Cross-border payments

Nordea offers you fast, convenient and cheap cross-border payments. Choose for yourself which of our various options suits you best.
  • The simplest and cheapest way of making cross-border payments is to use our Netbank or Nordea Multibank, but you can also make them at our branch offices or with the Telephone Bank.
  • A euro payment (called a 'SEPA payment' until 31 January 2014) is a fast and convenient electronic payment order form that is used in the Single Euro Payments Area.
  • A Nordea intra-group or Intercompany Payment is a euro or foreign currency payment that is made quicker than usual.
Required bank details

To make a cross-border payment, you need the following bank details of the beneficiary:

  • The name and address of the beneficiary
  • The International Bank Account Number (IBAN) or the account number of the beneficiary
  • The SWIFT/BIC code of the bank of the beneficiary
Costs related to cross-border payments
  • Who pays the costs of a cross-border payment depends on the agreement between the payer and the beneficiary. The costs are normally shared, meaning the payer pays the commission fees of the initiating bank, and the beneficiary pays the commission fees of the foreign banks.
  • If you make a payment to an EEA country in an EEA currency, you can use the instruction 'payment in full to the beneficiary' ('OUR') only if the payment will require currency exchange because the currency of your bank account and the payment currency are different .
  • We cannot guarantee, however, that the full amount will be transferred to the beneficiary’s account but only that the full amount will be transferred from our correspondent bank .

Moreover, if the commission fee that you have paid to Nordea Bank for making a 'payment in full to the beneficiary' payment does not cover the commission fees charged by the foreign banks involved, we may debit the difference from your account once the exact fee is known.

Therefore we recommend that you choose a different type of payment when you agree on the payment conditions with your counterpart.

Payment date

The payment date is always indicated on the payment order. If you use electronic channels, then the payment date is by default the current date. However, depending on the time of the day when you submit a payment order, the payment date may also be the next banking day.

  • If the day when you submit a payment order is not a banking day, the payment will be made on the next banking day.
  • If you want to change the default payment date and make the payment with a value date that is in the future, you can change the date that is offered by default. In Nordea Netbank, you can make payments with a payment date that is up to 30 days in the future.

Standard and urgent payment orders

You can choose between a standard and an urgent cross-border payment order. Cross-border payment should will the beneficiary bank normally within 2 working days (the payment order is executed with value date T+2, where T stands for payment execution date in payers bank). Urgent payment order will reach the beneficiary bank within 1 working day (urgent payment is executed with value date T+1).

You can use a Nordea intra-group or Intercompany Payment if the payer and the beneficiary are incorporated under the same company or the same group. A Nordea Intercompany Payment is transferred to the account of the beneficiary on the same banking day.

Required information
In order to receive a cross-border payment as quickly as possible, please make sure that you give the payer the information below:

  • Your name and address
  • Your IBAN number in Nordea Bank
  • Details of Nordea Bank:

Nordea Bank AB Estonia Branch
Liivalaia 45, 10145 Tallinn, Estonia
SWIFT/BIC: NDEAEE2X
Details of Nordea Bank’s correspondent bank (unless a different correspondent bank has been indicated):
Nordea Bank Finland Plc
SWIFT/BIC: NDEAFIHH

Receipt of incoming payments

If we receive information about an incoming payment before 16:00 on the payment value date, you will receive the payment on the same day.
If the payment date set by the foreign bank is a past banking day, we will transfer the payment to your account on the banking day when we receive the payment.

IBAN calculator
Transaction codes of cross-border payments (in Estonian)

Some of Nordea Estonia processes are technically linked with Nordea Bank Finland Plc. Therefore, cross-border payments are processed differently on Finnish national holidays.

On Finnish national holidays:

  • The payment date of cross-border payment orders sent from Nordea Estonia is postponed by one banking day
  • Payments whose payment date falls on a holiday cannot be executed
  • Customers can only receive incoming cross-border payments that are sent directly to Nordea Estonia's BIC (NDEAEE2X)
  • Euro payments are not affected by Finnish national holidays and are processed as usual.

Calendar of Finnish national holidays

Particular attention is paid to all cross-border rouble payments made to Russian banks, which have to monitor all incoming rouble payments made by non-residents. This is a requirement of the Central Bank of the Russian Federation. In order to avoid your payment being delayed, please fill in all the details on the payment order form correctly.

NB: All payment details must be written in the Russian language but using the Latin alphabet.

The following information must be added to the standard data:

  • The full name and address of the bank of the beneficiary
  • The 9-digit BIK-code of the bank of the beneficiary
  • The 20-digit account number (starting with 301) of the beneficiary in the correspondent bank of the Central Bank of the Russian Federation. The last three digits of this account number should match the last three digits of the BIK-code
  • The 20-digit number (starting with 303) of the correspondent account if the final recipient of the payment has an account in a branch of a bank
  • The beneficiary’s INN (i.e. tax identification number) is indicated either after the beneficiary’s name on the address line by adding the abbreviation “INN” in front of the code (e.g. INN1234567890) or on the beneficiary’s bank account line after the account number by separating the INN number from the account number as follows: 40702810111222333444/INN1234567890. The number has ten digits for legal persons, twelve digits for sole proprietors and private persons, and five digits for foreign companies.
  • The name of the beneficiary; if it is too long, it must be continued in the address field. The name of the beneficiary must be written in full
  • The address of the beneficiary; if the name of the beneficiary is continued in the address field, the address can be left out. Otherwise only the city of the beneficiary need be written in the address field
  • The 20-digit current account number of the beneficiary


The purpose of the payment:

  • VO code (in EnglishPDF | In russianPDF) (the type of foreign currency transaction).
    Example: VO20020
    commercial invoice, contract number, date
    NDS (VAT) amount
  • If the goods or services are not subject to tax, you must write 'BEZ NDS'
  • We recommend that you clarify the VO code before entering into a contract with your business partner and that you enter the code in the contract if possible.

Note! The beneficiary of RUB payments to the budgetary institutions of the Russian Federation is the Central Bank of Russia (Операционный департамент Банка России).

From 2016, the Central Bank of Russia checks all payments made to the budget. As such, it is extremely important to indicate all obligatory payment details correctly, to assure that the payment reaches the beneficiary. The person making the rouble payment must detail the data of the final beneficiary (INN, KPP) on the payment order.

The VO code, KBK and customs code must be indicated in the payment details. In addition, the payer must also indicate:

  • The payer’s INN number (if the customer is a resident of Russia); or
  • The payer’s KIO number (if the customer is not a resident of Russia); or
  • If the payer has neither an INN or a KIO number, the UIN (Unique Identifier) number that can be used to identify the payment in Russia. The length of the UIN number is twenty or twenty-five characters. All payment requirements stipulated by Russian state agencies include the UIN number.

The terms “document index” or “claim number” are sometimes used to refer to the UIN number. If the payer has trouble finding the UIN number or with its validity, the payer is to refer directly to the Russian state authority that issued the claim.

Payments that lack the requisite information required above will be suspended or rejected by the Central Bank of Russia.

Find out more information about rouble payments herePDF.

For receiving a rouble payment you need the following bank details (option 1):

Intermediary bank

(BIK 044525990, C/A 30101810145250000990) INN: 7744000398
SWIFT: NDEARUMM

Correspondent bank

Nordea Bank Finland Plc, Helsinki SWIFT code: NDEAFIHH C/A 30111810902000036009

Recipient bank

Nordea Bank AB Estonia Branch SWIFT code: NDEAEE2X

The account of the beneficiary

The account number of the beneficiary in Nordea Bank AB Estonia Branch

Beneficiary

The surname, first name and address, or the company name and address of the beneficiary

The purpose of the payment

The purpose of the payment

 

For receiving a rouble payment you need the following bank details (option 2, preferable if payer is a Russian state-owned company):

Intermediary bank

ZAO Unicredit Bank, Moscow  (BIK 044525545, C/A 30101810300000000545), INN: 7710030411
SWIFT: IMBKRUMM

Correspondent bank

Nordea Bank Finland Plc, Helsinki SWIFT: NDEAFIHH

C/A 30111810800013057890

Recipient bank

Nordea Bank AB Estonia Branch SWIFT code: NDEAEE2X

The account of the beneficiary

The account number of the beneficiary in Nordea Bank AB Estonia Branch

Beneficiary

The surname, first name and address, or the company name and address of the beneficiary

The purpose of the payment

The purpose of the payment

Because of international sanctions and conditions set by correspondent banks there may be restrictions on payments to some countries. These restrictions are different in different countries and currencies, and they may change over time.

It is not possible to make USD payments to all countries in the world. The list of such countries may change over time.

A euro payment is an electronic payment order form that is used in SEPA (the Single Euro Payments Area) countries and is always made in euros. Domestic and cross-border euro payments are subject to the same conditions.


Euro payments can be made to the following countries:

  • The 19 countries that are members of the European Union (EU), European Economic Area (EEA) and the euro area:
    Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Malta, Portugal, Slovakia, Slovenia and Spain
  • 9 countries that are members of the EU and EEA but do not use the euro: Bulgaria, Croatia, the Czech Republic, Denmark, Hungary, Poland, Romania, Sweden and the United Kingdom
  • 3 countries that are members of the EEA but not of the EU: Iceland, Liechtenstein and Norway
  • Monaco, which is not an EU member state but uses the euro as its currency by agreement with the EU
  • Switzerland

An IBAN (International Bank Account Number) is a combination of letters and numbers that  allows a customer's account in any country and any bank to be identified if that country uses the IBAN standard.

  • Using the IBAN for cross-border payments means the number of possible delays and errors can be reduced, as it is needed for the fully automatic processing of payments. Money is transferred from one country to another more quickly, and in the future it will also be done more cheaply
  • An IBAN always begins with a two-digit country code ('EE' for Estonia) followed by a two-digit check digit, a two-digit bank code and the domestic account number.
    You can find more information on the website of the Estonian Banking AssociationOpens new window and European Banking Resources
  • IBAN validatorOpens new window
  • Sample (in Estonian) IBAN account numbers of different countries

Conditions for euro payments:

  • The payment currency is the euro
  • The account number of the beneficiary must be in IBAN format
  • The payment type is 'standard' (urgent payments are not possible)
  • The processing time from initiation to receipt of a payment is one banking day (T+0) if the payment order is submitted to the bank either electronically or on paper before 15:30
  • The bank of the payer and the bank of the beneficiary are both in the Single Euro Payments Area (SEPA) and have joined the SEPA Credit Transfer scheme
  • The service fee is shared by the payer and the beneficiary. The service fee is added to the payment amount

There is no limit on the payment amount – you can transfer as much as you like. You can make a transfer from any account in any currency – the payment currency will still be the euro.
You can also make a payment on behalf of another person and indicate the final recipient of the payment if it is not the owner of the account of the beneficiary.

A Nordea intra-group or Intercompany Payment is a euro or foreign currency payment that is quicker than usual in cases where the payer and the beneficiary are incorporated under the same company or the same group.

  • It has the same value date and it is transferred in full to the account of the beneficiary on the same banking day, provided that the payment order has been submitted before the cut-off time set by the bank for payments
  • The Nordea Intercompany Payment lets companies move funds between different accounts in Nordea Bank on the same banking day
  • Both the payer and the beneficiary must already have a current account in the Nordea Group

Payments in the currencies of the Nordea Group – DKK, EUR, GBP, LTL, NOK, PLN, SEK, SGD and USD – are fast and cheap.
Foreign currency payments to Nordea Lithuania
The beneficiary receives the payment on the next banking day and the payments are cheaper than foreign currency payments to other Nordea branches.

Foreign currency payments to other Nordea branches
These are payments that are made to other Nordea branches (except Nordea Lithuania). The beneficiary receives the payment on the next banking day and the payments are cheaper than foreign currency payments to other banks.

Advantages of foreign currency payments to Nordea branches:

  • All such payments are treated as urgent payments
  • If you submit a payment order to the bank before 16:00, the payment will be transferred to the bank of the beneficiary with the payment date of T+1, so the beneficiary will normally receive the payment on the next banking day.
INTERNATIONAL PAYMENTS 
Incoming payments 1
Incoming payment in EUR (except EU/EEA** member states) and in foreign currency from other foreign banks   5.75 €
Payments in euros outside the European Economic Area countries ***, payments in foreign currency In the branch office / Telephone bank In Nordea Netbank
International payment 11.50 € 5 €
International payment in full to the beneficiary 2 30.50 € 24 € 
Urgent international payment 17.50 € 11 €
Urgent international payment in full to the beneficiary 2 36.50 € 30 €
Express international payment 3 35 € -
Express international payment in full to beneficiary 2,3 45 € -
International payments to Nordea Group banks
Nordea payment 4 5.75 € 2 €
Nordea payment in full to beneficiary 4 7.75 € 4 € 
Nordea Intercompany payment 5 10 € 5.75 €
Other payment related services
SWIFT or XML copy of payment 10 €
Payment order confirmation 10 €
Cancellation, investigation and amendment of domestic euro payment to Estonia and EU/EEA** member states 6 10 €
International payment cancellation, investigation and amendment within 6 months6 30 €
International payment cancellation, investigation and amendment more than 6 months6 65 €
**The EEA (European Economic Area) countries are: Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom.
1 If an incoming payment is not in the currency of the account indicated on the payment order, the bank will convert the amount paid into the currency of the account at the exchange rate prevailing on the date of receipt of the payment.
2 Remitter (OUR) – the Customer as the remitter shall pay the fee set by the Bank and such fee shall cover the fees set by all other banks involved in the process of execution of payment. However, the Bank shall not be held liable if during the process of execution of payment no fees of other banks are withheld or the recipient does not receive the payment amount in full due to other reasons beyond the Bank's control. Payments in EUR or EU / EEA member states currencies are allowed if payment is with currency conversion.
3 Payment type available only in following currencies: EUR, USD – until 15:00, NOK, SEK, GBP – until 14:00, DKK – until 12:00
4 Always as an urgent payment (T+1) and to Nordea Latvia and Lithuania in full to the beneficiary.
5 A Nordea intra-group payment between the accounts of the same customer with the same value date (T+0).
6 The bank will not return the service charges paid by the remitter, if the payment could not be cancelled/amended. Beneficiary bank’s charges may be added.