A payment account is an account maintained by the Bank as a provider of payment services on behalf of the user of payment services, used for making payment transactions.
The payment account has a unique identifier i.e. unique number of the payment account assigned by the Bank and used when issuing payment orders for the purpose of unambiguous identification of the User and the payment account.
The Bank can open one or more payment accounts to the User in the same or in different currencies, regardless of their features or purpose, after a submitted and approved request for opening a payment account.
For each opened account, the Bank issues an individual Agreement / Application for opening a payment account under the ID number of the User specified in the preamble of the Framework Agreement, and each individual Agreement / Application for each opened payment account is an integral part of the Framework Agreement of Payment Services.
The Framework Agreement of Payment Services shall regulate:
- the execution of individual and subsequent payment transactions, and
- the rights, obligations, terms and conditions for opening, maintaining and closing a payment account.
The user of the payment account is a natural person with resident or non-resident status, in accordance with the applicable laws and regulations.
OPENING OF A PAYMENT ACCOUNT
The Bank shall open payment accounts, at the User's written request and by presenting:
- for a resident – a valid identity card or travel document from which the permanent place of residence in the Republic of North Macedonia is identified;
- for a non-resident – a valid travel document or a valid identity card if the person comes from a EU member state or from a state with which the Republic of North Macedonia has concluded a bilateral agreement for cross-border travel of citizens of both countries, from which the permanent place of residence abroad is identified. If the permanent place of residence abroad is not indicated in the travel document or in the identity card, the Bank shall supply this information with a statement signed by the non-resident in which the permanent place of residence is indicated abroad or through reliable and independent sources. The written statement shall not be accepted for non-residents from the neighboring countries of the Republic of North Macedonia, and they shall be obliged to submit a copy of the last utility bill with the address of the place of residence abroad.
In addition to the documents referred to in the previous paragraph, the Bank, in accordance with the applicable laws and regulations as well as the Bank’s internal acts for the purposes of establishing the business relationship, may also request additional documents / data from the User.
The procedures for opening a payment account and the necessary documents for opening the account are determined in detail in the General Terms and Conditions for Opening and Maintaining a Payment Account and Making Payment Transactions.
At the time of opening the payment account or later, the user may authorize another person / persons to operate the payment account with all or part of the payment accounts for different currencies and for different products.
The persons authorized to operate the payment account are identified on the basis of a personal identification document and a written authorization signed by the Client or his legal representative notarized / certified by a certified person (notary public) if the authorized person appears in the bank in the absence of the account holder or his / her legal representative.
If the User is a minor, the Framework Agreement shall be concluded in and on behalf of the minor by the minor's legal representatives.
Legal representatives shall be identified with a valid personal identification document and a valid document-evidence that the person is the minor’s legal representative.
The legal representatives determined in the Framework Agreement shall make payment and dispose of the funds to / from the payment account in and on behalf of the minor.
After reaching the legal age, the User shall have the right to independently dispose of the funds on the payment account, as well as to independently take all actions in the payment operations with foreign countries in accordance with the Framework Agreement.
PAYMENT SERVICES AND PAYMENT TRANSACTIONS
The Bank as a provider of payment services shall provide the following payment services:
- depositing on and withdrawing cash from the payment account as well as all activities related to opening, maintaining and closing the account;
- making payment transactions, including the transfer of funds to a payment account at the User's Bank or at another payment service provider:
- making payment transactions with payment cards or similar telecommunication, digital or information devices, and
- making credit transfers, including standing orders;
- making payment transactions where the funds are secured by a credit line for the user:
• making payment transactions with payment cards or similar telecommunication, digital or information devices, and
• making credit transfers, including standing orders;
- issuing payment instruments and / or accepting payment transactions;
- cash remittances;
- payment initiation services; and
- services for providing information about payment accounts.
The Bank shall execute payment transactions under the conditions stipulated in the General Terms and Conditions for Opening and Maintaining a Payment Account and Making Payment Transactions and in accordance with the applicable laws and regulations, including the laws and regulations in the field of foreign exchange operations.
The User may dispose of the funds on the payment accounts as follows:
- through the Bank's counters,
- with payment instruments,
- by using the digital channels platform (i-Bank), and
- with a debit card linked to the payment account.
The use of products linked to the payment account are regulated in detail by:
- General Terms and Conditions for individual debit cards;
- General Terms and Conditions for individual digital banking;
The user can open and use a payment account in a package or separately from other linked services referred to in the previous paragraph. If the User only uses a payment account without the linked products referred to in the previous paragraph, only the provisions of the General Terms and Conditions applicable to the services of opening, maintaining and closing a payment account shall apply.
EXECUTION OF USER’S ORDERS
The bank shall execute payment orders based on an order signed by the User / authorized person and enclosed appropriate documentation. Payment shall be made from the payment account funds, in the manner and under the conditions determined by the applicable laws and regulations that refer to payment operations in the country and abroad.
The Bank shall execute the payment orders from the accounts on the same day when the order is submitted with the necessary documentation, and no later than the next working day, in accordance with the applicable laws and regulations in accordance with the Term Plan of the Bank. The Bank shall execute the payment or disbursement orders on the date of payment or inflow.
A payment order issued by the User shall be implemented within the available funds of a payment account, if there are available funds on it and if the funds are not frozen.
When disposing of the funds from the payment account, the client shall be obliged to take care not to exceed the amount of funds available on the account. Available funds shall mean the balance of payments in and disbursements from the account and the balance of the used allowed overdraft approved by the Bank in the amount determined in the agreement for allowed overdraft concluded with the Bank.
In the event of disposal of an amount in excess of the available funds in accordance with the applicable laws and regulations, statutory default interest shall be calculated.
NOTIFICATIONS OF EXECUTED PAYMENT TRANSACTIONS
The data on the turnover and the balance of the payment account, at the request of the User, shall be presented in a bank statement of the changes, at the counters and via other digital channels of the Bank if the User is registered for their use.
FEES AND COMMISSIONS
The Bank shall calculate and charge from the User fees and commissions for payment services provided in accordance with the Framework Agreement of Payment Services and the General Terms and Conditions for Opening and Maintaining a Payment Account and Making Payment Transactions (link).
The Bank shall calculate and charge fees and commissions from the User on the basis of operations with a payment account, in the amount, terms and conditions determined in the Bank's Tariff, valid on the date of execution of the service.
On the MKD and FX payment accounts, the Bank shall calculate and pay interest in favor of the User in accordance with what is stated in the individual request for opening a payment account and the General Terms and Conditions for Opening and Maintaining a Payment Account and Making Payment Transactions.
For a payment transaction covering purchase and sale of foreign currency and effective foreign currencies, exchange rates stated in the Bank's Exchange Rate List, valid on the day of realization of the payment transaction, shall apply.
The Exchange Rate List referred to in the previous paragraph is available at all Bank’s branches and website.
The details in regards to the payment account are considered as professional secret.
ANNOUNCEMENT OF DATA IN REGARDS TO THE PAYMENT ACCOUNT
Data, documents and client information, accounts and transaction details can be announced in the following circumstances:
- in case the publication is mandated by the law
- if the client has given a written consent to SB to reveal the data
- if the Bank receives a written request by a court during a proceeding and within the framework of their competences
- for the needs of the Central bank of the Republic of North Macedonia or other supervisory organ authorized by the law
- if the data are being announced to the Bureau for prevention of money laundering and financing of terrorism, in accordance to the law
- if the data are being announced to the Bureau of the financial police, in accordance to the law
- If the data are being announced for the benefit of the functioning of the Credit registry of the Central bank of the Republic of North Macedonia
- if the data are being announced to a certified enforcer, following a written request submitted to the Bank in a proper form (Form 6) prescribed in the regulation of the form, the payment order content, the conclusions, registers, requests, official notes and other acts produced by the enforcer when taking the appropriate executive actions.
Identification of a non-resident client is performed with an original identification document or a photocopy verified by notary public that holds a photocopy of one of the following documents:
- Passport issued by another country or valid ID card if the person comes from a European Union Member State, signatory of the Schengen Agreement* or a country with which the Republic of North Macedonia (RSM) has a bilateral agreement** on cross-border travel of citizens in both countries, which determine the permanent place of residence in a foreign country. If the permanent residence abroad is not stated in the travel document or ID card, the bank shall provide this information through reliable and independent sources*** or by a statement signed by the non-resident stating the permanent residence abroad. The written statement shall not be accepted for non-residents from neighbouring countries of the Republic of North Macedonia.
*** Reliable and independent sources for identification of a client – non-resident natural person: when opening a transaction account or for the purposes of updating the identification data of already registered clients, in addition to valid travel documents or a valid ID card, other documents issued in the home country may be taken into account, from which (together with the passport or identity card) can be identified the person's place of residence, such as a valid driver's license or traffic license, utility bills not older than three months (electricity, water, heat or gas, telephone).
- Passports issued by the Republic of North Macedonia with a residence permit or working visa with validity period of at least 6 months.
- Passport issued by the Republic of North Macedonia stating the permanent residence address abroad. An abbreviation of the foreign country (for example: SRB, AL, EU, etc.) stated in the travel document is also considered as a permanent residence address abroad.
- Document issued by the Ministry of Foreign Affairs (diplomatic passport).
- Document issued by the United Nations.
- Foreign natural persons holding a refugee ID card or other document issued by the Ministry of Interior for refugee identification where the validity of the document for residence in RSM has been issued for a period shorter than 6 months. These persons do not have a permanent residence document with validity period of 6 months in the Republic of North Macedonia (Documents issued by the Ministry of Interior have data for permanent residence in the Republic of North Macedonia and are usually issued for a validity period of less than 6 months). Should conditions for a status change arise, i.e., these persons meet the requirements for temporary residence in the Republic of North Macedonia based on a valid residence permit, i.e., a working visa with validity period of at least 6 months (including a cumulative period), the Bank shall, in accordance with item 7 of the Decision on the Manner and Conditions for Opening and Maintaining Non-Residents Accounts, change the non-resident status to resident.
*Countries signatories of the Schengen Agreement:
- 25 EU Member States: Austria, Belgium, Bulgaria, Germany, Greece, Denmark, Estonia, Italy, Cyprus, Lithuania, Latvia, Luxembourg, Malta, Poland, Portugal, Romania, Slovenia, Slovakia, Hungary, Finland, France, Netherlands, Czech Republic, Sweden, Spain
- 3 non-EU countries: Iceland, Norway and Switzerland.
Source: Ministry of Foreign Affairs http://www.mfa.gov.mk/
** Countries with which we have bilateral agreements: Serbia, Kosovo, Montenegro and Albania.
REQUIREMENTS FOR WORKING WITH NON-RESIDENTS ACCOUNTS
The non-resident account holder shall submit valid identification documents to the Bank at least once a year or immediately after the expiration of the travel document validity. The bank shall block the non-resident's account in case the non-resident fails to provide the necessary valid identification documents. Blocked accounts allow inflow from other accounts, but cash payment and transactions are not allowed.
The non-resident can open several MKD and FC accounts.
With the FC transaction account, the non-resident can perform the following operations:
- payment for entry of FC cash from abroad upon the non-resident order:
- for less than EUR 10,000 per month, without presentation of documents
- for an amount of EUR 10,000 and more – written confirmation for entry of FC cash issued by the Customs Administration of the Republic of North Macedonia, which has not expired within 5 working days of issue. If the entire amount stated on the Customs Certificate is paid, the original certificate shall be retained, and if the same certificate is used multiple times, the original confirmation shall include the amount paid, and a photocopy of the document shall be retained. The original confirmation is presented at each subsequent payment. Payment is allowed until full payment of the amount stated on the receipt.
- payments of FC cash originating from unspent FC cash previously withdrawn from its accounts in any bank in the Republic of North Macedonia, for a period of three months from the date of withdrawal. For the payment of these funds, the non-resident must submit a written request and a copy of the order for withdrawing the FC cash (Form 1450).
- raising FC cash, without limit.
- transfers at home and abroad, without limit.
With the MKD transaction account, the non-resident can perform the following operations:
- The allowed payment of MKD cash on the non-resident’s account upon written request, without presentation of additional documents, is up to MKD 120,000.00 per month.
- Payment of unspent MKD cash previously withdrawn from its MKD accounts within three months of the date of withdrawal by presenting the Form 1450 and a written request for payment.
- Transfers to the country from / to MKD account, without limit.