European euro (EUR) from United Arab Emirates to Belgium

Overview

The payment processing of this currency is considered to be standardized.

Today, all transactions in EUR between 2 countries with EUR as domestic currency must respect the SEPA regulation (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Slovenia, Slovakia, Spain and The Netherlands). As from November 2016, all transactions in EUR between 2 countries within the SEPA Area (see Appendix VII) must also respect the SEPA regulation. Payment transactions processed and settled through large-value payment systems, regardless of the amount, remain out of scope of the SEPA regulation.

Public holidays in Belgium (*)

  • January 1st, 2024
  • March 29th, 2024
  • April 1st, 2024
  • May 1st, 2024
  • December 25th, 2024
  • December 26th, 2024

Weekend in Belgium (*)

  • Saturday - Sunday

Additional information

• Available charge option: OUR/SHA/BEN

• In principle, for payments subject to the Payment Services Directive (PSD) and without currency conversion, only shared charges are allowed.
• More information about the Euro zone:
http://europa.eu/about-eu/basic-information/money/euro/
• European Central Bank: https://www.ecb.europa.eu/home/html/index.en.html

Guidelines

Data Specification Description Format Mandatory / recommended Example MT101 *
BIC Code of the Beneficiary Bank SWIFT BIC Code The BIC is used for addressing messages, routing business transactions and identifying business parties. 8 or 11 digits Mandatory :57A://GEBABEBBXXX
Beneficiary Account Number IBAN Account An IBAN, or international bank account number, is a standard international numbering system developed to identify an overseas bank account. The number starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters. IBAN (16 characters) Mandatory :59:BE05210023359975
Beneficiary Name Beneficiary's full legal name The full legal beneficiary name needs to be written out in full, without initials, abbreviations or acronyms. Free text Mandatory :59:Mr Jon Appelseed
Beneficiary Address Beneficiary's physical full address A full address consists of a street number, street name, city, postal code, province and country name. PO Box should not be used unless it is in conjunction with the street address. Free text Recommended :59:Beneficiary address
Payment Purpose Detailed purpose of payment A clear reason / purpose of payment consists of a full written description (in English) of the nature of payment and needs to be provided in the remittance information. For example, providing an invoice number without guiding text is considered as insufficient and can result in errors or delays. Free message Recommended :70:Payment of travel expenses – invoice n° 123456789
Payment Purpose Purpose of payment code The purpose of payment code consists of a 3 character code (see Appendix XI). This code needs to be populated on the first line of the regulatory reporting field of the payment instruction.
• For cross-border transactions outbound from UAE: /ORDERRES/AE//purpose code
• For cross-border transactions inbound to UAE or transiting through UAE: /BENEFRES/AE//purpose code
Remark: for payments made from accounts held within BNPP France, or in case the purpose code cannot be specified in the regulatory reporting field, the code needs to be indicated on the first line of the remittance information of the payment instruction.		 3 digits Mandatory :77B:/ORDERRES/AE//COM

For additional information concerning the MT101 Format Specifications, please consult Knowledge Centre (swift.com)