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Transferências Internacionais

International Transfers

Make international payments in a simple,
quick and safe manner.

Advantages

International Transfers are bank operations consisting of orders to transfer funds between accounts, given by a transferor - individual or company -, that asks a credit institution to debit his/her/its account and credit another account, that of the beneficiary, which is domiciled at a credit institution abroad.

  • It is a secure, fast and comfortable way to transfer funds;
  • Quick and simple to execute;
  • Presents less costs and less administrative workload associated to executing and controlling payments;
  • Issue of transfers through the Corporate website of Millennium bcp;
  • Possibility of associating foreign exchange operations contracted with the Bank.

 

Costs

Consult the Pricing in force, also available for consultation at any Millennium bcp Branch near you.

Features

For a secure, fast and automatic international transfer with minimal human intervention, it is fundamental that you provide some data:

  • Transferor account number (account to be debited);
  • Amount to transfer and currency;
  • Processing Date - will always be the date the debit is made (the credit in the Beneficiary Bank will be D+1 or D+2 depending on the currency used);
  • Indication of the BIC SWIFT of the beneficiary bank;
  • IIndication of the IBAN for the associated countries or the account number of the beneficiary and, whenever applicable, the respective Clearing Codes (ex: Fedwire for the USA, Sort Code for England);
  • Grounds of the operation/ Nature of the Transaction;
  • The name and bank of the beneficiary are also important data.

Types of Transfers

In this type of operations, the Client may request 3 types of transfers, in accordance with the required service levels:

Standard Transfers

In Euros or other currencies, Millennium bcp, for all orders requested and authorized until 15:00 (GMT), ensures the delivery of the funds to the bank of the beneficiary in accordance with the defined hours and service levels. However, the Corporate website offers you two different tools classified pursuant to the destination of the payment, this way helping your Company to upload the order:

  • SEPA countries: Only in Euros. Does not allow currency exchange. The user must provide solely the amount, the IBAN and BIC SWIFT of the beneficiary. It enables making transfers with value-date of that same day or with a future processing date;
  • Other: In case you wish to make transfers to other countries, in Euros or other currency, with or without a currency exchange. It enables transfers with value-date of that same day or with a future processing date; For SEPA countries, if the client does not have the IBAN and the BIC SWIFT of the beneficiary it is possible to instruct Millennium bcp by giving it the account number, name and address of the beneficiary bank. An operation made this way is more expensive.

 

Urgent Transfers

Are transfers to be made only on the date they are requested in and only in EUR, USD and GBP, wherein the value-date of the credit made in the Bank of the Beneficiary is also that day (D). For the remaining currencies, the Bank of the beneficiary will only receive the funds for credit with value-date D+1 (being D the processing date) in accordance with the defined hours and service levels.

Bulk Transfers

Allows the registration of transfer operations to any country, in Euros or other currencies, with the processing date on that same day or scheduled. It allows a currency exchange, in accordance with the established service levels.


Country of Destination

In payment orders, Millennium bcp has a worldwide cover. However, and in what concerns international transfers, these are grouped as follows:

SEPA Countries
  • SEPA - Single Euro Payments Area - It includes the 28 countries of the European Union and overseas European territories - French Guiana, Gibraltar, Guadelupe, Martinique, Mayotte, Réunion, Saint Barthélemy, Saint Martin and Saint Pierre et Miquelon – as well as Iceland, Liechtenstein, Norway, Switzerland and Monaco.
    EU countries: Germany, Austria, Belgium, Cyprus, Denmark, Slovakia, Slovenia, Spain, Estonia, Finland, France, Greece, Netherlands, Hungary, Italy, Ireland, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, United Kingdom, Czech Republic, Sweden, Bulgaria, Romania and Croatia.

 

Other countries

Foreign Exchange Rate

In operations involving a currency exchange, the Company may choose one of the following types of foreign currency exchange rate:

  • BCP
  • Fixing
  • Negotiated at Sight 1
  • Term Negotiation 1

1Implies access by the Company to the Dealing-Room of Millennium bcp.

Instruction Processing

Depending on the information supplied by the client for the operation to be executed, international transfers are classified as follows:

STP - Straight Through Processing

The transfer order contains all the information necessary for processing in an automated manner i.e., contains the correct IBAN of the beneficiary and the correct BIC SWIFT code of the bank of the beneficiary (and, when applicable, the respective Clearing Codes).

REP – Repaired

The transfer order does not contain all the necessary information or the information is incorrect and requires human intervention, which will imply an aggravation in the price of the transfer, an eventual delay in the credit of the funds and the eventual return of the operations.


Expenses

A one-off international transfer or one included in a file may imply one of three possible types of expenses:

SHA - Shared Expenses

Expenses at origin, paid by the originator and expenses at destination, paid by the beneficiary.  This is the rule assumed by default. Other options shall only be considered if expressly requested by the originator;

BEN - Paid by the Beneficiary

All the expenses shall be paid by the beneficiary.
Unavailable if the Country and Currency are from the European Economic Area .

OUR - Paid by the originator

All the expenses shall be paid by the originator.


Additional Information

IBAN - International Bank Account Number

This information that enables the Bank to identify and validate, within the SEPA, the country, the bank and the bank account of the beneficiary. The IBAN consists of 34 characters, maximum. The first two represent the country where the account is located, PT for Portugal. The third and fourth are control digits used to validate the country's code.  The remaining digits correspond to the account identification structure defined for each country, in Portugal the NIB.

Hence, the IBAN is always composed of 25 characters, being the NIB prefixed with “PT50”;

Example of an IBAN in Portugal: PT50 0123 1234 12345678901 34

Even in transfers to a country of the European Union, the IBAN may not be enough to execute the operation and it may have to be complemented, if requested, with the BIC SWIFT.

BIC SWIFT

This is a Code that identifies the Banks (Bank Identifier Code) of the SWIFT network. The BIC was adopted by the ISO (International Organization for Standardization) that defined the SWIFT as the authority for the issue of BIC’s (ISO 9362):

  • The address of Millennium bcp Portugal is: BCOMPTPL;
  • How is the BIC SWIFT formed?

    1. A BIC SWIFT with 8 positions: Ex.: AAAABBCC
    A = Code identifying the Bank
    B = Code identifying the Country
    C = Code that identifies a location in a country

    AAAABBCC = Bank code + Country code + Location code

    2. A BIC SWIFT with 11 positions: Ex.: AAAABBCCDDD
    A BIC SWIFT may have up to 11 positions with the addition of 3 alphanumeric positions that correspond to the Branch Code
    D = corresponds the identification of the Branch (Branch Code)

    AAAABBCCDDD = Bank code + Country code + Location code + Branch Code
SWIFT

SWIFT is an international communication network used by financial institutions worldwide.

SEPA transfers

SEPA transfers are transfers made in Euros for SEPA countries, stating the beneficiary's IBAN and SHA expenses (divided between the transferor and the beneficiary).

Main advantages of the IBAN and of the BIC SWIFT

It enables the identification and validation the country, bank and account of the beneficiary improving the quality of the service provided by the banks in cross border transfers in the extent that it facilitates the processing automation, reduces the account identification errors, lowers the costs and funds become available sooner.

How it works

You can also make cross-border transfers at the website of Corporate website of Millennium bcp in one of the following ways:

  • For orders in EUR for the Euro Area or other SEPA countries without a currency exchange, go to Banking Operations, select International > One-off transfers > In Euros to SEPA countries;
  • For orders involving another currency or to countries outside SEPA, go to Banking Operations, select International > One-off Transfers > Other;
  • For Urgent orders in Euros, go to Banking Operations, select International > One-off Transfers > Urgent in euro;
  • To generate a file of international transfers go to Banking Operations, select International > File Transfers > Bulk Transfers to SEPA countries or International > Bulk Transfers > Other, depending on the type of orders to include in the file;
  • To send a file generated by the IT equipment of your Company, go to Banking Operations, select  File Management > Send Files > International Payments (IML/iDOC). Get here the technical layout for the making of this type of files;
  • For other type of international orders contact your usual interlocutor at the Bank.

Service Levels

When you upload and authorize orders in the Banking Operations area of millenniumbcp.pt you must take the following into consideration:

Orders to be processed on that same day
  • Involving a currency exchange using the Fixing exchange rate: This service is available every business day from 09:00 to 12:00 noon (GMT). These orders must be uploaded and authorised on the same day they are to be executed. The orders that are not authorized until noon of the day they are uploaded shall be automatically cancelled;
  • The currency exchange is made at the BCP exchange rate: This service is available between 09:00 and 17:00 (GMT) on business days. These orders must be uploaded and authorised on the same day they are to be executed. The orders that are not authorized until 17:00 (GMT) of the day they are uploaded shall be automatically cancelled;
  • Without a currency exchange: This service is available between 09:00 and 20:00 (GMT) on business days. These orders may be uploaded on the day before or on the day they are to be executed. The orders must be executed until 20:00 (GMT) of the day they are to be executed. The orders that are not authorized until 20:00 (GMT) of the calendar day following the one when they were uploaded shall be automatically cancelled.
Orders with a future processing day
  • These orders must be authorized at least one day prior to the transfer date indicated and at most 30 calendar days prior to the transfer date indicated;
  • The orders that are not authorized until 24.00 (GMT) on the 3rd calendar day after being uploaded shall be automatically cancelled.
Urgent Orders (only in Euros)
  • This service is only available between 09:00 and 13:00 (GMT) on business days. All orders must be uploaded and authorized within this time frame. Therefore, after 13.00 (GMT), the orders that remain unauthorized shall be automatically cancelled;
  • The credit to the account of the beneficiary shall be made with value-date of the same day.
Bulk Transfers
  • International Payment Files must be authorised until 11.00 (GMT) of the 1st transfer date indicated;
  • International Payment Files cannot be authorised more than 30 days prior to the last transfer date indicated.

Operations History

After sending the international transfer order(s) to the Bank, the Company can verify the data of the operation by consulting the order details or the file data (batch) - namely, number of records, total control amount and the data concerning each transfer -. You can also check which users of the website intervened in the operation.

The access is made as follows: Authorisations > Operations History.

Bank slip

Since the bank issues a bank slip for every one-off order or for each transfer record included in a batch (corresponding to the instruction's amount debited from the account), Companies that subscribed the e-Bank Slip Service can download them in the Companies area of millenniumbcp.pt as of D+2 (being D the processing date) at:

Other Issues

For more information, contact your Client Manager or go to a Millennium bcp Branch.

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