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Terms and Conditions for International Payments in Lunar Bank

Effective from 20th October 2020

1. General

1.1 Types of Accounts That Can Be Used

These prices and terms apply to all types of accounts when you need to:

  • receive money from abroad
  • receive money in a currency other than DKK in Denmark.

For private customers, Lunar’s General terms and conditions for private customers and Terms for private payment accounts, apply.

1.2 IBAN

An International Bank Account Number (IBAN) is an international code for all existing account numbers. An IBAN provides greater assurance that transfers will be sent as quickly as possible through banking systems. An IBAN contains both the recipient's account number and the bank in which the account is held. The combination of the account number and bank is unique. IBAN is becoming more and more prevalent and is currently used in more than 100 countries.

The sender must enter the recipient's account number in the form of an IBAN. If an IBAN is not listed or is not correct, the payment is likely to be rejected by the recipient's bank connection, and the rejection will be followed up with demands for a fee from the foreign bank connection.

1.3 BIC

BIC is an abbreviation of Bank Identifier Code, which is an international standard used for identifying a bank. Lunar Bank's BIC code can be found in the Lunar App under "Details" for the relevant account.

1.4 SWIFT

SWIFT is short for Society for Worldwide Interbank Financial Telecommunication. SWIFT is a data network that exchanges payment data between more than 10,000 financial companies.

1.5 Requirements by the United States’ Authorities

When transferring money abroad, be aware that information may be passed on to the US authorities. According to US law, SWIFT must disclose the information if it suspects financing of crime or terrorism.

1.6 Costs

Lunar's price list for transfers from abroad can be found on Lunar's website. If the recipient of the amount has undertaken to bear all costs, you will receive the full amount sent without deduction of any fee.

1.7 Consent to the Processing of Personal Data

By accepting these terms, you also consent to your personal data being used for transfers from abroad.

Your personal data will only be collected and processed in connection with the execution or correction of transfers to and from abroad.

For example, the personal data collected may be the name, address, and account number.

As an example, in the case of transfers from abroad, the financial institution must disclose information about the sender's name and account number to both the recipient of the amount and the financial institutions involved.

You can withdraw your consent at any time, but then you will not be able to transfer money to and from abroad.

2. Transfers From Abroad

2.1 Information for the Customer

The following information should be shared with the sender:

  • Bank connection: Lunar Bank, Kystvejen 2, 8000 Aarhus C
  • SWIFT/BIC code
  • Your IBAN account number for each account you wish to receive money into
  • Your address as registered with Lunar Bank

2.2 Exchange Rates, Denomination, and Costs

Transfers received before 14:00 are processed at the exchange rate of the day. Transfers received after 13:00 may be settled at the next day's exchange rate, unless otherwise agreed. The basis for a given day's exchange rate is the supplier's information rate with a deduction of. Please refer to section 2.3.

Transfers from abroad shall be deposited into the account indicated on the payment instruction.

If there is no account number listed or the account number is incorrect or obsolete, attempts will be made to deposit the amount into another one of your accounts. Otherwise, the amount will be returned. Additional charges are charged for this manual processing. If the recipient has moved to another financial institution, the received amount will be returned to the sender with the message that the customer has moved.

As a general rule, for payments received from EU countries in EU currencies, the amount is deposited into the recipient's account using the exchange rate for the denomination on the same day as the amount is made available to us.

For other payments, the amount will be deposited into the recipient's account using the exchange rate for the denomination one business day after the day of the processing, but no earlier than one business day after the amount has been made available to us.

If you do not receive a payment from the foreign bank, the right to return the amount from your account is reserved.

Costs shown in Lunar's price list shall be calculated against the recipient unless the sending financial institution has instructed otherwise. Used exchange rate, denomination, our costs, and any costs deducted from the transferring and/or intermediary financial institution are shown in the settlement note.

2.3 Exchange Rate

The European Central Bank ECB, and by extension the National Bank of Denmark, has decided as of 01.07.2016 that it shall no longer be permitted to use the central banks' information rates as a basis for settling currency-based transactions. Therefore, from this date, Lunar uses information rates from a well-known supplier as a basis for calculating the bank's daily buying and selling prices.

Transfers received before 13:00, if nothing else has been agreed, will be settled at the exchange rate on the day on which the payment is made and where a currency exchange will take place. The conversion will be settled based on the supplier's information rate with a deduction, as stated in Lunar's price list.

3. Currency Exchange

Transfers received in currencies other than the currency in which the account is held will automatically be exchanged to the currency in which the account is held unless we have agreed otherwise.

4. Anti-Money Laundering Related to Transfers From Abroad

Lunar offers transfers from a number of countries in accordance with the bank's risk appetite in this area. Therefore, Lunar reserves the right to refuse payments from countries deemed to be outside Lunar’s risk appetite. The list of countries from which Lunar allows incoming transfers can be viewed here.

4.1 Check of Money Transfers

Lunar, Lunar's correspondent bank connections, and other banks in the payment chain all check all incoming payments against relevant terrorist and sanctions lists. This check may result in a payment being delayed, stopped, or possibly frozen. Please note that all transfers will be processed in accordance with the Danish Anti-Money Laundering Act. Thus, Lunar reserves the right, cf. the applicable legal requirements, to contact customers for the uncovering of purpose and origin if needed, and to return transfers if the customer cannot explain the purpose of the transfer. Lunar is not responsible for any losses that may occur in this regard.

4.2 Processing of Personal Data

When you receive money from abroad, it is clearly stated that Lunar, as well as SWIFT, may be required under United States’ law to disclose information about transfers and parties thereto to the US authorities in case of suspicion of financing of crime or terrorism.

Lunar Bank A/S, Hack Kampmanns Plads 10 DK-8000 Aarhus C, CVR nr. 39697696