Rules for international payment operations for residents



A) Rules for sending money


Citizen of the Republic of Macedonia – resident can send funds abroad to another person – citizen in foreign country – non-resident in maximum amount of EUR 2,500 per month.

Citizen of the Republic of Macedonia – resident can send funds abroad to legal entity with head office in foreign country – non-resident in unlimited amount, but in this case, an appropriate document must be provided from which the purpose of payment can be seen: invoice, pro-forma invoice, agreement or etc.

Transfers abroad to domestic citizens – residents concerning family costs of living (stay abroad for the purpose of education, medical treatment and etc) as well as private transfers in counter value of EUR 2,500.00 per month can be realized without providing an appropriate document, information is sufficient. For transfers in amount over EUR 2,500.00 providing of a document is compulsory on the basis of which the purpose of payment can be established.

Any transfer of an individual – resident on his/her own account with a foreign bank shall be subject to the rules of the Decision on the manner and the terms under which the residents, which are not authorized banks, may open and hold accounts abroad and the additions thereto which can be found at the following link https://www.nbrm.mk/ns-newsarticle-odluka-za-nacinot-i-uslovite-pod-koi-rezidentite-koisto-ne-se-ovlasteni-banki-mozat-da-otvoraat-i-da-imaat-smetki-vo-stranstvo.nspx 

Pursuant to the Law on Foreign Exchange Operation and the Guidelines on the way of performing the international payment operations (Official gazette 141/16; 154/16 and 41/19) for residents of the republic of Macedonia it is prohibited to make transfer of funds abroad for life insurance and credit insurance.

The Bank must execute the order form 1450 with the value date within three days from the date of acceptance of the order form, unless otherwise agreed with the principal.


B) The above stated rules shall also apply for Bank cheques



C) Rules for receiving funds:



Citizen of the Republic of Macedonia – resident can receive funds from abroad from another person-citizen of foreign country – non-resident in an unlimited amount.

Any individual who is citizen of the Republic of Macedonia – resident may receive funds from his/her account abroad in accordance with the Decision on the manner and the terms under which the residents, which are not authorized banks, may open and hold accounts abroad and the additions thereto which can be found at the following link https://www.nbrm.mk/ns-newsarticle-odluka-za-nacinot-i-uslovite-pod-koi-rezidentite-koisto-ne-se-ovlasteni-banki-mozat-da-otvoraat-i-da-imaat-smetki-vo-stranstvo.nspx.

 Citizen of the Republic of Macedonia – resident can receive funds from a legal entity with head office in foreign country – non-resident in an unlimited amount, but information about the purpose of payment must be provided.

For the purpose of correct determination of the Inflow Basis, please check the List of FX Inflows Basis Codes. The appropriate code and description should be indicated in the information that will be submitted to the Bank.

Depending on the client’s information, the Bank, according to the Law, can require valid document from which the purpose of payment can be seen, especially if the inflow classifies in the group of capital transfers.

The beneficiary of payment must, within 5 working days from receipt of the notification sent by the Bank, submit all the required data in order to have the funds credited on his account.

Due to the specific procedure of the International Payment Operations and existence of the so called foreign currency control (regime) you are recommended prior to each intention for execution of any foreign currency transaction to consult our employees in the International Payment Operations Department, telephone: 3168 196, 3168 254, 3168 247 or to read the Guidelines on the way of performing the international payment operations (Official gazette 78/11), especially points 27, 28, 38, 41 and 42. The same information can be found on the web site of the National Bank of the Republic of Macedonia www.nbrm.mk.

 

 



D) Explanation of the rules for charging the fees for international interbank payments and collections

 

 

OUR  -  Remitter shall pay the charges of all banks involved in the transfer; - Beneficiary shall receive the full amount;

SHA  -  Remitter shall pay the charges of his/her bank, and Beneficiary shall pay the charges of all other banks involved in the transfer - Beneficiary shall receive reduced amount.

BEN  -  beneficiary shall pay the charges of all banks involved in the transfer; - Beneficiary shall receive reduced amount.

 

We hope that this information helped you get acquainted with the law regulations related to the FX operations in the Republic of Macedonia, making your transactions easier and faster for realization and making you being among the satisfied clients of Komercijalna Banka AD Skopje.

 

 

Contact person


Marijana Geric Spasic, International Payment Operations Unit
Phone: (02) 3168-196
e-mail: Marijana.Gerik.Spasik@kb.com.mk and Marijana.GericSpasic@kb.com.mk