Basic terms

(based on the Foreign Exchange Law and the Banking Law)

• Unlike a non-resident, a resident is a natural person who declares his domicile in Poland and a legal entity or another entity which on the basis of an extract from a Commercial Register is capable of undertaking obligations and acquiring rights, with a registered office in Poland.
  
• With transfer/settlement amounts in excess of an equivalent of EUR 15,000, a resident and a non-resident is required to use the services of a bank in effecting a transfer abroad or in effecting a domestic settlement associated with foreign exchange.
  
• Making a transfer abroad or a domestic settlement associated with foreign exchange in the amount exceeding PLN or other convertible currencies equivalent of EUR 12 500 at the National Bank of Poland’s average exchange rate requires to present to a bank a statistical number of a transaction.
  
• Payment orders abroad and from abroad as well as cash payments by ordering customers in Poland and abroad, made in dealings with European Union member states as well as with Iceland, Liechtenstein and Norway, involving amounts up to PLN equivalent of EUR 50,000 at the National Bank of Poland’s average exchange rate are called cross-border payments.
  
• A bank offering cross-border payments is obliged at the request of customers to provide them among others with information on the duration and costs of the transaction.
  
• Money transferred within cross-border payments should reach the beneficiary’s account not later than by the end of the 5th business day counting from the day after the order was placed unless otherwise agreed with the ordering customer. The beneficiary’s bank is obliged to credit the beneficiary’s account not later than by the end of the day following the receipt of the money unless otherwise agreed with the beneficiary. Any overstepping of the time limit for the execution of the transfer result will cause an obligation to arise with either the ordering customer’s or the beneficiary’s bank to pay statutory interest, if the delays was due to their fault. Failure to execute a transfer or execution of a transfer in a way not complying with the payment order instruction entitles the customer to lodge a complaint or start the compensation procedure. As regards Nordea Bank Polska S.A. complaints may be made directly in the Bank’s outlets, via the SOLO mailing system or the Call Center (phone 0 801 667 332). A complaint form can be downloaded from the Bank’s website www.nordea.pl. At the request of the ordering customer’s bank, the ordering customer must specify the beneficiary’s account number according to the IBAN standard (the international bank account number containing the ISO country code, the bank’s clearing number and the number identifier) as well as the beneficiary bank’s BIC (a code identifying the bank, also known as the SWIFT code, containing a fixed number of characters – 8 or 11).
  
• With payment orders abroad and from abroad, the cost options mean as follows: OUR – the ordering customer covers the cost of the payment execution, BEN – the beneficiary covers the cost of the payment execution, SHA – the ordering customer and the beneficiary share the cost and each of them pays his domestic banks’ costs. Due to a pricing attractiveness option SHA is recommended. This option is used for example in regulated cross-border payments.
  
• The term „cut – off time” means the time by which a payment order made by the ordering customer or an intermediary bank will be executed by the ordering customer’s bank with the indicated value date unless the regulations of this bank specify otherwise. In case of incoming payment orders in favour of Nordea Bank Polska SA customers the following time applies: 2:00 P.M. for Ordinary Payments and Nordea Payments (NP); 3:30 P.M. for Nordea Intracompany Payments (NIP) and Nordea Private Transfers (NPT). In case of outgoing payment orders the following time applies: 2:00 P.M. for Ordinary Payments, 1:30 P.M. for Nordea Payments (NP) and 3:30 P.M. for Intracompany Payments (NIP) and Nordea Private Transfers (NPT) (cf.: Cut-off times Table for International Payments). It is possible to introduce outgoing payment orders in SOLO electronic banking system from 9:00 A.M.