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FAQ

Welcome to our FAQ page! eihbank is proud to have more than 50 years of experience in its field and offers comprehensive support for your international business activities. From the processing of payment transactions to the notification, securing and financing of letters of credit and the lending business, we use our expertise to support your business activities. 

On this page you will find all the relevant information and documents to download that you need for the smooth processing of your transactions with eihbank. Feel free to navigate through our FAQ to find answers to frequently asked questions and learn more about our services. We are here to help you and provide you with the best possible service.

Account opening

Please send us an e-mail with your enquiry to: customacc@eihbank.de

The following information is important for an initial assessment:

  • A short company presentation
  • Details of:
    • Type of business
    • Purpose of the account request
    • Sales expectations
  • Declaration whether you are acting for your own account or for the account of a third party
  • Presentation of the company structure with all possible parent companies up to the beneficial owners (basis is a participation rate of 25 % ... also extended if necessary)

We will be happy to inform you about the costs and fees for the transactions you require at any time on request. Please contact us at kredit@eihbank.de. Account documents will only be sent upon request by the Bank, cf. point 1.

Accounts are currently only offered for corporate customers and banks.

Letter of credit business

It is not necessary to have an account with us. However, you will need an account with a bank that is willing to accept funds with an Iranian background.

The letter of credit must be usable and payable at the European-Iranian Commercial Bank AG.

The letter of credit should be opened directly via SWIFT from the Iranian bank to eihbank. The requirement to notify the beneficiary of the letter of credit via a third bank is generally not observed by us. However, you are free to present the documents to us via your house bank; any costs incurred by your house bank will be borne by you.

One of our core business areas is the provision of confirmations for letters of credit notified through us and the financing of letters of credit. Please contact our credit department.

To process the letter of credit, please submit these documents to us:

  • Signed exporter declaration
  • Copy of the export accompanying document/ cleared customs documents
  • BAFA notification/copy of the export licence (if required, in accordance with the applicable EU regulations)

We will be happy to inform you about the costs and fees for the transactions you require at any time on request. Please contact us at kredit@eihbank.de

Due to the individuality of individual transactions, we do not currently provide sample texts. The importer should be able to provide you with a draft of the letter of credit, which we will be happy to check for you.

We do not offer this service.

Payment transactions

In accordance with the statutory provisions and eihbank's internal guidelines, a payment order must clearly show at least the following contentComplete ordering party data with:

  • Account number
  • Name
  • Address
  • Complete details of the beneficiary with:
    • Account number
    • Name (company name as entered in the commercial register)
    • Address
  • Currency and amount with two decimal places
    • Payment orders are currently only accepted and executed in Eur 
  • Detailed intended use
  • When transferring goods, the European goods tariff number and, if applicable, the Bafa certificate or alternative shipping documents including customs declaration must be submitted.
    Link: http://auskunft.ezt-online.de/ezto/Welcome.do

As the correspondent bank for almost all Iranian banks, eihbank executes incoming and outgoing euro payments from or to Iran.

It is not necessary to open an account for these purposes.

Unfortunately, the banks in Europe have positioned themselves differently in this respect.

So far, we have had positive experiences in Germany with savings banks (except in Bavaria and Baden-Württemberg), Volksbanken and Raiffeisenbanken and other banks in Germany and Europe.

To clarify whether payments with an Iranian background are accepted, please always contact before Initiate a payment with your house bank. In this way, you avoid possible repayments from your bank.

Even after the easing of sanctions, not all exports and other legal transactions in or with Iran are permitted. Rather, the Iran sanctions continue to contain a tiered system of prohibited legal transactions and actions that require authorisation. In addition, where the Iran Embargo Regulation (Regulation (EU) No. 267/2012) does not contain any explicit provisions, the general export control regulations, in particular the EC Dual-Use Regulation (Regulation (EC) No. 428/2009) and the Foreign Trade and Payments Regulation (AWV), must be observed.

All other prohibitions or authorisation requirements, for example from the so-called Iran Human Rights Regulation (Regulation (EC) No. 359/2011), also continue to apply.

When checking whether the legal transaction you are seeking to enter into is prohibited, subject to authorisation or exempt from authorisation, you must therefore first check the restrictions of the Iran Embargo Regulation. If no regulations are found there, the second step is to check any prohibitions or restrictions under the Iran Human Rights Ordinance. If no restrictions are found there either, the third step is to check for any prohibitions or authorisation requirements under the general export control regulations. These include, in particular, the EC Dual-Use Regulation, the Foreign Trade and Payments Regulation (AWV), the Firearms Regulation (Regulation (EU) No. 258/2012) and the Anti-Torture Regulation (Regulation (EC) No. 1236/2005).

This may also involve eihbank's own authorisation requirements, e.g. for financial assistance.

Please also bear in mind that the export of goods listed in Annex III of the Iran Embargo Regulation is prohibited without exception, so that any application would have no chance of success.

For a quick preliminary check, you can use the website: http://auskunft.ezt-online.de use. It is necessary to enter a complete European goods tariff number and Iran as the recipient country.

If there is a restriction, proof is required that the goods may be imported or exported. You can find more information on the required documentation under "What information must a payment order/bank transfer contain?" under "Detailed purpose of use".

No goods tariff number is required for the payment of services. A description of the service is sufficient. If the service is subject to export restrictions in connection with the delivery / assembly of goods, authorisation from a European authority is also required.

The procedure for a payment from Iran is as follows:

  • The client in Iran instructs his local bank to make a payment in euros.
  • Any necessary conversion of Iranian riyals into euros must be handled by the client in Iran, e.g. via his bank.
  • A payment order must contain complete information, as listed under the question "What information must a payment order/transfer contain?".
  • The Iranian bank instructs eihbank to execute the payment via Swift.
  • The eihbank executes the payment to the beneficiary's bank.

If information is missing, it will be requested via the client's bank. Please note that a payment can only be executed by eihbank once all the necessary information has been provided and that missing information usually leads to a delay in payment.

Below we have prepared a guide for you on how to recognise and document or exclude EU export restrictions

Are you interested or do you have any questions?
We would be delighted to help you further.

BOOK AN APPOINTMENT

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Welcome to our convenient appointment booking system! Here you can book your next appointment quickly and easily. No waiting on the phone or on hold - our online form puts you in control of your appointments.

 

Your advantages:

  • Time saving: Book your appointment in just a few minutes, whenever it suits you.
 
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Use our convenient booking form to plan your next appointment. We look forward to welcoming you soon!"

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