International payments and trade

View towards Bjørvika in Oslo at sunset. Photo

How to do it

Remember to include the IBAN and the partner bank’s own BIC on invoices sent abroad. Outside of Europe, it should also be stated that the payment should be sent via DNB (DNBANOKK). If the payer asks for more information, the SSI information can be given.

In these cases, it’s sufficient to provide the BIC to DNB’s account-holding bank for the currency in question. The account number need only be given when specifically requested.

Payments to and from foreign countries must include details of the account number, name and address of the sender. Individual countries may have special requirements regarding what the amount is for or there may be sanctions against the country or the specified customers. It’s important that customers comply with the rules and legislation that apply in the different countries.

DNB points out that foreign banks may have different routines when it comes to currencies that can be forwarded where the sender is a payment company or their agents. Payments in individual currencies from payment companies or their agents therefore risk being stopped or rejected. See our relevant currency types.

In terms of sanctions, see the page on AML and sanctions

Useful links

Submission deadlines, valuation and delivery times
Deadlinesand valuation for incomingpayments
Current currency rates
Standard settlements instructions (SSI)

Currency hedging

Foreign exchange forwards via DNB Markets for the partner bank's end customers.

• Currency forwards is initially covered by the MIFID and EMIR requirements. This means that the end customers in partner banks must be onboarded in DNB and the transactions must be reported in accordance with MIFID and EMIR regulations. Overall, this work is extensive and cost-intensive for DNB. This may therefore be charged to the end customer in addition to the currency hedging costs. Earnings for these individual transactions are usually limited because the hedging period is normally relatively short for the foreign exchange term and the transaction amount is often limited in volume. Such a cost burden can also be defended as good product advice to the end customer from DNB. DNB Markets will therefore not offer this product in this context.

Exceptions: However, it will be possible to carry out currency hedging for the end customers in the partner banks when this can be linked directly to a future commercial cash flow with the end customer. In this case, the product will not be classified as a financial product but as a payment broker. This will not be covered by MIFID reporting requirements or by EMIR requirements. The requirement for documentation is that the end customer must enter into a «Article 10» contract with their bank («partnerbanken»), which will be satisfactory in order to confirm that there is a commercial obligation behind the currency instalment. This contract is the partner bank alone that must obtain for its customer and store in its file. DNB Markets assumes that this is done and is not responsible for this documentation. Attached is an example of an article 10 agreement that can be used by the partner bank and the partner bank’s customer.

In addition, DNB Markets has a specific requirement defined for the amount of these transactions. The transaction must at least equal the equivalent value of NOK 1,500,000.

It is presumed that the relevant partner bank has established a «┘ agreement» (Clearing Setlement Agreement/marginisation agreement) with DNB.

Currency cheques

The use of currency cheques should be avoided. Both the individual bank’s customers and their business associates should be recommended to use transfer services as much as possible.

Outgoing currency check is phased based on January 1, 2021. Incoming currency checks are phased out on 1 October 2021.

If the individual bank's customers receive cheques from abroad, the cheque can be collected for debt collection until 30 September 2021. The individual bank will not receive a settlement for the check until DNB receives the settlement from the selected bank.

SEPA

SEPA (Single Euro Payments Area) involves common rules for payments in euros within the EU, Norway, Iceland, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and the Vatican.

A SEPA payment is based on use of the international account number IBAN. In practice this means that you must use the IBAN if you’re going to make a SEPA payment in a euro country.

See a list of countries with IBANs

International trade

Trade Finance and International Guarantees offered in DNB under the framework agreement with partner banks

Partner banks can use DNB’s expertise and network when securing international trade for their customers.

For new customer transactions, the standard DNB questionnaire is used, which can be found under the respective product areas.

See product areas

Procedures

International guarantees

The customer submits an application via the partner bank, which forwards the application with the guarantee text and counter-guarantee to int.guarantees@dnb.no

Commission document (PDF, Norwegian) (PDF, Norwegian)Open the file in a new tab

The applications and attachments are best sent via the payment solution in the corporate online bank by people who have a predefined authorisation to order guarantees. Commission is paid by the partner bank which invoices their customer in turn.

Advisory services

Import Letter of Credit

The customer fills in the questionnaire (DNB form) and sends it to the client manager at the partner bank.

Internal commission document (PDF, Norwegian) (PDF, Norwegian)Open the file in a new tab

The client manager at the partner bank processes and forwards the application form (DNB form) and agreement form (internal) to tradefinance@dnb.no

The letter of credit will be issued under the partner bank’s framework in DNB Bank ASA.

Export Letter of Credit

Import collection

DNB receives documents from the foreign bank.

The task is registered (against the customer) with Trade Finance at DNB and information (alert) is sent directly to the customer.

The customer sends the debit authorisation to, and informs, the client manager at the partner bank (balance check) who forwards this to collections@dnb.no.

Upon receipt of the debit authorisation, DNB charges the joint account with the partner bank.

Export collection

	Service standard
Issuing international guarantees	One day rush commission, second commission within three days
Management of international guarantees, processing of requests	One day rush commission, second commission within three days
Advice of export letter of credit	Commissions received before 13:00 are processed before the end of the next working day
Settlement of export letter of credit	Commissions received before 13:00 are processed within three subsequent working days
Opening of import letter of credit	Commissions received before 13:00 are processed before the end of the next working day
Settlement of import letter of credit	Commissions received before 13:00 are processed within three subsequent working days
Payment documentary collectionsRegistrations	Import collections: Registration no later than the end of the third working day after receipt
Processing documentary collectionSettlements	Import collections: Settlement by the end of the next working day
Supply Chain Finance	Commissions received before 13:00 are processed before the end of the next working day
Change to export letter of credit	Commissions received before 13:00 are processed before the end of the next working day
Change to import letter of credit	Commissions received before 13:00 are processed before the end of the next working day

Contact our specialist departments

International guarantees
Email: int.guarantees@dnb.no

Import and export letters of credit, trade finance
Email: tradefinance@dnb.no

Import and export collections
Email: collections@dnb.no