SWIFT - Society for Worldwide Interbank Financial Telecommunication.
Transaction orders are transmitted between members of this network.
Each member is identified with a unique SWIFT/ BIC code.
To this day, SWIFT is the biggest and most efficient tool for international money transfer, with over 11.000 member institutions in over 200 countries, sending over 5 billions financial messages globally every year.
An account held by a foreign bank is often referred to as an international account. You can either reside in London or New York or almost anywhere and still open an international current account in the capital of Singapore. There are no physical boundaries to possess an international company account. Or global companies whose ownership or business activities lie outside of Europe like some international nationalities/jurisdictions: Hong Kong, Singapore, etc can open overseas company accounts in Europe.
Moreover, It is remarkably easy to contact service providers and make an online registration for an international current account as long as your institution satisfies the eligible criterias.
Opening and owning an international company account is extremely beneficial for enterprises that do business globally because of the financial advantages and the manoeuvrability it brings.
For example, a large number of costs and fees will be less charged for money remittances by using an overseas current account which no traditional banks can offer. Also, having an international business account helps businesss avoid political risks and put their assets under protection.
In conclusion, an international business account gives enterprises a better, simpler way to make transactions without worrying about hidden fees. Everything that an DNBC Financial Group overseas account offers is completely transparent.
SWIFT works by assigning each member institution a unique ID code that identifies the bank name, country, city, and branch.
For example DNBC Financial Group BIC code is: DSFE LT 21 XXX
Here's an example BIC code: DEUTDEFFXXX. Let's break it down:
Bank code: DEUT - This represents the bank. In this case, it's Deutsche Bank. Country code: DE - This is the ISO 3166-1 alpha-2 country code representing the country where the bank is located. In this example, it is Germany.
Location code: FF - This code defines the location (city) of the bank's head office. Here, it is Frankfurt. Branch code (optional): XXX - This part is optional and used to identify a specific branch of the bank. In this example, the 'XXX' indicates that the code refers to the bank's head office.
So, the example BIC code DEUTDEFFXXX represents Deutsche Bank's head office in Frankfurt, Germany.
Absolutely. DNBC Financial Group welcomes and accepts online applications for opening an international current account anywhere in the world with the assistance of our dedicated consultant team and experts.
Just by a few minutes to register your information online on our public website dnbcf.com, you can own your international business account without any paperwork.
DNBC offers international business account for clients worldwide. If you are an entity operating your business outside Europe, we also support you opening an account, because every step for onboarding is performed online from registering to documents submission and remote interview.
Moreover, if you are clients whose nationalities/jurisdictions are international countries like HongKong, Singapore..., you can apply for DNBC overseas current accounts without any difficulty.
If your businesses are inbusinessd in the US, India, China, the Middle East..., and you need an international current account for transactions with Europe in euro currency, DNBC is the best option for you with an online opening account and fast onboarding process that help you manage cost and time effectively.
Please note that every nationality/jurisdiction will have different requirements, we flexibly support our customers case by case.
For more information, you can contact us by visiting the contact us page or chat box at the bottom right corner on DNBC public website. If you need to speak directly, you can call our hotline +65 6572 8885 or call WhatsApp/Viber at +370 6186 1961.
|Network||28 + 3 EU/EEA countries.||170 countries and territories.|
|Transaction time||01-02 business days.||02-05 business days. |
Or more depending on the relationship between the two payment institutions.
|Transaction limit|| |
10,000 EUR/day for a personal account.
50,000 EUR/day for a business account.Note:
This is the default limit when establishing your account.
The limit can be increased upto 200,000 EUR for personal account and 500,000 EUR for business account..
Contact +65 6572 8885 for transaction limit update.
|Transfer fees||Cheaper for transfer within the EU/EEA region.||Depends on the fees of the correspondent banks involved.|
The main differences lie in the location that a legal entity inbusinesss. EU Business accounts are applied for companies that are operating businesses in the EU, while EU international Accounts are opened for entities that run business activities outside of Europe. For example, if your enterprise is licensed to operate in regions within the European Union territory, such as German, Italy, Spain, Sweden, etc. Then the most suitable current account for your institution should be a business account.
On the other hand, financial institutions like DNBC Financial Group also provide money remittance service and international company account opening service for establishments doing business outside of the EU. There are little to no limits for enterprises operating anywhere in the world legally when owning an EU international account.
However, there are some of the constraints on opening EU international accounts in specific regions due to the European commission's charter. Find out more about regional terms and conditions.
At this time, with SWIFT transfer, you can send money online from your Euro account to other accounts in any other currencies.
Production or trade in any product or activity deemed illegal under host country's laws or regulations or international conventions and agreements, including, without limitation, host country's requirements related to environmental, health and safety, and labor aspects.
These prohibited goods would require a special license to operate and would need to be reviewed on a case-by-case basis. Please contact us to find out if you are eligible to open an account with us. Here are some examples from the prohibited list.
- Production or trade in weapons and munitions.
- Human Body Parts and Pathogens.
- Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.
Fore more details, you can click to the link below for reference.
Here at DNBC, we believe that every transaction made using our services should be carried out with the best possible price we can provide.
At www.dnbcnet.com or our mobile payment applications, you can find both SWIFT and SEPA services. When you fill in the information at any of the 2 pages, we will automatically identify whether your transaction should be made with SWIFT or SEPA and direct you to the suitable page to give you the best option regarding time and fee.
So in regard to the question, no, DNBC Financial Group simply does not allow our customers to be charged anything more for whatever you intended to do.
*Note: Please take note that the provided information about SWIFT Transfer above is for informational purposes. Currently, we have indirect relationships to perform any international SWIFT transfer and inbusinessd with main cash correspondent/intermediary banks that support our clients in making international money transfers/receive via SWIFT Transfer. The term "SWIFT" or its trademarks means all registered trademarks, non-registered trademarks, trade names and company names owned by SWIFT. DNBC manages and supports our clients to monitor their transactions and send payments via DNBCnet.
To open an international company account, you or your company can visit www.dnbcf.com . On the top right corner, click the “Open an account” button and choose “Business account” option. Then you need to fill in all mandatory information. Our Relationship Manager will contact you soon to instruct as well as assist you in the onboarding process.
Opening a new international company account takes you from 3 to 4 business days. As long as your required documents are ready to submit, the process will be as fast as you expect. One crucial step of opening a new international company account is first funding. Your international company account will be ready to make transactions and instruct payments internationally right after your first fund is credited to your account successfully.
The first funding is required and the minimum amount is €3,000. You can fund more than the minimum number to your account.
Firstly, our Relationship Manager will send you a funding guideline which is step by step to instruct a fund transfer to your account. When your money is credited to account successfully, the onboarding process will be completed. Next step, the assessment team will review your mobile payment app and approve to open your new account. Later on, you can activate your account and make payments easily.
Payment platform guideline is available on https://secure.dnbcnet.com/login (your login payment platform site) for your reference. If you cannot find the guideline, you can ask your Relationship Manager to provide this file.
DNBC Financial Group supports both SWIFT and SEPA transfers to 170 countries and territories around the world so our customers can enjoy a variety of transfer options with the best fee and the least amount of wait time.
This table has already included the international transfer fees for both personal and business accounts.
Currently, we have indirect relationships to perform any international SWIFT transfer and in business with main cash correspondent/intermediary banks that support our clients in making international money transfers/receive via SWIFT Transfer.
Opening an international company account/ international company account can bring you a wide range of benefits and opportunities. Clients will own an international payment account which can transfer your fund around the world, or receive payment in seconds. An international company account has a transfer limit of up to €50,000 a day. In short, the 6 key advantages of having an international company account are:
Customers all over the world can open overseas accounts in the EU for business transactions.
Flexible method to manage capital flows and business confidentiality.
Best customised services for your international company account.
Your funds are safe from any political risks.
Storing your money in an international business account is a lot more secure compared to leaving it to a bank in political unstable areas.
You can enjoy the comparative foreign exchange rates along with effective tax rates in terms of money remittances, deposits and investment transactions. All that savings in one EU international account.
Instantly send funds with a reasonable cost. No fees will be charged if transferring money internationally between DNBC Financial Group international current accounts.
Enjoy the highest standard of service.
Enable easy and affordable access to funds.
Introduce clients to overseas investment opportunities in the future.
Currently, DNBC has indirect relationships to perform any international SWIFT transfer and and in business with several correspondent/intermediary banks that support our clients in making international money transfers/receive via SWIFT Transfer
The transaction time and fees will be heavily influenced by the relationship between our correspondent banks and your beneficiary’s financial institution.
Normally, it would take 02-05 working days for the transfer of funds to be carried out.
In the near future, DNBC Financial Group will be expanding our connection with correspondent banks around the world to support more currencies, lower transaction costs and reduce wait time.
Please note that in order to transfer funds, DNBC Financial Group depends on our correspondent banks in some stages of transaction.
Should any delays occur, DNBC Financial Group and our correspondent banks will work together to help you in transferring or receiving funds on time.
Normally, it would take 01-02 working days for SEPA transfer, and 02-05 working days for SWIFT.
You also have an option to transfer via SEPA Express, which can arrive on the same day your transaction is made, or on the following business day.
For more information about the services that we offer: Table Of Fees
DNBC Financial Group is a payment institution that is licensed with the Central Bank in Lithuania in 2017. In addition, we are also approved by all EU countries to do business in 31 nations. As a payment institution, we primarily provide personal current account, business current account and international company account services. Our extra services are foreign exchange and merchant account services. Not only do we run business across Europe but also around the globe.
To learn more about DNBC Financial Group, you can visit this link for more license information.
Headquarter of DNBC Financial Group is located in Lvovo str. 25, Mažoji bure, 15th floor, LT-09320, Vilnius, Lithuania. With recognised expertise and the most comprehensive SEPA offering available, DNBC Financial Group became the trusted choice for SEPA services for leading companies around Europe and over the globe in terms of digital payments and international remittance.
We are truly proud that we have a fully legitimate certificate and strong facilities and resources to ensure our clients experience the excellent payment services and perfect financial solutions.
In addition, clients who have businesses outside Europe can open international company accounts with us for payments or capital transfer to Europe in euro currency. We offer low transfer cost as well as fast wire remittance.
A single transaction between two companies using a traditional method like the bank's money remittance service may take several days to process before the money is officially transferred. Furthermore, traditional remittance service providers like banks employ a great deal of anthropological labour and use lots of other resources like paper and ink. This may result in a significant increase in costs and fees that the bank will charge its customers.
DNBC Financial Group is, on the contrary, a technology-oriented financial institution whose international account services have opposite characteristics with banks. We will charge you an extremely little number of fees per transaction.
Unlike accounts used within a limited region, international company accounts allow institutions to exchange their fund between different currencies. This is considered a remarkably useful feature for an international company, particularly when the domestic currency is unstable or is expected to depreciate.
There is no extra fee associated with your international checking account during the time of usage, only an amount of €1,200 is kept to secure the monthly fee of Account Maintenance in 1 year and this required amount is not fee or charge.
With DNBC international business accounts, you are only charged according to the tariff in section “Account Fees” and there is no hidden fee at all. Should you still have any queries in terms of fees and charges, you can contact us by calling the DNBC hotline at +65 6572 8885 or WhatsApp/Viber +370 6186 1961 or private contact of your Relationship Manager for knowledge clarification.
DNBC Financial Group is committed to maintain a transparent financial environment for our clients. This is the key element for us to build sustainable business bonds with customers as well as our business partners. All fees and charges are available on the public website www.dnbcf.com. To learn more about that, you can visit the link below.
Please note that fees and charges are subjected to change from time to time. DNBC Financial Group will update new tariff to clients via email, news on website, notifications in payment platform app or mobile app. We advise you to keep abreast of new information on our announcements.
DNBC Financial Group holds the right to refuse to work with any customers whose nationality is in the "Non-cooperative jurisdictions" list under any circumstances.
According to the European Commission, the purpose of a high risk third country list is to ensure safe and effective business activities.
Please read our Rejected List of Jurisdiction/ Nationality for the Remittance Services (with IBAN Account) at our DNBC Financial Group High risk list & Non-Cooperative Jurisdictions.
To view more details of your international business account, you should log into your online payment account. In the main dashboard, you can click the “view details” button on the right of the international business account.
Or you can choose the “Account list” tab on the “Fast access” menu, then select your international business account and view details. If you want to export account details in a PDF file, you can choose the “Export PDF” button on the right.
The Export PDF file is an IBAN Certificate which includes name of client, account number information, currency, type of account (current account), IBAN paper format, IBAN electronic format and the BIC code.
From your payment platform account, you can view today’s balance and your available balance as well as your client number at DNBC Financial Group.
With IBAN, you can transfer money international seamlessly in Europe with SEPA Instant Credit Transfer. SEPA Instant Credit Transfer (SCT Inst) is the largest scheme of the European Payment Council. It announces to the public a new era in payments with real time transactions.
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We are always proud of being an experienced Financial Institution in the global financial payment market.
We provide the Best International Money Transfer Services. DNBC Financial Group can assist you with different payment methods, whether it is a personal account or a business account.