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It represents a foreign currency funds transfer, normally unconditional, and the participants in such transfers are the Authorising Official, the beneficiary and the bankers, as well as one or more banks through the agency of which the transfer is to be made. The payment order can be altered or suspended during the time span running from its issue until its foreign currency term. Yet, the banking practice considers it to be irrevocable as from the moment when it has been taken over by a communication means (electronic transmission – i.e. SWIFT, telex, post). As a rule, Banca Romaneasca executes payments ordered by its clients in favour of their external partners with a foreign currency (payment) term of two working days from the moment when the necessary funds have been made available in the blocking account. Payment orders are usually filled within the foreign currency term or upon their receipt (i.e. where the foreign currency time limit is prior to date when the payment order has been received). In order to prevent likely errors, we may suggest you to supply the bank with all the necessary information for it to locate the account relation of the partner. Furthermore, you should ask the bank officer all the elements necessary when ordering a funds transfer in your favour (SWIFT code, correspondent bank for covering the payment currency, IBAN - International Bank Account Number).
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