International payment operations

Retail FX accounts

Individuals – residents and nonresidents can open FX accounts

Opening retail FX accounts – residents:

Residents are individuals with permanent residence in the Republic of Macedonia or persons with temporary residence in the Republic of Macedonia based on a valid residence permit, or work visa valid for not less than 6 months.

To open a FX account, individuals – residents have to possess a valid ID card or a travel document and present them at the Bank’s counter desks.

Application Form for registration of a client – individual.

The Bank opens a transaction account to the account holder provided he/shesatisfies the following requirements: 

  • submits Application Form for opening an account 
  • completes Application Form for identification/update of a client – individual
  • completes Attachment 1 FATCA Questionnaire for clients – individuals 
  • submits documentation to ensure identification of the account holder, representative and persons authorized to manage the funds on the account taking into consideration the regulations including provision of the Law on Money Laundering Prevention and
  • submits all necessary data and other documentation pursuant to the applicable regulations and possibly other documentation requested by the Bank.

The documentation required for opening an account is to be presented in original or photocopy verified by an authorized person (Notary Public), while the Bank mandatory retains a photocopy of the documentation presented.

    The Bank, after receiving the Application Form for opening an account and fully completed documentation, concludes Transaction Account Agreement and opens the account or rejects the Application.

    Opening retail FX accounts – nonresidents

    Foreign individuals residing in the Republic of Macedonia may open an account in Stopanska banka a.d. Bitola at the Bank’s counter desks in a number of cities throughout Macedonia.

    A client, foreign individual – nonresident is identified by submitting the following documents:

    • valid identification document such as travel document, original or a notarized copy or verified by a competent institution in the domicile country;
    • valid ID card if the person comes from EU Member State or from a country with which Republic of Macedonia has concluded bilateral agreement for cross-border travel of nationals of both countries (Serbia, Albania and Montenegro).

    In case where the presented identification document fails to include any necessary data, the Bank may request another public document or the client’s notarized statement of the requested data and accuracy.

      The Bank opens an FX account to a nonresident, if he/she satisfies the following requirements:

      • Application Form submitted for opening an account;
      • Completed Application Form for identification/update of a client – individual;
      • completed Attachment 1 FATCA Questionnaire for clients – individuals;
      • submitted documentation to ensure identification of the account holder, representative and persons authorized to manage the funds on the account taking into consideration the regulations including provision of the Law on Money Laundering Prevention; and
      • submitted all necessary data and other documentation pursuant to the applicable regulations and possibly other documentation requested by the Bank.
      • submitted Statement of Knowledge of the Regulations of Republic of Macedonia under which the client has identified the status of nonresident in the Bank

      The Bank, after receiving the Application Form for opening an account and fully completed documentation, concludes FX Account Agreement and opens the account to the nonresident or rejects the Application.

      The account may be managed by the person who has opened the account or by a person authorized by the him/her who has deposited a signature. 

      A person authorized to handle accounts of nonresident – individuals is identified by own valid identification document adequate to the client’s status and written authorization signed by the account owner, original or notarized copy/ verified by competent institution in the domicile country.  

      Retail foreign currency inflows

      To receive funds from a foreign country, the sender must provide following information:

      1. Name and surname
      2. Address
      3. Account or IBAN number (you can obtain IBAN number on the Bank counter desk)
      4. Name of our bank: STOPANSKA BANKA a.d. BITOLA
      5. Our address: Dobrivoje Radosavljevik 21
      6. Our SWIFT Code: STBBMK22.

      You can obtain instructions on foreign currency inflows at the counter desks of the Bank in any branch in the country.

      1. Domestic individual – resident 

      An individual, national of the Republic of Macedonia – resident can receive unlimited amount of funds from a foreign country by another individual, national of a foreign country – nonresident.

      An individual, national of the Republic of Macedonia – resident may receive funds from his/her account in a foreign country in compliance with the Decision on the manner and conditions under which residents that are not authorized banks may open and possess accounts in a foreign country, and it’s amendments.

       An individual, national of the Republic of Macedonia – resident can receive funds from a foreign country by a legal entity with office in a foreign country – nonresident, an unlimited amount for which he/she must provide to the Bank information as a basis of the inflow.

      Subordinate to the information provided by the client, the Bank, according to the law, may request a valid document basis for the payment, particularly if the inflow falls under the group of capital transfers.

      Payment user has to, within 5 banking days of the date of receipt of the notification by the Bank, submit all necessary data for approval of the funds on his/her account.

      2. Foreign individual – nonresident 

      An foreign individual – nonresident may receive unlimited amount of funds from abroad.

      When paying foreign currency assets exceeding EUR 10,000, the client – nonresident also submits written receipt of the foreign currency assets issued by the Customs Office of RM.

      Retail foreign currency outflows

      The following data are required for remittance of foreign currency assets:

      1. Name of the person or company – payment user
      2. Address
      3. Account or IBAN number 
      4. Name of the Bank where the user has an account
      5. Bank or branch address
      6. Branch office number, i.e. Sort Cod, ABA number or BLZ (if possible)
      7. SWIFT Code of the Bank  (the use of SWIFT is mandatory)

      An individual, national of the Republic of Macedonia – resident can transfer funds in a foreign country to another individual – national of a foreign country – nonresident to a maximum amount of EUR 2,500 monthly

      An individual, national of the Republic of Macedonia – resident can transfer funds in a foreign country to a legal entity with office in a foreign country – nonresident, an unlimited amount for which he/she must submit to the Bank a valid document as a basis of payment: invoice, pro-forma invoice, agreement or other.

      Transfers to domestic individuals in a foreign country – residents, relating to family living expenses (stay abroad for educational purposes, medical treatments and other costs) as well as personal transfers of funds in counter value up to EUR 2,500 monthly, even without presenting adequate documents, information is sufficient. For transfer over EUR 2,500, it is mandatory to submit a document basis of payment.

      For transfer from an individual – resident on own account in a foreign country, the provisions of the Decision on the manner and conditions under which residents that are not authorized banks may open and possess accounts in a foreign country, and it’s amendments shall apply.

      The Bank is obliged to realize the payment order 1450 on the date of the currency and not later than the third day of acceptance of order, unless otherwise agreed with the ordering party.

      Foreign individuals – nonresidents may receive unlimited amount of transferred funds abroad and withdraw unlimited foreign currency funds.

      Fees and commissions for fx inflows of domestic and foreign individuals

      FEES AND COMMISSIONS FOR DOMESTIC INDIVIDUALS



      Opening FX savings deposit and issue of a savings book Savings book or account
      Commission free, min deposit in counter value of MKD 1,000.00
      Payment in favor of transaction account or FX savings deposit in cheques, letters of credit, remittances and other payment instruments 

      up to EUR 30.00


      over EUR 30.00

      Commission free


      Fixed MKD 120.00 real costs
      Payment in favor of transaction account or cash FX savings deposit and remittance with OUR indication  Commission free
      Inflows from another domestic bank Commission calculated by the domestic bank
      Return of undistributed FX inflow requested by a foreign, domestic bank EUR 15.00 of the inflow
      Return of undistributed FX inflow requested by a client EUR 15.00 of the inflow

      Making transfer abroad from FX account if the costs are deducted from the transaction (SHARED) 

      MKD counter value

      0.30%, min MKD 600.00

      Making transaction abroad from FX account if the foreign costs are paid immediately (OUR) 

      • transfer up to EUR 2,500
      • transfer from EUR 2,501-5,000
      • transfer from EUR 5,001-10,000
      • transfer from EUR 10,001-100,000
      • transfer over EUR 100,001

      MKD counter value

      • EUR 20.00
      • EUR 30.00
      • 0.60%, min EUR 40.00
      • 0.40%, min EUR 60.00
      • 0.30%, min EUR 300.00

      Transfers in the country

      MKD counter value

      0.30%, min MKD 600.00

      Transfers in the country on own account in another bank

      MKD counter value

      0.30%, min MKD 600.00, max MKD 3,000

      Transfers based on standing order

      MKD counter value

      1%, min MKD 600.00

      Payment from FX savings deposit – account, if the inflow originates from remittance or cheque 



      MKD


      Commission free

      Assets 

      MKD counter value

      • 0.5% of the inflow,
      • if the inflow is deposited as term deposit or deposited in the Bank at least 15 days. Or is used for payment of remittance abroad, 1% rate is not charged
      FEES AND COMMISSIONS FOR FOREIGN INDIVIDUALS
      1 Opening FX savings deposit and issue of a savings book Savings book or account Commission free
      2 Payment in favor of transaction account or FX savings deposit in cheques, letters of credit, remittances and other payment instruments  up to EUR 30.00 Commission free
      up to EUR 30.00 Fixed EUR 2.00 real costs
      2.1.1. Payment in favor of transaction account or cash FX savings deposit and remittance with OUR indication    Commission free
      2.1.2. Inflows from another domestic bank   Commission calculated by the domestic bank 
      2.1.3. Return of undistributed FX inflow requested by a foreign, domestic bank    EUR 15.00 of the inflow
      2.1.4. Return of undistributed FX inflow requested by a client    EUR 15.00 of the inflow
      3 Payment from FX savings deposit-account in:    
      3.1. - cash MKD counter value 1%
        - cheques
        - letters of credit and other payment instruments
      3.2. Transfers from FX account if the costs are deducted from the transfer (SHARED)   MKD counter value 0,3%, min MKD 600.00
      3.2.1. MKD payments from account up to MKD 100,000.00    
        -Internally Order  MKD 30,00
        -via KIBS Order  MKD 50,00
        -via MIPS up to 12:00 pm Order  MKD 110.00
        -via MIPS after 12:00 pm Order  MKD 200.00
      3.2.2. MKD payments from account over MKD 100,000.00 Remittance amount  0,15%, min MKD 300,00
      3.3. Making transaction abroad from FX account if the foreign costs are paid immediately (OUR): MKD counter value  
       

      transfer up to EUR 2,500

      transfer from EUR 2,501-5,000

      transfer from EUR 5,001-10,000

      transfer from 10,001-100,000

      transfer over EUR 100,001

        EUR 20
      EUR 30
      0,60% min EUR 40
      0,40% min EUR 60 
      0,30% min EUR 300
      3.3.1. Modification of instructions and urgencies  Request  EUR 10.00 + real costs of the foreign bank
      3.3.2. Return of undistributed FX inflow requested by a client   EUR 15.00 of the inflow
      3.3.3. Modification of instructions and urgencies Request  EUR 20.00 + MKD counter value + real costs of the foreign bank
      3.4. Transfers based on standing order MKD counter value 1%, min MKD 600.00 
      4 Currency conversion in case of payment from FX  MKD counter value of the paid currency 1%, other than in cases where the Bank itself offers commission-free conversion

      FEES AND COMMISSIONS FOR PURCHASE OF FX CHEQUES



      Purchase of traveler’s cheques

      Instrument (cheque)

      MKD 500.00

      Purchase of fx cheques



      • up to EUR 49.99 or other currency in equal proportion 

      Instrument (cheque)

      MKD 300.00

      • from EUR 50.00-999.99 or other currency in equal proportion 

      Instrument (cheque)

      MKD 500.00

      • over EUR 1,000.00 or other currency in equal proportion 

      Instrument (cheque)

      MKD 1200.00

      • cheques issued in USD 

      Instrument (cheque)

      1.0%, min MKD 1,000.00 + MKD 1,000.00

      Takeover of payment cheques and other securities from individuals on incaso (collection)

      Cheque

      1.5%, min MKD 2,000 when receiving the cheque