Payments

SEPA (Single Euro Payment Area)

The Single Euro Payments Area, more commonly referred to as SEPA, is an area where citizens, companies and other economic factors are able to make and receive payments in euro using a single bank account and a single set of payment instruments, thus making all non-cash retail payments in euro ‘domestic’ and removing any differentiations between national and cross-border payments within the euro area.

Since SEPA came into action, we have teamed up with our European counterparts to become SEPA compliant, and we are now in a position to send and receive SEPA Credit Transfers, as well as to issue and acquire SEPA compliant Credit and Debit Cards.

Moreover, once the SEPA Direct Debit comes into effect, we will be instantaneously reachable. However, until officially advertised, the current Credit Transfer and Direct Debit products will concurrently remain in force with the new SEPA products.

For further information on SEPA, please click here.

Payments in Euro

When transferring funds in euro by SWIFT, you will require basic beneficiary account and account-holding bank information to enable the speedy processing of the payment instructions. Without this, the payment may take longer to be processed and may even end up costing you more money through additional charges.

In order to receive payments, you will need to provide:

• An IBAN
• A BIC
• Your Name
• Your Address

In order to make a payment, you will need:

• An IBAN
• A BIC
• The name of Account Person
• The Address

What is an IBAN number?

IBAN is short for the ‘International Bank Account Number’, which is an extension of your present account number with Lombard. This is used to facilitate the processing of SWIFT payment instructions.

This digit is calculated by Lombard using a formula based on the content of the whole number, and it includes your account number, our bank code and country code.

This is an example of an IBAN number:
MT84 MALT 0110 0001 2345 MTLC AST0 01S

Good to know! Your IBAN number can be found on your latest statement. If you are new to Lombard and you haven’t received a statement yet, please visit your branch for further information.

What is a BIC code?

BIC is an acronym for ‘Bank Identification Code’, which is also known as a SWIFT code. This unique code identifies the account holding bank, and accompanies your IBAN number when receiving payments.

In other words, when you give your IBAN number, also quote our BIC, along with your account name and address. To facilitate any receipt of funds, we suggest that you make this information available to your partners overseas well in advance.

Good to know! Our BIC number is LBMAMTMT.

Correspondent Banks

We have good correspondent relationships with a number of banks overseas. This enables us to facilitate and expedite cross-border payments on your behalf.

Settlement Information

When you are receiving funds kindly provide the following information to the originator. This will help you to receive the funds faster and simultaneously reduce the chances of errors:

• Your name and address as beneficiary
• Your Lombard IBAN number
• Your Bank’s details, in this case:

      Lombard Bank Malta p.l.c.,
      67 Republic Street, Valletta.
      SWIFT Code (BIC) LBMAMTMTXXX

• The name and SWIFT Code (BIC) of Lombard’s correspondent bank of the relevant currency

Money Transfers - Cut Off Times

Cut Off times for payments received through Internet Banking and the Branches shall be as follows:-

Winter Hours1: Monday to Friday
For processing value same day:	Instructions received until:
euro other currencies3 Through branches 13:30 hrs 12:00 hrs Through Internet banking 12:00 hrs 12:00 hrs

For processing value up to next 2 Bank business days:	Instructions received until:
euro other currencies3 SEPA and non-SEPA Transfers     Through branches 13:30 hrs 13:30 hrs Through Internet banking 13:30 hrs 13:30 hrs

Summer Hours2: Monday to Friday
For processing value same day:	Instructions received until:
euro other currencies3 Through branches 12:30 hrs 12:00 hrs Through Internet banking 12:00 hrs 12:00 hrs

 

For processing value up to next 2 Bank business days:	Instructions received until:
euro other currencies3 SEPA and non-SEPA Transfers     Through branches 12:30 hrs 12:00 hrs Through Internet banking 12:30 hrs 12:00 hrs

 

 

¹Winter Hours: 01 October to 14 June

²Summer Hours: 15 June to 30 September

³Excludes Australian Dollar (AUD), Tunisian Dinar (TND) and Japanese Yen (JPY). Same day value cut-off time for Swiss Franc (CHF), Danish Kroner (DKK), Polish Zloty (PLN), Czech Koruna and Swedish Krona (SEK) is 9:30am.