Outgoing Foreign Currency Fund Transfers

General Information

We provide you the opportunity to transfer funds: 

  • within the country and abroad, to any place in the world. The wide network of over 600 correspondent banks which First Investment Bank maintains correspondent relations with further facilitates the proper and timely execution of the transfers ordered by you in foreign currency.
  • for UNIBank, Republic of Macedonia - the transfers are carried out with value date on the same business day without extra commission fee.
  • for Fibank Albania - the transfers are carried out with value date on the same business day with a commission fee lower than the standard for the Bank for outgoing transfers in foreign currency and without SWIFT fee.

For more information, please see the Fibank Tariff of Fees and Commissions.

What you need to know?

  1. Cross-border transfers in foreign currency shall be made after submission of additional documents as required by the applicable foreign exchange regulations.
  2. The terms for execution of transfers are in accordance with usual banking practice - a standard value date for performance of outgoing payments in foreign currency shall be two business days. Emergency orders with value date on the next or the same business day shall be charged additionally according to the Tariff of the Bank.
  3. The transfer currency may be different from the currency of the account from which you order the transfer and the Bank shall convert the amount according to the current foreign currency exchange rate at the time of the transfer. First Investment Bank makes transfers in USD, EUR, CHF, GBP, CAD and other convertible currencies.



Important:

Dear valued customers, 
Please be informed that as of 01/09/2018, the Central Bank of the United Arab Emirates has introduced Purpose of Payment codes for all inflows from abroad, irrespective of the transaction currency. Transactions within scope are:

  • transactions between residents and non-residents 
  • cross-border transactions 
  • domestic transactions between a resident and a non-resident In order to process such transactions, First Investment Bank will require your code input with regards to the relevant Purpose of Payment in the field Details of Payment. 

Please find the respective codes in the attached file.

 

Regulatory Requirements

Under the provisions of the Currency Law, Ordinance № 27 and Ordinance № 28 of the Bulgarian National Bank and other applicable regulations, commercial banks perform payment orders in foreign currency as follows:

  • For amounts with equivalence equal to or exceeding 100 000 BGN (when making payments or transfers to foreign countries, as well as payments or transfers between resident and non-resident persons in the country), upon presentation of a statistical form according to sample approved by the Bulgarian National Bank. Upon failure to meet this obligation in due time shall be applied Art. 19 of the Currency Law.
  • For amounts with equivalence equal to or exceeding 30 000 BGN to a third party (outside the European Economic Area), upon presentation of the relevant documents under Art. 2, paragraph 2 and Art. 3, paragraph 1, paragraph 2 and paragraph 3 of Ordinance № 28 of Bulgarian National Bank, proving grounds for effecting the transfer (pro-forma invoice, customs declaration, agreement, etc.) and Declaration under Article 2, paragraph 1 of the same Ordinance, which shall be completed regardless of the enclosed documents. Documents in a foreign language must be accompanied, upon request, with translation into Bulgarian.
  • For amounts with equivalence exceeding 30,000 BGN, upon submission of a declaration of origin of the funds subject to the transfer.

The Bank may establish the presence or absence of permanent residence of the individuals in the Republic of Bulgaria under the meaning of the Currency Law by requiring a declaration in a form approved by the Bulgarian National Bank as a precondition for the execution of an order for payment or transfer to a foreign country.

Documents