As a prerequisite of each transfer the bank must hold valid due diligence documents of its clients: a copy of a valid passport or ID for private customers and a Certificate of Good Standing (COGS) or similar for corporations. Please note that a Certificate of Good Standing is valid for a year, therefore corporations must submit a copy of the COGS annually.
All inward or outward transfers of any amount, from and to any destination, may be subject to prior review by our Compliance Department. If your transfer is reviewed we may have to hold it pending until the completion of the review. We will do this in a timely manner however we may have to ask for your assistance in providing further information or documentation indicating the exact purpose of the payment: the Bank reserves the right to request additional documentation for transfers of any amount as we are legally obliged by the laws of our jurisdiction to hold this information in our files.
Inward transfers guidance and required documents
Loyal Bank is a full member of the SWIFT Network and our SWIFT is LOYAVCVX however the routing instructions we send may contain alternative routes which may have a different SWIFT. The Bank accepts only funding of client accounts by electronic / SWIFT transfer via its confirmed intermediary partner institutions and we supply a personalised routing instruction to each client of the bank. We are not able to accept funding of our client accounts by any of the following methods:
- Any form of E-wallet transfer such as PayPal
- Bitcoin or any other form of cyber currency
- Cash or banknotes in any currency or in any amount
- Cheques in any currency or amount
- Credit or Debit card
- Cyber gold or other electronic means of precious metal transfer
The documents required are:
- Declaration of Source of Funds for incoming transfer (DSF) form
- Supporting documentation of the transfer (invoices signed and stamped by the company or individual issuing the documentation, agreement or other official documents between the sender and the receiver of funds)
- A copy of wire instruction form at the sender’s bank (form filled out by you or your business partner when initiating a transfer from the sender bank) if requested by us
Please send all the documents required to our Customer Service team and we will return the specific wire transfer details for your transaction. In each case please provide your Loyal Bank customer ID (for security reasons please do not identify you by your Loyal Bank account number). All new customers will receive these details at account opening as part of our standard Welcome Letter.
Different correspondent accounts are used for different currencies, different clients and different origins of funds so the different routings are not in any way interchangeable. The routings depend on the currency and on the physical location of the bank that initiates the transfer of the funds to us. The transfer details should be specified in your wire order form as shown in the instructions.
Outward transfers guidance and required documents
Outward transfers have to be initiated in NetBank, Loyal Bank’s online banking platform. You will be requested to enter the receiver’s personal and banking data and to upload supporting documents, such as invoices signed and stamped by the company or individual issuing the documentation, agreement, statement or other official documents between the sender and the receiver of funds.
Your payment may be held pending or can be delayed if you do not meet the documentation criteria. Should you need to submit further supporting documents, please send them to email@example.com, referring to your customer ID. You might also be requested to submit a Confirmation of Wire Request (CWR) form.