Direct Credit System
Cut down on paperwork, time taken up with the writing and issuing of cheques, worries of money-handling, and checking of bank reconciliation statements.
The Bank of Valletta Direct Credits System enables your organisation to make payroll and bill payments directly to the accounts of individuals or other organisations.
Save on mailing charges, cheque writing and signing, and personnel time. It takes just a few minutes to process the Direct Credits System and forward it to your branch.
Sepa Direct Debits
It’s one of the easier ways of receiving your company's income. Making use of the Direct Debits System saves you time and the trouble of sending your bills. The system has been carefully designed to protect you and the payer. In fact, it only entails that clients who hold an account with Bank of Valletta have their account debited by the amount on the bill as stated by your organisation to the Bank.
Direct Debiting is an advantage over standing orders in that it can be used when the amount, or the interval between payments receivable, varies. Direct Debiting makes it easier for you to get paid.
International Bank Account Number (IBAN)
The International Bank Account Number (IBAN) was specifically developed in order to facilitate the automated processing of cross-border credit transfers. The IBAN is a set standard for bank account numbers that uniquely identifies a customer's bank account held at a bank. The aim of the IBAN is to make cross-border payments between countries more efficient and secure.
Users of the IBAN and the Bank Identifier Code (BIC) will benefit from more efficient and secure cross-border payments and will avoid additional charges. Our local IBAN is made up of 31 alphanumeric characters. One can find his IBAN together with his Bank's BIC on his banks statements.
Caution:- Users of the IBAN should always ensure that the IBAN being quoted is the one generated/given by their own bank.
The Bank provides facilities to businesses wishing to make payments abroad for travel purposes, settlement of trade, professional or financial obligations abroad, and transfers abroad on investible funds for the purpose of investment.
Foreign Currency Drafts
Bank of Valletta draws worldwide-negotiable cheques in the required foreign currency, in favour of a named payee.
Using swift or telex the bank instructs its overseas correspondent to credit the relevant foreign currency amount directly to the payee’s account.
SWIFT Code/ BIC - VALLMTMT
Bank of Valletta plc has correspondent banking arrangements (Nostro accounts) with several international banks in different parts of the world. Trade related receipts/payments and Personal payments/remittances are transacted through these accounts in the respective currencies.
for a full list of Bank of Valletta's correspondent banks.