Information about the terms and conditions, fees and execution times for euro and foreign currency credit transfers as well as about related embargo provisions to prevent money laundering is provided below.
All national and cross-border transfers within the EU made in euro fall under the scope of euro credit transfer legislation establishing a Single Euro Payments Area (SEPA). The legislation ensures that customers benefit from low fees and efficient execution times for euro credit transfers. The provisions governing fees and execution times are accessible here.
Foreign currency transfers are all national and cross-border transfers in a currency other than the euro such as U.S. dollars or Swiss francs. Foreign currency transfers are not subject to authorization. The (German-only) Exchange Control Act Devisengesetz is the legal basis for foreign currency transfers. The provisions governing fees and execution times are accessible here.
Money laundering and terrorist financing have become a growing issue in payment transactions in recent years. Governments and banks across the world have pledged to join forces in the fight against organized crime in general.