Banca Transilvania S.A.
Calea Dorobanților 30-36, Cluj-Napoca, Prov. Cluj
J1993004155124
RO 5022670
R.B. - P.J.R. 12 - 019 - 18.02.1999
SWIFT: BTRLRO22
Subscribed and paid-up share capital: 9,168,798,460 lei
Useful information
We also inform you that, starting from the date 21.06.2010, Government Emergency Ordinance 50/09.06.2010 regarding consumer credit agreements has come into force, a normative act that transposes the provisions of European Directive no. 2008/48/EC into Romanian legislation.
We invite you to consult the updated form of the previously listed documents, as well as the credit contracts related to the line of credit facility granted in the current account of the individual (overdraft) and credit cards intended for individuals, by accessing the links below, or at any Banca Transilvania branch. We take this opportunity to inform you that you will receive a copy of the aforementioned contracts - free of charge - at any Banca Transilvania location.
For additional information, we await you at any Banca Transilvania branch or we are at your disposal at the E-mail address contact@bancatransilvania.ro.
From January 27, 2018 comes into force Law 258/2017 which addresses 3 aspects: comparability of commissions, account mobility, and access to banking services for financially vulnerable people.
1. In Transilvania Bank, this will be applied as follows: for individual clients, with a distinction clear between:
- Financially vulnerable persons – definitely those persons whose monthly income does not exceed the equivalent of 60% of the average gross wage in the economy , forecasted in the last macroeconomic forecast, autumn, or whose incomes do not exceed this threshold for 6 consecutive months . This means a gross income of 5.515 lei/month .
- The rest of the clients individuals.
2. It is introduced a new terminology:
- The current account is called “payment account”;
- The services available through the payment account are divided into:
- Basic services: (a) opening, administration and closing of payment account; (b) funds deposit; (c) cash withdrawals; (d) payments.
- Other services.
3.Rules for separate commissioning of the payment account with basic services applicable to financially vulnerable individuals.
4. Competent authority empowered to ensure the application and compliance with the law: ANPC.
5.Current account mobility procedure: operations/ actions/ additional documents to be used, completed and transmitted between parties.
- Changing accounts o account change servicerepresents the transfer from one bank to another, at the request of the individual client, either of the information regarding all or some of the scheduled payment orders for credit transfers, recurring direct debits, and collections through recurring credit transfers, executed in a payment account, or of the possible positive balance of the payment account from one payment account to another or both, with or without closing the old payment account. In the case where a client requests such a service, they must complete a dedicated application at the bank where they wish to transfer their account, after which the recipient bank will contact the bank where the account was originally opened and request the communication of specific information in order to process the request.
Starting with October 31, 2016, Banca Transilvania implemented SEPA regulations concerning foreign currency payments.
SEPA = Single Euro Payments Area (Single Euro Payments Area)
Contesto:
- starting with 18 July 2016, Banca Transilvania receives collections in EUR through the SEPA system;
- starting with 31 ottobre 2016, Banca Transilvania transmits through EUROSENT all SEPA payments in EUR and through STEP2 all SEPA payments in EUR.
1. What is a SEPA payment?
SEPA payment is that payment which:
- is in EUR;
- is arranged in "normal" mode (so without urgency);
- has as beneficiary bank a bank from one of the 32 countries in the SEPA area (the list of countries is detailed at the end of this FAQ).
Any payment that meets these conditions will be settled through a special system, without going through correspondent banks.
2. Is there a minimum / maximum limit on amounts paid via SEPA?
No.
3. Will urgent payments be able to continue to be made, in EUR, in SEPA countries, under the SHA charging scheme?
Yes, however, these will not be classified as SEPA payments and will be settled through a different system than the payments subject to SEPA regulations.
4. What are the main milestones of a SEPA payment made from BT?
- Currency date T+1, that is the money reaches the beneficiary client's account the next working day. If a client needs the money to reach him on the same day, he will make an urgent foreign currency payment, just like now, which will go through the swift clearing system, with correspondent banks.
- Because there are no more correspondent banks in SEPA clearing, for these payments the corresponding bank commission will no longer be withheld .
- It is ordered with SHA, because by legislation it can no longer be otherwise;
- The clearing system in EUR of Transfond is used: EUROSENT;
5. Are there differences compared to the market?
No, because the legislation is the same.
6. What happens to foreign currency payments ordered by clients through BT 24 or BT Ultra?
Those payments that qualify as SEPA will be settled automatically through the EUROSENT and STEP2 system.
There is a legal constraint on the type of file that must be used by clients who import files, but these are particular cases, we have few clients and all will be contacted separately.
7. What are the regulated characteristics of SEPA payments?
- the payment processing is done automatically, without manual intervention
- mandatory identification elements: IBAN codes for client accounts and BIC codes for identifying payment service providers
- the payment currency is euro
- the beneficiary is located in one of the 32 countries in the SEPA area
- the payer's account can be opened in euros or in another currency, when the payer's bank offers automatic currency conversion services
- the amount to be paid must be fully credited to the beneficiary's account
- there is no limit for the value of the payment
- the maximum settlement term is one working day
- the standard for payment messages is the UNIFI ISO 20022 (XML) Credit Transfer standard
8. What is the legal framework that regulates these payments?
- Law no. 209/08.11.2019 regarding payment services and for the amendment of certain normative acts
- Regulation (EU) No 260/2012 laying down the technical and commercial requirements applicable to credit transfer and direct debit operations in euro, as well as other applicable internal regulations
9. Which are the countries in the SEPA area:
Member States of the European Union:
- The eurozone countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Spain, and Slovenia
- Non-euro area states: Bulgaria, Czech Republic, Denmark, Latvia, Lithuania, Hungary, Poland, Romania, Slovakia, Sweden
- Member States of the European Economic Area (European Economic Area – EEA): Iceland, Liechtenstein, Norway
- States that are not members of the European Economic Area: Switzerland, Monaco and the United Kingdom
SEPA will expand also into the following territories, considered part of the European Union (Art. 299 Treaty of Rome): Martinique, Guadeloupe, French Guiana, Reunion, Gibraltar, Azores, Madeira, Canary Islands, Ceuta and Melilla, and the Aland Islands.
This reporting channel is not intended for commercial complaints, which are processed through separate dedicated channels in accordance with applicable regulations.
Dedicated reporting platform (available by accessing the internet page https://bancatransilvania.whistlelink.com) allows GFBT personnel and persons who are not part of the GFBT group to communicate information obtained in a professional context, with the purpose of preventing the occurrence of potential events or to disclose details relating to events already materialized, which refer to the conduct of GFBT's activities and/or the management of entities or their territorial units and which constitute violations of internal regulations and/or legal provisions, including the legal provisions provided in Annex 2 of Law 361/2022;
All reports are treated confidentially and in accordance with the applicable regulations.
Persons making a report are granted protection against the risk of retaliation, as provided by the applicable legislation.
Any abuse of the reporting system may expose the reporting person to disciplinary sanctions or criminal prosecution. However, the use of this system in good faith will not expose the reporting person to any sanction, even if the facts later prove to be inaccurate or do not give rise to any prosecution. For any additional details, please consult the GFBT warning policy (available qui).
I confirm that I have read and understood the information regarding the GFBT whistleblowing channel and personal data protection.
FATCA CRS Guide
In broad terms, FATCA - CRS legislation obliges Banca Transilvania to correctly determine the tax residency of its account holders (both individuals and entities). Furthermore, Banca Transilvania has the obligation to report to ANAF relevant information regarding financial accounts held by persons who do not have tax residency in Romania.
Thus, Banca Transilvania, alongside all other financial institutions in Romania, is obligated to analyze the financial accounts it manages and apply fiscal diligence measures to identify reportable accounts held by persons fiscally resident in the USA, the European Union, or other countries signatory to the CRS agreement. For accounts identified as reportable, the Bank reports the relevant information to the tax authorities in Romania. As the next step, the tax authorities in Romania distribute this information to foreign authorities whose residents appear in the reporting of financial institutions.
Considering that Banca Transilvania complies with the legislation in force, it has implemented a series of forms through which its clients provide information regarding tax residency and tax identification number, following that Banca Transilvania will apply reasonableness tests on the tax information presented by its clients.
FATCA is an acronym for “The Foreign Account Tax Compliance Act ” issued by the American authorities. This regulation requires financial institutions registered outside the US borders to identify information regarding clients and business partners in order to determine if they meet the necessary criteria to be reported to the American tax authorities (IRS – Internal Revenue Service).
Banca Transilvania registered at Internal Revenue Service as a participating institution, with the status Registered Deemed Compliant FFI - Lead of an Expanded Affiliated Group. The identification number (Global Intermediary Identification Number - GIIN) of Transilvania Bank is 4ID1WZ.00000.LE.642.
Also, to validate the status of a FATCA participating institution, Banca Transilvania makes available to its partners form W8-BEN-E completed.
Similar to FATCA, CRS (Common Reporting Standard) is a global standard regarding the automatic exchange of information between tax authorities, concerning financial accounts. The CRS framework allows tax authorities from the signatory countries to receive information about financial assets held in other countries by their residents, the framework being implemented at the initiative OECD.
GIIN (Numero di Identificazione Intermediario Globale) is a global identification number assigned to a financial institution located outside the United States, which proves that it is a FATCA participating institution.
Represents a notion that allows the determination of a country's competence to tax the income earned by its tax residents. As a general rule, for individuals, tax residence is related to the country of the domicile/residence address or to the center of vital interests. For legal entities, tax residence is related to the country of registration/organization or the place of effective management. Each jurisdiction has its own rules for defining tax residence, and in special circumstances, it is possible for a person to have multiple tax residences.
In particular, in the case where a natural person has a residence permit (temporary/permanent) in a country, it does not automatically mean that they are a tax resident in that country, since tax residency is not determined by the country of employment or the country where the salary tax is paid.
Diplomatic persons, government officials and military personnel are generally tax residents in the jurisdiction of the country from which they originate.
Specifically, in the case of Romania, the determination of tax residency for individuals is carried out by ANAF based on the criteria for determining tax residency in Romania, detailed in the material on the ANAF website "Guide for establishing tax residence".
In case the client does not have documents and does not know their tax residency status, more information can be found on the ANAF website in "FATCA CRS Guide".
Based on internal policies, Banca Transilvania cannot provide tax consultancy. Thus, in case there are uncertainties regarding the determination of tax residency or the completion of data in the Bank's forms related to FATCA CRS, please contact a tax consultant.
NIF/TIN means tax identification number or its functional equivalent, consisting of a unique combination of letters or numbers assigned by a jurisdiction to an individual or entity and used to identify the person for the purpose of applying the tax laws of that jurisdiction. In the case of Romania, the NIF issued by authorities is the CNP in the case of individuals and the CIF (tax identification code) in the case of legal entities.
In order to correctly and easily identify NIF/TIN, the Organization for Economic Cooperation and Development (OECD) provides taxpayers with a guida for each country separately.
Why is the Tax Identification Number (TIN) important?
In order to comply with FATCA/CRS requirements, Banca Transilvania requests all clients, both at the opening of the business relationship and subsequently during its course, to declare the tax residency and the tax identification number (NIF/TIN) from the country of tax residency, both for account holders and for persons exercising control over passive entities. The purpose of the declaration regarding tax residency is to establish which accounts are subject to FATCA/CRS reporting. According to the definitions below, from the "Glossary of terms" section, an account subject to reporting is a financial account managed by Banca Transilvania and held by one or more reportable persons or by a passive entity with one or more reportable persons who exercise control.
As a rule, a passive-type entity is a legal person that obtains more than 50% passive income and is not a financial institution. In general, passive income is considered income obtained without the direct and continuous involvement of the person, namely obtained from dividends, interest, rents, insurance, real estate, etc. To facilitate the identification of the category to which customers belong, ANAF has published on its website a list of CAEN codes that identify a potential passive entity or a financial institution.
Moving further, Banca Transilvania applies tests on the reasonableness of information declared by its clients, to ensure the making of correct and complete reports. In the case of a declaration that does not pass the reasonableness test, Banca Transilvania takes steps to obtain a valid statement on its own responsibility or a reasonable explanation and the related documents.
Also, the clients commit to immediately inform Banca Transilvania regarding any changes in circumstances that affect the status of tax resident or that cause the information initially declared or during the data update procedures to become incorrect or incomplete.
The legal basis regarding the application of fiscal diligence measures and the reporting of information concerning the accounts of non-resident taxpayers is represented by:
- Directive 2014/107/EU the Council of 9 December 2014 amending Directive 2011/16/EU on mandatory automatic exchange of information in the field of taxation (DAC 2), transposed into Law no. 207/2015 regarding the Tax Procedure Code, with subsequent amendments and completions;
- Multilateral Competent Authority Agreement for the automatic exchange of financial account information, ratified by Law no. 70/2016 (CRS);
- Agreement between Romania and the United States of America for the improvement of international tax compliance and for the implementation of FATCA (FATCA Agreement), ratified by Law no. 233/2015;
- Order of the ANAF President no. 503/2016 for the publication of the Agreement between the competent authorities of Romania and the United States of America regarding the improvement of tax compliance and the implementation of FATCA;
- Order of the President of ANAF no. 1711/2022 for the approval of the model and content of the forms used by reporting financial institutions in order to fulfill the obligations provided in art. 62 para. (1) and art. 291 para. (4) of Law no. 207/2015 regarding the Fiscal Procedure Code;
- ANAF Guide regarding the obligation of reportable financial institutions to provide information for the financial accounts of non-resident taxpayers (DAC2/CRS/FATCA);
- Other relevant materials DAC2 CRS FATCA published on the ANAF website: Useful information ANAF.
According to the legal provisions (Fiscal Procedure Code), Banca Transilvania reports to the competent authority in Romania the following information regarding each account subject to reporting:
- Data for identifying the respective client: name, address, country of tax residence, tax identification number (TIN), and date and place of birth (in the case of an individual) of each person who is the subject of the reporting. In the case of an entity that is an account holder with one or more persons who exercise control and who are persons subject to reporting: name, address, country of residence, and tax identification number (TIN) of the entity, as well as name, address, country of residence, tax identification number (TIN), and date and place of birth of each person who is the subject of the reporting.
- Account number (e.g.: IBAN/ISIN).
- The balance or the account value valid at the end of the relevant calendar year or at the end of another appropriate reporting period or, if the account was closed during the year or period in question, the closure of the account.
- In the case of custody accounts:
a) The total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated in connection with the assets held in the account, in each case paid or credited to the respective account;
b) Total gross proceeds from the sale or redemption of financial assets paid or credited to the account during the calendar year or other appropriate reporting period in connection with which Banca Transilvania acted as custodian, broker, representative or any other kind of mandatary of the account holder.
- In the case of any deposit account, the total gross amount of interest paid.
