General conditions

To abroad

Receipt of payment orders

The payment order is as a rule effected on the day of receipt in the bank. If the payment order is received on a day when the bank is closed or at the end of a business day, the order is regarded as received on the next business day. Payments which are rejected by the bank are not regarded as received. Advice of rejection is sent the customer as soon as possible. If the customer has our Internet Banking interface, the advice of rejection will be sent through the Internet Bank.

When will the money be received by the beneficiary? 

Within the EEA-countries (European Econimic Area) Normal priority:

Amounts in EUR shall be received by the beneficiary’s bank within the second business day after the payment is effected. As a rule it is expected that the beneficiary’s bank shall credit the beneficiary’s account on the same day. For amounts in other currencies the main rule is the same, but with possibility for the banks involved to use up to four days. 

Other countries

Normal priority:
The beneficiary’s account shall be credited within the eighth bank day after receipt of the payment order. However, we take reservations about circumstances in some countries or banks which may result in a delay. You may contact our bank if you have any questions.

Paper based payment orders may take one business day extra.

From abroad

Norwegian Kroner and EUR from EU/EEA will be credited on the same day as Sparebanken Vest receives settlement for the payment. 

Other payments will be credited on the business day after Sparebanken Vest has received settlement.

Charges

Charges are in accordance with our current price list. All prices are subject to changes. The charges in intermediary banks and in the beneficiary’s bank are not paid by Sparebanken Vest. Please contact Sparebanken Vest for more information.

The ordering customer is requested to instruct which party shall pay the charges. Sparebanken Vest follows the rule that, if the payment order does not mention which party shall pay, the charges in Norway will be paid by the ordering customer and the charges abroad will be paid by the beneficiary (shared).

For payments to EU/EEA and Switzerland, it is mandatory with shared charges for EUR, other EU- and EEA-currencies and CHF. Sparebanken Vest will therefore make such payments with shared charges regardless of the customer’s instructions.

By regulation the beneficiary’s bank will receive the amount in full, but it is possible for the beneficiary’s bank to charge their respective customers. Sparebanken Vest reserves the right to debit the ordering customer for additional expenses, if any, resulting from errors or missing information in the payment order.

Rate of exchange

If not otherwise agreed, the currency amount will be exchanged in accordance with the rate on the day the payment order is effected by Sparebanken Vest. In connection with larger amounts, we recommend that the rate of exchange be agreed when the payment is handed over to Sparebanken Vest.

The payment method 

If the ordering customer does not request a particular payment method, Sparebanken Vest will chose the appropriate way based on security, speed and price.

Responsibility 

When Sparebanken Vest is the bank of the ordering customer, the ordering customer can claim from the bank compensation for lost interest upon delays, provided the delay is not due to incorrect information etc. which is the responsibility of the ordering customer.

Compensation can be claimed from the day the delay is apparent and until the day the amount is received by the beneficiary’s bank. Compensation can also be claimed for other documented direct losses (exchange rate, collection expenses etc.) which the payer or the beneficiary has suffered due to the delay.

The bank is only responsible for indirect losses if this is due to major negligence or deliberate action. The ordering customer can claim the remittance amount at his/her disposal within 14 days after the claim has been put forward.

• No error or neglect in the instructions of the ordering customer or
• An intermediary institution, chosen by the payer or the beneficiary bank, has not effected the payment order.
  For a consumer, the compensation is limited to EUR 12 500. 

When Sparebanken Vest is the beneficiary’s bank, the beneficiary can claim compensation for lost interest from the bank, provided the beneficiary is not responsible for the delay.

Compensation can also be claimed for other documented direct losses (exchange rate, collection expenses etc.) which the payer or the beneficiary has suffered due to the delay.

If the amount has not been received by Sparebanken Vest because an intermediary bank (other than the ordering bank) has not effected the payment order, and Sparebanken Vest has chosen this bank, the beneficiary can claim the remittance amount at his/her disposal. For indirect losses, the bank is only responsible provided major negligence or deliberate action from the bank.

Privacy

When making cross border payments, necessary private information will be available for foreign banks or their agents for instance SWIFT. The rules relevant for the foreign banks or their agents will apply and decide to which extent the information will be reported to their national authorities or other parties.

The reporting may for instance be in accordance with the foreign country’s tax-laws and other legislation aiming at protecting vital national interests such as combating money laundering and terror financing. Authorities in the USA have access to information from SWIFT-traffic through the SWIFT production centre in the USA.

Force Majeure 

These conditions do not apply if the payment order can not be effected due to obstacles outside the control of the institution. Rules in connection with Force Majeure-situtations will then apply. 

Complaints may be sent to:

Sparebanken Vest 
Capital Markets 
Postboks 7999 
5020 BERGEN

or to 

BANKKLAGENEMNDA 
(The Complaints Board for Consumers in Banking, Finance and Mutual Fund matters) 
Postboks 6855 St.Olavs plass 
0130 OSLO
NORWAY