Iceland

Bank account

Service specification

Type	Description
Direct to Bank method	Direct credit to bank account in EURO (EUR). Supported beneficiary account type – Individual only. Supported sender type – Individual only.
Transaction Turnaround Time	- Real-time: 24x7 (within 15 minutes). - If the transactions hit under partner screening, it might take maximum 48 hours to completed (Business hours) - If the transaction reaches a compliance check on a non-business day, it will be processed on the next working day. - All transactions are processed via Instant SEPA (real-time), otherwise it will be rerouted to SEPA (T+0) for beneficiary banks that do not support Instant SEPA.
Area availability	Related countries offered under SEPA EURO
Validation / Verification	· No system validation on account available. · The account number is using IBAN account number
Amount received	Beneficiary received net amount as specified by Sender.
Transaction Limit	Maximum per Transaction EUR 999,999.00 Minimum per Transaction EUR 1.00 Compliance accumulated limit EUR 45,000.00 per day per Beneficiary Transaction will be on hold for compliance review based on the supporting document should the sender or receiver has exceeded the compliance limit.
Maximum Beneficiary	No restriction
Service Charge	Transaction Fee will be refunded on best effort basis once the Transaction is accepted by the gloRemit® Service System and submitted by the gloRemit® Service System to the Payout Channel.
Cancellation Process	Cancellation is on best effort basis.
Remarks	· Beneficiary address including Beneficiary City (bRegencyCode), and Beneficiary Postcode (bPostcode) are Mandatory Fields. · Beneficiary address (bAddress) must be the full address registered with the beneficiary bank. . Sender address including Sender City (sCity), and Sender Postcode (sPostcode) are Mandatory Fields. · Sender and Beneficiary DOB are Mandatory Fields · Registers of Participants in SEPA payment and payment related schemes \| European Payments Council: https://www.europeanpaymentscouncil.eu/what-we-do/be-involved/register-participants/registers-participants-sepa-payment-schemes > (please refer SCT Inst and SCT) There are list of industries that might lead the transaction screening: · Pharmacies selling copy products without proper authority approval, incl. e-pharmacies · Pornography industry (dating pages is as such acceptable) · Tobacco industry · Cannabis or other drugs in any form · Weapons in any forms, including dual-use goods. · Atomic power · Extractive industries · Precious metals and stones · Companies selling counterfeit or infringed products · Companies selling, storing or trading in Crypto currencies · Binary Option Traders · Pyramid schemes in any form · Unregulated charities · File sharing companies · Shell banks
Do_Transfer bAccType Value	1

Supported bank

No	Name	Issuer Code
1	SEPA ICELAND PAYOUT	354001

Telegraphic transfer

Service Specification

Type

Description

Direct to bank method

Direct credit to bank accounts in US Dollar (USD) and Euro (EUR).

Supported beneficiary account type – Individual & Business
Supported sender account type – Individual & Business

Transaction turnaround time

*T+1 business days for USD transaction processed and credited before 6pm (Mon-Fri) GMT +8.

*T+1 business days for EUR transaction processed and credited before 6pm (Mon-Fri) GMT +8.

Transaction sent on Saturdays, Sundays or public holidays will be processed on next Icelanders business day.

*Processing time may vary based on the beneficiary bank’s cut-off time.

Area availability

Iceland nationwide

Validation / Verification

No system validation on account available.

Amount received

Beneficiary received net amount as specified by sender.

Transaction limit

Types of limit	Amount
Maximum per transaction	N/A
Compliance accumulated limit per day per beneficiary (USD)	USD 50,000.00
Compliance accumulated limit per day per beneficiary (EUR)	EUR 45,000.00

Maximum beneficiary

No restriction

Service charge

The transaction fee will be refunded on a best-effort basis after the transaction is accepted by the gloRemit® and forwarded to the payout channel.

Cancellation process

Cancellation is on best-effort basis.

Remarks

Beneficiary account currency must be the same with the currency of the transaction (USD or EUR).

Branch code is optional. If included, please enter exactly 3 characters to avoid the transaction being rejected.

Do_Transfer bAccType Value

List of Swift Codes

No	Name	SwiftCode
1	ARCTICA FINANCE HF.	ARNIISR1
2	ARION BANKI HF	ESJAISRE
3	BYR SECURITIES	BYSEISR1
4	CENTRAL BANK OF ICELAND	SISLISRX
5	EIMSKIPAFELAG ISLANDS HF	EIMIISRE
6	FOSSAR MARKADIR HF	FOMRISR1
7	ICELANDIC SECURITIES LTD.	ICSCISR1
8	ISLANDSBANKI HF.	GLITISRE
9	ISLANDSBANKI SECURITIES	VISLISR1
10	ISLANDSPOSTUR HF	ICGIISR1
11	ISLENSKIR FJARFESTAR HF.	ISFJISR1
12	JOKLAR-VERDBREF HF	JOKLISR1
13	KAUPHOLL ISLANDS HF. (NASDAQ ICELAN	XICEISR1
14	KVIKA BANKI HF	VIRDISR1
15	KVIKA BANKI HF	MPBAISRE
16	KVIKA BANKI HF	TIVEISR1
17	KVIKA BANKI HF.	AUCAISR1
18	LANASJODUR SVEITARFELAGA	LASVISR1
19	LANDSBANKINN HF	NBIIISRE
20	MP BANK	MPBAISRE
21	NATIONAL REGISTRY OF ICELAND	NARIISR1
22	OSSUR HF	OSSRISR1
23	OSSUR HF.	OSSRISRR
24	RAPYD EUROPE HF	VATOISRE
25	REYKJAVIK CAPITAL HF	NOVEISR1
26	SEDLABANKI ISLANDS	SISLISRE
27	SPARISJODUR AUSTURLANDS HF.	SPUAISR2
28	SPARISJODUR AUSTURLANDS HF.	SPAUISAE
29	SPARISJODUR HOFDHVERFINGA SES	SPDSISR2
30	SPARISJODUR STRANDAMANNA SES.	SSRSISR2
31	SPARISJODUR SUDUR-THINGEYINGA SES.	SPYEISR2
32	SPARISJOOURINN I KEFLAVIK	SPKFISR1
33	T PLUS	TPLSISR1
34	TEYA ICELAND HF.	BORGISRE
35	TEYA ICELAND HF.	SLTPISRE
36	TEYA ICELAND HF.	TEYAISR2
37	VERDBREFAMIDSTOD ISLANDS HF.	VEIAISR2