Remittances - Useful information & terminology
Transfer remittances safely and quickly.
STP Straight Through Processing
Automated transactions (STP Straight Through Processing) are transfers that allow the direct crediting of the beneficiary's account through modern systems and without human intervention.
As long as your transaction is automated, you can minimize the time it takes to execute it, limit manual intervention by banks and reduce the final cost of the transaction. To enjoy the benefits of an automated transaction, you must, when sending a remittance, indicate:
- for participating countries (*), the beneficiary's account in the form of IBAN. The disclosure of the BIC of the beneficiary's bank is now optional.
- for other countries, the beneficiary's account and the BIC code of his/her bank
Similarly, if you are to receive funds by wire transfer, regardless of the country of origin of the funds, you must inform the originator of your account in the form of IBAN and your bank's BIC code.
(*) Information on the countries that have adopted IBAN can be found at www.ecbs.org/iban/iban.htm.
Non STP Straight Through Processing
Non STP Straight Through Processing (non STP Straight Through Processing) are transfers for which you do not have the IBAN account available to you, but you register a simple account. In this case, your order will be executed with additional costs of creating a non-automated transaction and there is rarely a possibility of rejection by the beneficiary bank.International Bank Account Number (ΙΒΑΝ)
The International Bank Account Number (IBAN) is your bank account structured according to the specifications of the European Banking Standards Committee and has been adopted by the countries of the European Union (EU) and optionally by countries outside the EU.
Each account is converted into an IBAN format and notified to you by the bank where it is held. To find out the IBAN of your Piraeus Bank account, you can refer to your account statement, search for it at any of our branches or at Piraeus e-banking (www.ebanking.piraeusbank.gr) or consult (www.piraeusbank.gr).
Bank Identifier Code
The Bank Identifier Code (BIC) uniquely identifies a bank, anywhere in the world. Piraeus Bank's BIC code is PIRBGRAA, for its entire network of branches in Greece.
Information about charges
Depending on the destination country and the currency of the transfer you want to send, you can choose how the transaction costs are shared between you and the beneficiary of the credit transfer. There are three options available to you:
- SHA, the remitter and the beneficiary are charged with their bank fees
- OUR, the remitter are charged with all involved bank fees
- BEN, the beneficiary is charged with all fees