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Transaction accounts

Transaction accounts

Features

  • Transaction account in MKD and foreign currency (FC)
  • Client category: natural persons, resident and non-resident
  • Currency: MKD; EUR; USD; CHF; AUD; CAD; GBP; DKK; JPY; NOK and SEK

Benefits

  • Possibility for unlimited payments / disbursements in all branches of SB
  • Multiple currency option
  • Ability to pay your regular monthly expenses with a standing order
  • Possibility for overdraft
  • Payment with VISA / MasterCard debit card in the trading network and the ATMs in North Macedonia and worldwide
  • Safe, stable bank and trustworthy bank
  • Status insight through alternative channels

Right to opening

  • All adult citizens have the right to open a transaction account.

Required documents

  • When opening an account, the client encloses a valid identification document (ID card or passport)
  • After opening the account, the client receives:
  • Transaction account agreement
  • Transaction account card

Standing order

  • The holder of the transaction account may set up a standing order for making payments on his/her behalf in the amount of the funds available on his/her transaction account for certain amounts of costs. The standing order may be used for payment regular household costs, repayment of loans approved by Stopanska Banka AD – Skopje, etc.

Authorization

  • The transaction account holder may issue authorization to another adult person to use the funds on his/her transaction account. The authorization may be issued at the moment of opening the transaction account or additionally at any time.
  • The authorization is valid until the account is closed or until the authorisation is cancelled by the account holder.

Overdraft

  • Upon request of the client, the Bank provides conclusion of agreement on using an allowed overdraft in the amount determined for allowed overdraft. An amount of MKD 200 is one-off charged for overdraft renewal.
  • Duration of allowed overdraft – up to 12 (twelve) months

Interest

  • Positive interest on positive account balance
  • Negative interest on allowed overdraft
  • Legal default interest when the allowed overdraft is exceeded 

The interest is calculated from the payment date to the disbursement date by applying the interest rate adopted with a decision of SB. The interest rate is annual and floating. The interest is calculated on a monthly basis.

Transaction account fee

  • Fee on debit transaction initiated by the client – MKD 2.00 (a minimum of MKD 20.00 per month or a maximum of MKD 30.00 per month)
  • The fee is charged on monthly basis.

Confidentiality

  • The transaction account data are the Bank’s business secret.

Disclosure of transaction account data

  • Documents and information about clients, accounts and account transactions may be disclosed in the following cases:
    • If the law prescribes disclosure of information
    • If the client issued written consent to SB for data disclosure
    • Upon written request of a competent court for conducting proceedings within its jurisdiction
    • For the needs of the National Bank of the Republic of North Macedonia or other supervisory body authorized by law
    • Upon written request of the Public Revenue Office for conducting proceedings within its jurisdiction
    • If the data are disclosed to the Office for Money Laundering Prevention and Financing Terrorism, in accordance with the law
    • If the data are disclosed to the Financial Police Office, in accordance with the law
    • Upon written request of the State Foreign Exchange Inspectorate 
    • Upon written request of the Deposit Insurance Fund, in accordance with the law
    • If data are disclosed for the needs of the NBRSM Credit Register
    • If data are disclosed to an authorized enforcement officer after prior submitted written request to SB in an appropriate form (Form 6) prescribed by the Rulebook on the form, order content, conclusions, minutes, requests, official notes and other acts, prepared by the enforcement officer when taking enforcement actions.

Statement of transaction account balance

  • Information on the transaction account balance and its changes may be obtained:
    • at any SB bank teller desk in the Republic of North Macedonia
    • on the Internet though the i-bank services of the Bank.

Non-resident accounts

NON-RESIDENT IDENTIFICATION

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:

  1. 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).

  1. Passports issued by the Republic of North Macedonia with a residence permit or working visa with validity period of at least 6 months.
  2. 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.
  3. Document issued by the Ministry of Foreign Affairs (diplomatic passport).
  4. Document issued by the United Nations.
  5. 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:

  1. 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).
  1. raising FC cash, without limit.
  2. transfers at home and abroad, without limit.

With the MKD transaction account, the non-resident can perform the following operations:

  1. 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.
  2. 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.
  3. Transfers to the country from / to MKD account, without limit.
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