEPA payment

  • account number of the payer of the SEPA payment - IBAN
  • account number of the recipient of the SEPA payment - IBAN
  • partner name - Required for SEPA payments outside the Slovak Republic
  • transaction currency - if this is not completed by the ordering authority, the payment will be automatically made in EUR
  • the due date of the transaction (when the payment should be settled from the ordering party’s account), which determines when the payment order is received. Maturity can be a max. of 100 calendar days from the current day; if the due date is not filled in, the payment is usually processed on the date of submission
  • in the case of SEPA direct debit: the type of collection (Core, B2B), CID collector, Reference of the mandate, date of signature of the mandate
  • Signatures and / or stamp of the payer in accordance with the signature authorizations of the relevant account

Optional data for a SEPA payment

  • variable symbol – has a max. of 10 digits and helps both the payer and the beneficiary identify the payment (from whom or for what the given payment was paid). No letters, slashes, lines, or other characters are used.
  • constant symbol – has a max. of 4 digits. When choosing a constant symbol, you can control the purpose of the payment and also the way you make the payment.
  • specific symbol – has a max. of 10 digits to help identify the payment. No letters, slashes, lines, or other characters are used.
  • Reference of the payer - has a max. of 35 characters, in case of filling, it is not possible to fill in the symbols and vice versa, see answer to question 2.

What are the conditions for SEPA direct debit clearing?

For the clearing of SEPA direct debits, a direct debit authorization must exist on the payer's account (for legal entities / entrepreneurs always before maturity, if it is a natural person and the collector sends the first direct debit, the direct debit authorization is automatically established, the payer is sent a notification of a pending direct debit and the direct debit is cleared if the payer does not refuse collection before the due date) that is paired with the received SEPA direct debit to the CID and the mandate reference (UMR). At the same time, the debit must meet the client - defined parameters: the type of scheme, the limit height, the validity of the authorization from - to, the direct debit period and the number of repetitions

Direct debits do not recycle, so it is necessary that the financial coverage be secured on the due date. In the case of a collector with an account held in another bank, funds must be secured on the payer's account no later than the end of the banking day preceding the due date of the SEPA direct debit. If the financial coverage is not secured, the direct debit is denied. In the case of a collector with an account kept at our bank, the funds can also be secured during the due date. If the financial coverage on the payer's account is not secured by the end of the bank day, the direct debit is rejected in the evening processing.

I entered a SEPA transfer, but I do not have enough funds on my account, should I re-enter it?

In the case of a lack of available funds in your account, submitted SEPA transfers are not cleared, they enter so-called recycling (repeated attempts to execute the transfer order), which normally takes three bank business days, and this does not include the day of placing the transfer order into recycling. If you secure funds during the set number of days, the transfer order will be processed. If you fail to provide sufficient funds to execute a transfer order within the set period, it will automatically be discarded at the end of the recycling process and will need to be re-submitted. We recommend that you ensure a sufficient amount of funds on your account when entering a payment order (for the amount of the transfer, any transfer fees, while the minimum balance specifically set for individuals and for legal entities must be retained on your account), otherwise there will be a delay in making a payment or refusing a payment order, in addition for each recycling day you will be charged a fee in accordance with the VÚB Price List. In case your payment contains a constant symbol with priority, i.e. in relation to the state budget and other public budget components (classes 1 and 4) and in the relationship of banks to clients (class 9), they recycle 90 business days. Transfers with a currency conversion or sum in a foreign currency are not recycled.

What is the right variable, constant and specific symbol used for? Do I have to fill them in?

Variable, constant, and specific symbols are often used to identify the payers and beneficiary of payments. For example, the invoice number is usually entered as a variable symbol. These are so-called optional data so you do not have to fill them in.

If the beneficiary of the SEPA payment requires putting the symbol with zeros at the beginning, this must be entered in the Payer's reference field in the following structure: / VS [N10] / SS [N10] / KS [N4] While: / VS [N10] - variable symbol, represents a number with a max. of ten digits / SS [N10] - specific symbol, represents a number with a max. of ten digits / KS [N4] - constant symbol, represents a four-digit number

Examples:
SS not listed: /VS012345/SS/KS0308
All symbols listed: /VS012345/SS000123/KS0308
SS and KS not listed:/VS012345/SS/KS

If the client fills in the variable symbol in the field designated for the VS (VS- Variable Symbol), it will be transferred again without the initial zeroes.