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Payment Services

Domestic Cashless Payments
Benefits of Cashless Payment Transactions

Domestic cashless payment transactions enable cashless transfers of financial sums in CZK between accounts maintained by banks in the Czech Republic.

  • Easier and safer handling of your money compared to cash-based transactions
  • Money arriving in GE Money Bank is credited to the payee’s account on the same business day on which it is credited to GE Money Bank’s account
  • You will appreciate the simple control and clarity of fees charged on the basis of the payment instrument used, and the method in which payment orders are submitted

GE Money Bank is a member of the “Inter-bank Payment System” operated by Czech National Bank.

The Domestic Cashless System of Payments Is Designed For

  • Legal entities and natural persons who are sole proprietors
  • Entities engaged in activities other than business (municipalities, state authorities, organisations receiving contributions or fully funded from public budgets, foundations, etc.)
  • Natural persons who are retail clients

Transfers in the GE Money Bank domestic cashless system of payments are executed with a view to the payment date requested by the payer, the balance of the payer’s account, the hour of submission (transfers on the basis of an one-time payment order presented in person by 2:30 p.m. or sent electronically by 8:00 p.m. shall be executed on the same business day).

The deadline for the execution of domestic cashless payments depends on the banking institutions maintaining the accounts of the payee and the payer. As stated in the Payment Services Act, the payee’s bank is obliged to credit the payee’s account with the amount of the payment transaction the same workday, on which the payee’s bank has received the payment transaction amount.

Description

Payment orders used in the domestic cashless system of payments include the following:

  • One-time payment and direct debit orders – direct debit will be executed from payer’s account only if the payer provides a Direct Debit Mandate for his/her account
  • Standing payment orders
  • Standing automatic payment orders

Payment Orders in the Domestic Cashless System of Payments Can Be Submitted