Domestic Cashless Payment Transactions

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Advantages of Domestic cashless transactions:

• quick
  • orders between accounts in KB are recognized within the payer’s and beneficiary’s accounts simultaneously
  • payments to other banks in the Czech Republic are remitted to the Clearing and Settlement Center of the Czech National Bank based on their priority – either on the day when funds are debited from a payer’s account in KB or by the following business day at the latest
  • KB credits their clients’ accounts with payments from other banks in the Czech Republic continuously during the day after they are received from the Clearing and Settlement Center of the Czech National Bank
• reliable
  • processing of orders in compliance with Czech and European legislation
• comfortable
  • place orders from your computer, mobile phone or via the Telephone Center, without the need to visit a branch
• diverse
  • wide range of payment orders reflecting the client’s needs, with the possibility to select priority processing for payments to other banks

Domestic cashless payment transactions will allow you to:

process payment orders between accounts maintained by KB as well as to other banks in the Czech Republic, with the possibility to place such orders using an extensive portfolio of services provided by direct banking, telephone center or branches

• Types of payment orders
  • payment orders or orders for direct debits (collection orders) in CZK and foreign currencies
    • orders may be placed in CZK or foreign currencies
    • orders for up to CZK 500,000 may be placed in the Self-Service Box
  • express payments in CZK to other banks in the Czech Republic
    • with regard to express payments, the bank guarantees their transfer to the Clearing and Settlement Center of the Czech National Bank on the day they fall due
      • orders relating to express payments submitted in paper form must be submitted to a bank employee in person
    • bank offers two types of express payments submitted in paper form:
      • express payment one day before its due date – a client submits an order at a branch one business day before it is due, clearly marked with the word “EXPRESS”, by 4:00 pm at the latest
      • super express – a client submits an order at a branch on the day it falls due, clearly marked with the words “SUPER EXPRESS”, by 11:30 am at the latest
    • “Express” orders may be submitted on the day they fall due – by 1:00 pm – using the direct banking products (express via direct banking = super express placed at a branch)
  • irrevocable payments in CZK
    • payment is made in the presence of the payer; the heading of the given order must comprise the words “irrevocable payment”
    • confirmation of a payment made is issued for a client
  • standing orders in CZK and foreign currencies
    • standing orders are used for recurring transfers of a set amount, on a fixed date, to an account of one recipient
    • orders must be submitted in writing, at least 2 business days prior to the date of the first payment
    • clients may place, modify or cancel standing orders at a branch, using direct banking products or via Expresní linka
    • standing orders of up to CZK 100,000 may be placed in the Self-Service Box
    • standing orders may be placed either for accounts in the same currency or for accounts in different currencies. It is only possible to make CZK transfers to another bank in the Czech Republic via the Clearing and Settlement Center of the Czech National Bank
  • automatic transfers
    • the below described types of automatic transfers may be arranged at a branch; excess balance transfer may also be arranged via Expresní linka KB
      • transfer of excess balance with a fixed date:a client sets a limit for his/her current account, transfer parameters, and transfer date (e.g. a day of the week, monthly, quarterly), whereas the transfer is effected on the given day, provided the set limit is exceeded
      • transfer of excess balance without a fixed date: a client sets a limit for his/her current account, transfer parameters, whereas the transfer is effected every time the set limit is exceeded
      • transfer aimed at maintaining a minimum balance: in case a balance drops below the set limit, funds will be transferred from another account – i.e. thus ensuring sufficient account balance for further payments. It is only possible for accounts maintained by KB.
  • SIPO payments
    • precondition for establishing such payments is that a client has been assigned a contact number by the Czech Post and communicates it to the payment recipients – collection organizations
    • orders for SIPO payments establishment may only be submitted for accounts of individuals
    • SIPO may be permitted, modified and cancelled via the direct banking services; the SIPO payments permission (change, cancellation) order may be placed in the Self-Service Box
    • the bank settles the required amount between the 11^th and the 13^thday of the month. In case the account balance is not sufficient at the time, second settlement attempt will take place between the 19^thand the 21^st day of the same month
  • direct debits
    • direct debit means that a client identifies an account number/bank code, from which his/her account may be debited. Furthermore, a client arranges a limit for individual payments and minimum number of days between individual direct debits
    • settlement takes place upon request of the payment recipient
    • direct debit may also be arranged/modified/cancelled via the direct bankingproducts
    • direct debit orders with a limit of up to CZK 100,000 may be placed in the Self-Service Box
• Settlement deadlines
  • for the deadlines concerning the submission and settlement of domestic payments placed via the direct banking services / in paper form see the Payment settlement deadlines document
• How to place orders
  • via the direct banking services
  • at a branch – in paper form (order) submitted to a relationship manager or placed in the Self-Service Box

Need more information about Domestic cashless payment transactions?

• contact your relationship manager
• call the toll free KB Info line at 800 521 521

Related Information

• Notice on the Payment System (PDF file)
• Payment transactions bulletin (Czech version only) (PDF file)
• Payment settlement deadlines (PDF file)

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• Current Account in CZK

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