TARGET2 - Interbank Transfer System or Eurosystem

TARGET2 (the second-generation Trans-European Automated Real-time Gross settlement Express Transfer system)  is used for settlements with the European Central Banks, interbank and other payments in EUR..




Main advantages:

- TARGET2 payments are made immediately, without adjournments and delays. There are no limits on the number of operations, but the payments between the members of the System are made as fast as in one bank.

- TARGET2 is one of the world leaders in the number of payments and meets the highest standards of safety and operating stability.

- System ensures the same level of service to all users of TARGET2.

How to send money from your account with PrivatBank through TARGET2?


Visit any PrivatBank Cyprus office and provide a teller with the following data:

1. The beneficiary's bank name and SWIFT-code. 

Please note! If the beneficiary’s bank is not a member of TARGET2 System, his correspondent bank must be a member thereof, and in such a case, it is necessary to give its SWIFT-code. Then, a payment will come to the correspondent bank through TARGET2 and subsequently through the communication line established between these banks.

2. Number of your beneficiary’s account or international bank account number (IBAN).

3. Full name (in case of transfer to an individual) or the beneficiary’s name (in case of transfer to a legal entity).

4. Address (residence) of your beneficiary. 

5. Your payment details: destination, date and number of documents, under which a payment is made. 

Please note! Subject to the payment details the bank can demand copies of documents, upon which your transfer is made: contract, invoices, specification of goods etc.

 

How to send a transfer TARGET2 to PrivatBank Cyprus?

When transferring the funds through TARGET2 to PrivatBank, the sender must indicate in his directions to his bank the following details::

1. The beneficiary's bank: PRIVATBANK, CYPRUS BRANCH, NICOSIA, CYPRUS SWIFT: PBANCY2NXXX

2. Your account number (or the international bank account number – IBAN).

3. Your name (for individuals) or name (for legal entities).

4. Your address (residence).  

5. Payment details: destination, dates and number of documents, upon which a payment is made.

Please note! Only the bank – a member of the System can send a payment through TARGET2.