In our online banking system, it's simple and convenient to make payments in foreign currencies, whether for regular transactions or one-time payments.
When transferring money to a new recipient, you need to go through several steps. You must contact the bank to enable the option to make foreign payments.
Then you need to establish a business contact for the new recipient. You can do this in the online banking system under International transactions - Business contact.
SWIFT is a standardized communication and inquiry system that serves financial institutions worldwide and provides a secure method for sending payments between countries.
Arion Bank's SWIFT code is: ESJAISRE
To be able to make international transfers in the online banking system, you need to start by contacting the bank by phone at 444 7000 and requesting access to the foreign exchange trading system.
Required information to create a recipient:
Name and address of the recipient (street name, postal code, city, and country)
IBAN number of the recipient (Europe) or account number (outside Europe)
Name and SWIFT code of the recipient's financial institution
When a new recipient has been created, it can take up to 15 minutes to get them approved. If you need urgent approval, you can send us an email at foreignpayments@arionbanki.is and we will take care of it immediately.
Once the recipient has been created and approval has been obtained, you can then perform the transfer under Business Relationships in online banking or Transfers in the Arion app.
Bank guarantees are commonly used in domestic and international business transactions. Bank guarantees can facilitate trade and reduce uncertainty when dealing with other companies. A bank guarantee means that a bank irrevocably guarantees payment for goods, services, or in case of contract breaches, allowing the seller to be confident about receiving payment even if their customer fails to fulfill their obligations.
Whether you need to buy or sell foreign currency or utilize more complex currency hedging, we adapt our solutions to your needs.
Companies can secure future currency purchases through forward contracts, and it's possible to handle most types of foreign exchange transactions through Online Banking.
Arion Bank's commercial banking services in foreign currencies: