Please be reminded that as of the implementation date of PSD II, i.e. 13 January 2018, the number of countries to which one may transfer foreign payments with the “OUR” cost option (all costs are covered by the ordering party) will be limited. Choosing the “OUR” cost option in a payment transferred to one of the EEA countries, irrespective of the transaction currency, may lead to:
- return of the payment,
- unilateral alteration of the cost option by a third-party bank, including the bank of the beneficiary,
- delay in the execution of the payment,
- additional costs.
The recommended cost option for such payments is “SHA” (the costs of the transferring bank are borne by the ordering party, while the costs of third-party banks are borne by the beneficiary).
The Directive clearly indicates “SHA” as the obligatory cost option in the European Economic Area. Therefore, gradual modification of conditions of cooperation with counterparties is recommended so that no transactions with the “OUR” cost option are executed to the EEA countries as of 13 January 2018.
The “OUR” option may still be applied in payments transferred to countries outside the EEA.