European euro (EUR) from India 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, country code 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 |
For additional information concerning the MT101 Format Specifications, please consult Knowledge Centre (swift.com)
Data | Specification | Description | Format | Mandatory / recommended | Example Pain 001 |
---|---|---|---|---|---|
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 | <CDTRAGT> <FININSTNID> <BIC>GEBABEBBXXX</BIC> </FININSTNID> </CDTRAGT> |
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 | <CDTRACCT> <ID> <IBAN>BE05210023359975</IBAN> </ID> </CDTRACCT> |
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 | <CDTR> <NM>Mr Jon Appelseed</NM> </CDTR> |
Beneficiary Address | Beneficiary's physical full address | A full address consists of a street number, street name, city, postal code, province, country code and country name. PO Box should not be used unless it is in conjunction with the street address. | Free text | Recommended | <CDTR> <PSTLADR> <ADRLINE>Beneficiary address</ADRLINE> </PSTLADR> </CDTR> |
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 | <RMTINF> <USTRD>Payment of travel expenses – invoice n° 123456789</USTRD> </RMTINF> |