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Terms & Conditions

Correspondent Banking

Terms & Conditions

Fortis Bank A.S. - Fortis Institutional Banking - Terms and Conditions
as of February 2006
Institutional Banking - Terms and Conditions as of February 2006

List of Conditions

Collections	Commissions Rates
1) Collection of clean bills	0.1% min. USD 30.-

2) Documentary Collections	0.15% min. USD 40.-

3) Clean or Documentary Collections

a) Presentation for Acceptance	0.15% min. USD 50.-

b) Acceptance or avalization	To be negotiated

4) Return of bills without presentation to the drawee	0.1% min. USD 50.-

5) Bills returned unpaid or unaccepted	0.1% min. USD 50.-

6) Amendment of collection instructions	USD 50.- (per amendment)

7) Bills delivered free of payment	0.1% min. USD 50.-

8) Endorsements or deliverances for release of goods	USD 50.-

9) Bill extention	USD 75.- for each extention

Drawings and Payment Orders	Commissions Rates
1) Payment of checks drawn on us	USD 30.-

2) Payment of checks drawn on the banks in Turkey.	0.1% (flat) min. 30.-

3) Payment of Traveler’s checks	Free of charge

4) Payment Orders

a) Charges "BEN" or "SHA"	free of charges to the sending bank

i) In above cases charges are for account of beneficiary and are deducted from the amount payable.

ii) If beneficiaries have an account in a third bank, charges will be deducted as 0.5% (flat) (min. USD 30.- ; max. USD 75.-)from amount payable

b) Charges "OUR"

1) up to USD/EUR 100.-	free of charges

2) for the transfers above USD/EUR 100.-

i) our customers	0.5% (flat) (min. USD 30.- ; max. USD 75.-)

ii) beneficiaries have an account in a third bank	0.5% (flat) (min. USD 30.- ; max. USD 75.-) +3rd bank charges

5) Payment orders accompanied by certain documents	0.15% (flat) (min. USD 30.- ; max. USD 75.-)

6) Cancellation or amendments of payment orders

a) Cancellations	USD 50.-

i) If beneficiaries have an account in a third bank,	USD 50.- (plus third bank's charges)

b) Amendments of payment orders	USD 30.- per orders

7) Stop payment	USD 30.-

8) Investigations

a) Queries due to incomplete or unclear instructions	USD 15.-

b) Any other type of investigations up to 6 months	USD 50.-

c) All investigations and inquiries more than 6 months	min. USD 100.-

Documentary Credits	Commissions Rates
1) Pre-advising Commission	USD 40.- (Flat)

2) Advising Commission (A)	0.1%(flat) min. USD 50.-

3) Confirmation Commission	To be negotiated

4) Acceptance or Deferred Payment Commission	To be negotiated

5) Payment / Negotiation Commission (B)	0.15%(flat) min. USD 50.-

6) Amendment or Cancellation (for each)	USD 40.- (Flat)

7) Discrepancy fee for each set of documents	USD 75.- (Flat)

8) Transmission (forwarding) of documentary letter of credit	0.05%(flat) min. USD 75.-

Guarantees	Commissions Rates
1) Provisional Guarantees (Bid Bonds)	To be negotiated

2) Definite Guarantees

(Performance Bonds and Advance Payment Guarantees)	To be negotiated

3) Amendment to a guarantee or standby letter of credit	USD. 50.-

4) Guarantees or standby letters of credit advised without responsibility	0.15%(flat) (min. USD 100.- ; max. USD 500.-)

5) Payment in settlement of a claim under a guarantee or standby letter of credit	0.15% (flat) min. USD 100.-

Others	Commissions Rates
1) Intelligence on companies in Turkey	USD 50.-

2) Confirmation of our undertakings to bona fide holders (3rd parties)	USD 50.-

General Notes

Transactions marked as (A) and (B) exceeding USD 1,000,000.-, commissions may be subject to prior negotiation.
Cancellation, total or partial non-utilization of a letter of credit as well as non-realization or non-execution of the transaction will not necessitate the return of commission charged.
Supplementary expenses, such as postage, telex, swift, telegraphic charges, fiscal stamps, taxes etc. are charged in addition to the above mentioned commissions.
Interest, commissions and certain expenses charged by the Bank are subject to “Banking Transaction Tax” which is currently 5%.
These conditions are applicable to transactions in Turkish Lira and any Foreign Currency except EUR. For transactions in EUR, above mentioned commissions will be charged in EUR instead of USD.
The above mentioned conditions are subject to change without previous notice.
Documentary Credits are subject to the ''Uniform Customs and Practice for Documentary Credits'' published by International Chamber of Commerce, Paris, France, which are the latest publication and in effect on the day of issue.
Documentary Collections are subject to the ''Uniform Rules for Collections'' published by International Chamber of Commerce, Paris, France, which are the latest publication and in effect on the day of issue.
Bank-to-Bank Reimbursement are subject to the ''Uniform Rules for Collections'' published by International Chamber of Commerce, Paris, France, which are the latest publication and in effect on the day of issue.
The charges in this list apply to normal transactions only. We reserve the right to charge supplementary and/or other fees for operations requiring special services and exceptional work.
This list of conditions is valid for our branches in Turkey and replaces the previous one.
Should the documentary credit prescribe that our commissions and charges are to be borne by the beneficiary and should the latter refuse to bear them, we reserve the right to charge them to the opening bank and/or not advise to the beneficiary until we paid accordingly.
Standbys and Standby Letter of Credits, as to the case, are subject to the ''Internatonal Standby Practices" or "Uniform Customs and Practice for Documentary Credits'' published by International Chamber of Commerce, Paris, France, which are the latest publication and in effect on the day of issue or Local Law.
Guarantees, as to the case, are subject to the ''International Standby Practices" "Uniform Rules for Demand Guarantees" published by International Chamber of Commerce, Paris, France, which are the latest publication and in effect on the day of issue or Local Law.