Decision on the manner of executing cross-border payment transactions

NATIONAL BANK OF THE REPUBLIC OF NORTH MACEDONIA Pursuant to Article 47 paragraph 1 item 6 and in relation to Article 35 of the Law on the National Bank of the Republic of North Macedonia (Official Gazette of the Republic of Macedonia No. 158/10, 123/12, 43/14, 153/15, 6/16 and 83/18 and Official Gazette of the Republic of North Macedonia No. 110/21, 74/24 and 16/25), Article 26 paragraph 3 and Article 40 paragraph 3 of the Law on the Foreign Exchange Operations (Official Gazette of the Republic of Macedonia No. 34/01, 49/01, 103/01, 51/03, 81/08, 24/11, 135/11, 188/13, 97/15, 153/15 and 23/16 and Official Gazette of the Republic of North Macedonia No. 110/21 and 37/25), the National Bank of the Republic of North Macedonia Council has adopted the following DECISION on the manner of executing cross-border payment transactions (Official Gazette of the Republic of North Macedonia No. 84/25)
I. GENERAL PROVISIONS

1. This Decision shall set forth the manner of executing cross-border payment
   transactions, i.e. all payments and transfers between residents and non-residents in foreign means of payment or in denars, transfers among non-residents in foreign means of payment or in denars and transfers of foreign means of payment among residents for transactions related to payments and collections among residents and non-residents that the payment service providers in the country carry out abroad or in the country, as well as the reporting to the National Bank about the executed cross￾border payment transactions.
2. The terms used in this decision shall mean the following:
   2.1. "Inbound cross-border payment transaction" shall mean inflow of funds
   from abroad or from a non-resident payer in the country for the benefit of a payee with a payment service provider in the country.
   2.2. “Outbound cross-border payment transaction“ shall mean the outflow of
   funds abroad or for the benefit of a non-resident payee in the country upon an order of a payer with a payment service provider in the country. The other terms used in this Decision shall have the meaning set forth in the Law on Foreign Exchange Operations (Official Gazette of the Republic of Macedonia No. 34/01, 49/01, 103/01, 54/02, 51/03, 81/08, 24/11, 135/11, 188/13, 97/15, 153/15 and 23/16 and Official Gazette of the Republic of North Macedonia No. 110/21 and 37/25 of the Law on Payment Services and Payment Systems (Official Gazette of the Republic of North Macedonia No. 90/22, 64/24 and 37/25).
3. Cross-border payment transactions shall be executed by the following
   payment service providers:
   − banks and foreign bank branches that meet the requirements for conducting cross-border operations in accordance with the Banking Law (Official Gazette of the Republic of Macedonia No. 67/07, 90/09, 67/10, 26/13,

15/15, 153/15, 190/16 and 7/19 and Official Gazette of the Republic of North Macedonia No. 101/19, 122/21 and 37/25); − payment institutions and electronic money institutions licensed for providing payment services, i.e. issuing electronic money in accordance with the Law on Payment Services and Payment Systems, which enables them to execute cross-border payment transactions; − savings houses which in accordance with the Banking Law obtained an approval for providing payment services, which enabled them to execute cross-border payment transactions; and − the National Bank of the Republic of North Macedonia (hereinafter referred to as: the National Bank) for the needs of the national authorities and public enterprises established by the Republic of North Macedonia. When executing cross-border payment transactions, payment service providers referred to in paragraph 1 indents 1, 2 and 3 of this item shall implement anti-money laundering and terrorist financing measures and activities in accordance with the law.
4. Payment service providers shall execute cross-border payment transactions
through:
− their payment accounts in foreign currency with foreign payment service providers, − payment accounts in foreign currency or in denars opened with the payment service provider in the Republic of North Macedonia.
5. For the execution of cross-border payment transactions, in addition to the
provisions of this Decision, the provisions of the National Bank’s bylaws pertaining to the execution of payment transactions arising from the Law on Payment Services and Payment Systems shall also apply, using the payment orders prescribed by those acts.
6. The payment service providers shall inform the payment service users in the
framework agreements they conclude with them, about their obligations when making cash payments and payments and transfers of funds based on capital transactions, deriving from Articles 27 and 28 of the Law on Foreign Exchange Operations.
II. MANNER OF EXECUTING CROSS-BORDER PAYMENT TRANSACTIONS
Inbound cross-border payment transaction
7. When processing the inbound cross-border payment transaction, the
payment service provider shall approve the funds on the payee’s payment account through the procedure of:
− direct approval, in instances of item 8 of this Decision (hereinafter: direct approval procedure) or − deferred approval in instances of item 10 of this Decision (hereinafter:
differed approval procedure).
In instance of one-time cross-border payment transactions based on money remittance that the payee withdraws in cash without approval on the payment account, the payment service provider referred to in item 3 paragraph 1 indents 1, 2 and 3 may pay in cash a maximum of Euro 5,000 per day or the equivalent in other currencies.
8. Payment service provider shall implement a direct approval procedure in case
of:

− inflow for a non-resident payee;
− inflow for a resident payee, except if conditions referred to in item 10 of this Decision pertaining to deferred approval are met.
9. When implementing the direct approval procedure referred to in item 8 of
this Decision, the payment service provider shall immediately during the same business day, and no later than the following business day upon receipt of the notification of approved funds on its account with a payment service provider in the country or abroad, approve the funds on to the payee's payment account with a value date no later than the business day on which the amount of the payment transaction is approved on its account and shall provide the payee with the information on the payment transaction regulated in Article 63 of the Law on Payment Services and Payment Systems, in accordance with the payment services framework agreement concluded between the payment service provider and the payee. In the event the payment service provider has stated incorrect information on the inbound cross-border payment transaction in the notification, the payee shall be required to submit a return notification to the payment service provider to correct the transaction information.
10. Payment service providers shall apply a deferred approval procedure in case
of an inflow for the benefit of a resident payee based on capital transactions for which additional information or documents prescribed by the Instructions referred to in item 21 of this Decision shall be required, from which the determination that the conditions of Article 28 of the Law on Foreign Exchange Operations have been met, where such information or documents have not been submitted prior to the inbound cross-border payment transaction. When applying the deferred approval procedure, the payment service provider shall immediately, during the same business day, and no later than the following business day from the day of receiving the notification for the funds approved to the payment service provider’s account in the country or abroad, notify the resident payee on the payment transaction and on the additional information or documents referred to in paragraph 1 of this item that it needs to submit for approving the funds to its payment account, in accordance with the framework agreement for payment services concluded between the payment service provider and the payee. Upon receipt of the notification referred to in paragraph 2 of this item, the resident payee shall immediately, and no later than within 5 business days, submit all additional information or documents referred to in paragraph 1 of this item to the payment service provider for approving the funds on its account. The day of receipt of the notification referred to in paragraph 2 of this item shall be the day the payee is deemed notified about the inflow, in accordance with the framework agreement for payment services concluded between the payment service provider and the payee. The payment service provider shall approve the funds on the payment account of the resident payee immediately, during the same business day, and no later than the next business day after receipt of the additional information or documents referred to in paragraph 1 of this item, with a value date which may not be later than the business day on which the amount of the payment transaction was approved on the account of the payment service provider.

The payment service provider may not aprove the funds on the resident payee's payment account until the resident payee has submitted all additional information or documents referred to in paragraph 1 of this item.
11. In instances of items 8 and 10 of this Decision, the payment service provider
shall approve the funds on the payee’s payment account, in the amount and foreign currency in which the funds were approved on its payment account with the service provider in the country or abroad or in other currency in accordance with the instructions of the payee, in accordance with the payment services framework agreement concluded between the payment service provider and the payee.
12. If the payee’s funds are approved on the payment account of intermediary
payment service provider, the intermediary payment service provider shall be required to notify the payee’s payment service provider and to transfer the funds to the payment account of the payment service provider of the payee in the currency of the payment transaction, no later than the following business day from the day of receipt of the funds on its payment account. If after receiving the notification from the intermediary payment service provider, the payee's payment service provider determines that it is an inbound cross￾border payment transaction for which a deferred approval procedure is applied, it shall inform the payee in accordance with item 10 of this Decision.
13. If the payment transaction contains information only about one payee, and
based on an agreement, the beneficiaries of the funds from a payment transaction are two or more payees, the payee designated in the payment transaction shall notify the payment service provider about its payment account and the payment accounts of the other co-payees and shall submit a copy of the agreement. The payment service provider shall approve the funds from the payment transaction to the payment accounts of all payees, in accordance with the agreement.
14. The resident payee shall assume responsibility for the accuracy of the
information submitted to the payment service provider, as well as for the authenticity of the documents attached when processing an inbound cross-border payment transaction. Outbound cross-border payment transaction
15. When initiating outbound cross-border payment transaction, the payer shall
submit the following to the payment service provider:
− payment order completed in accordance with the bylaw of the National Bank for executing payment transactions and − adequate document (in case of resident payer) if envisaged in the Instructions referred to item 21 of this Decision from which it can be determined that the conditions of Article 28 of the Law on Foreign Exchange Operations for the execution of the capital transaction have been met. If the payer initiates one-time cross-border payment transactions based on money remittance by using cash without depositing it on a payment account, the payment service provider referred to in item 3 paragraph 1 indents 1, 2 and 3 may

transfer funds on a monthly basis in the amount of up to Euro 2,500 or the corresponding equivalent in other currencies.
16. The resident payer shall be responsible for the accuracy of the information
submitted to the payment service provider, for the obligation to pay abroad, as well as for the authenticity of the documents submitted when executing an outbound cross￾border payment transaction.
17. The payer's payment service provider shall ensure that the monetary
amount of cross-border payment transaction in denars or euros executed in the Republic of North Macedonia shall be approved on the payee's payment service provider's account on the same business day when the payment order is received, in accordance with the payment service provider's forward plan, which determines the moment towards the end of the business day as the cut-off time after which the payment order is deemed received on the following business day. The payer's payment service provider shall ensure that the monetary amount of cross-border payment transaction in a currency other than denars or euros executed in the Republic of North Macedonia shall be approved on the payee's payment service provider's account no later than the second business day after the day when the payment order is received, in accordance with the payment service provider's forward plan, which determines the moment towards the end of the business day as the cut￾off time after which the payment order is deemed to have been received on the following business day. The payer's payment service provider shall ensure that the amount of the cross￾border payment transaction in euros executed within the Single Euro Payments Area (hereinafter referred to as: SEPA) is approved on the payee's payment service provider's account no later than the end of the next business day following the day of receipt of the payment order, in accordance with the payment service provider's forward plan which determines the moment towards the end of the business day as the cut-off time after which the payment order is deemed received on the next business day. The deadline referred to in paragraph 3 of this item can be extended by one more business day for payment transactions in euros within SEPA initiated on paper. The deadlines for execution of cross-border payment transactions determined by paragraphs 3 and 4 of this item shall apply accordingly to other cross-border payment transactions, unless the payment service user and the payment service provider agree on the application of a longer deadline for execution of payment transactions. If a deadline longer than that set out in paragraph 5 of this item is agreed for the execution of cross-border payment transactions within SEPA in currencies of SEPA countries other than the euro, it may not exceed four business days from the time of receipt of the payment order, in accordance with the payment service provider's forward plan, which determines the moment towards the end of the business day as the cut-off time after which the payment order is deemed received on the following business day.

III. DEPOSIT AND WITHDRAWAL OF FOREIGN CURRENCY CASH TO/FROM
A PAYMENT ACCOUNT OF A RESIDENT PAYEE
18. A resident payee that is a trading company, sole proprietor or subsidiary of
a foreign legal entity in the Republic of North Macedonia may deposit cash in foreign currency with a payment service provider. In the instance of paragraph 1 of this item, the payment service provider shall directly approve the foreign currency cash on the payee's payment account referred to in paragraph 1 of this item, on the same business day the necessary documents are submitted in accordance with the bylaw on the manner and conditions under which residents may collect and make payments in foreign currency in transactions with non￾residents.
19. Upon request from a resident, the payment service provider may carry out a
cash payment in foreign currency for the purpose of making payments abroad, in accordance with the bylaw on the manner and the terms under which residents may collect and pay in cash foreign currency in the transactions with non-residents.
IV. REPORTING TO THE NATIONAL BANK
20. The payment service providers shall report to the National Bank on the
cross-border payment transactions in a manner, format and deadlines as prescribed in the Instructions of item 21 of this Decision. Payment service providers shall report on the balances and turnover of the accounts through which they execute cross-border payment transactions, within 8 business days following the expiry of the reporting period. The National Bank shall use the submitted data on executed cross-border payment transactions for statistical purposes.
V. TRANSITIONAL AND CLOSING PROVISIONS
21. The National Bank Governor shall adopt Instructions on the implementation
of this Decision, prescribing the manner, the format and the deadlines for the reporting for the purposes of the National Bank.
22. The implementation of this Decision shall supersede the Decision on the
manner of performing international payment operations (Official Gazette of the Republic of Macedonia No. 42/11).
23. This Decision shall enter into force on the eighth day from the day of its
publication in the Official Gazette of the Republic of North Macedonia, and shall apply from 5 October 2025.

No. 02-13636/4 Governor
17 April 2025 and Chairperson
Skopje of the National Bank of the Republic of North Macedonia Council Anita Angelovska Bezhoska