Instructions for making foreign payments

Payment date

The payment date is specified on the payment order. The current date is automatically set as the default payment date (this also applies to electronic payments). The payment date may also be the next banking day, depending on the time of the payment order. If the payment date is not a banking day, the payment will be effected on the following banking day. Choose the desired date to change the payment date – i.e. to effect the payment with a future value date. Payments with a future value date can be effected in Solo Multibank up to 30 days in advance.

Payment type

Foreign payment orders to be submitted on hard copy or via Solo Internet allow choosing between standard and urgent payments.
Foreign payment orders to be submitted via Solo Multibank allow choosing between standard payments, urgent payments and Nordea Intercompany Payments.
The bank automatically selects the applicable payment type, depending on the beneficiary’s bank. If the beneficiary’s bank has been opened in Nordea Bank, the payment type will be set to “payment within Nordea branch”, and the payment will consequently be quicker and less costly.

Beneficiary’s account number

We recommend always indicating the business partner’s IBAN under the beneficiary’s account. The use of the international bank account number provides both you and your business partner with more favourable payment conditions. Therefore, we recommend always consulting the beneficiary before filling out the payment order.

Beneficiary’s bank information

Always indicate the SWIFT/BIC code of the beneficiary’s bank on the payment order, if available. If the code is unavailable, make sure you specify the full name and correct address of the beneficiary’s bank on the payment order.

Calculation of commission fees

Customers have the following options for paying the commission fees related to foreign payment orders:

Shared costs (SHA)
The costs related to the payment order are shared between the payer and the beneficiary.

The payer pays all Nordea Bank commission fees, and the beneficiary pays all the commission fees of the foreign banks (correspondent bank(s) and beneficiary’s bank). The commission fees are deducted from the amount to be transferred to the beneficiary.
 

Payment in full to the beneficiary (OUR)
The costs related to the payment order both in Nordea Bank and foreign banks (correspondent bank(s) and beneficiary’s bank) are fully borne by the payer. The beneficiary receives the full amount.

In case of payments made to EEA countries and in EEA currencies the service fee type is allowed for the beneficiary in the full amount (OUR) only if the payment entails currency exchange, i.e. the currency of the bank account and the payment currency are different.

The payer’s bank cannot, however, guarantee that the full amount is transferred to the beneficiary’s account – it can only guarantee that the full amount is transferred by the correspondent bank.

We must point out further that, if the commission fee initially paid to Nordea Bank for the “payment in full to the beneficiary” service fails to cover the commission fees charged by foreign banks, the bank may debit the payer’s account for the lacking sum once the exact amount of the fee is determined.

The above should always be taken into consideration. Therefore, we recommend choosing a type of payment that differs from the “payment in full to the beneficiary” upon agreeing on the payment conditions with your business partners.

Incoming payments

In order to receive a foreign payment as soon as possible and as appropriately as possible, make sure you provide the payer with the information below:

• your name and address;
• your IBAN account number in Nordea Bank;
• Nordea Bank information:
  Nordea Bank Finland Plc Estonia Branch
  Liivalaia 45/47 10145 Tallinn, Estonia
  SWIFT/BIC: NDEAEE2X
• data on Nordea Bank Estonia’s correspondent bank (unless a different correspondent bank has been indicated):
  Nordea Bank Finland Plc
  SWIFT/BIC: NDEAFIHH

The payment will be transferred to the account indicated by the payer on the same value date, if the bank receives the information on the receipt of the funds before 16:00 on the payment value date.

If the foreign bank has established a past banking day as the value date, the payment will be transferred to the beneficiary’s account on the banking day when the payment is received.