Foreign currency payment

Payment instruction is the easiest way for your company to receive and make foreign currency payments overseas or to other Finnish banks. You can also make euro payments as a payment instruction to non-European countries.

Foreign currency payment Incoming Outgoing Terms and conditions Service descriptions Foreign currency payment

Incoming and outgoing foreign currency payments are processed and received on banking days. You can see your company's foreign currency payment on an account statement and in Netbank, like your other payments.

Your benefits:

  • Payment instruction is a fast, safe and easy payment method.
  • The banks will ensure that the payment reaches the payee as you have instructed.
  • Payment instructions can be sent and received in all exchanged currencies.
  • You can make the payment from an account denominated either in euros or in another currency.
Incoming

Routing of incoming payments to Nordea

With a payment instruction you get the payment quickly to your Nordea account by giving your foreign trading partner the following bank connection information:

Please instruct your bank to forward payment orders through:Nordea Bank Finland Plc SWIFT-address: NDEAFIHH
IBAN:(IBAN account number in Nordea Bank Finland)
In favour of:  (Name and address)
The funds will be credited to the IBAN account stated in the incoming payment. Give the payer the IBAN of the account to which you want the funds to be credited. Example: if you want the funds to a USD account, give the payer the USD account number in the IBAN format.

Advance information on your foreign currency payments

With Nordea’s service for advance notice of incoming foreign currency payments, you can download the information on the foreign currency payments to be credited to your accounts. The final information of the credits will show on your account statement.

Your benefits:

  • With the advance notice service the monitoring of payments and buyer risk is easier.
  • Makes liquidity management more efficient.
  • You can modify the advance notice files to suit your needs and print out different kinds of reports.
  • You can transfer the file into your company’s other systems, such as liquidity management.
  • You can also get advance notice of incoming payments concerning your Nordea accounts in the Baltic countries.

For more detailed information, see the service description for advance notice of incoming foreign currency payments.

Payment orders to foreign banks or from abroad to Finland

With the Request for Transfer service your company can send payment orders through Nordea to Nordea units in other countries and other foreign banks. You can also transmit payment orders through foreign banks to be debited to your account in Nordea.

The orders may concern repatriation of funds, transfers between your company’s foreign accounts or transfers to accounts of other payees in banks around the world.

Your benefits

  • Make your asset management more efficient.
  • Make local payments in other countries.
  • Paperless, secure and quick way to give payment orders.
  • Transmit payment orders to other Nordea units for free.

You can send Requests for Transfer conveniently through Nordea’s Netbank or directly from your company’s systems.

File deadlines

The deadlines for files to be uploaded and downloaded and their processing times are shown on the pages behind the links.

Outgoing

You can make the following payments as foreign currency payments:

  • payments in foreign currencies to Finnish and foreign banks.
  • euro payments to non-European countries.
  • credit transfers between accounts in different currencies with Nordea Bank Finland.

Payment instruction is an unconditional and irrevocable payment method. You can send a payment instruction electronically from your company's systems and from Netbank.

Support for ULMP and LUM2 formats will end on 31 October 2016

ULMP and LUM2 files will be replaced in Nordea with the Corporate Payments Service.

You can send Corporate Payments files with the Web Services solution or in Corporate Netbank.

Check with your software provider that your present software supports foreign currency payments in the XML format. 

You should also contact Nordea in order to have your agreements updated.

Read more Nordea service descriptions

The most cost efficient way to transmit foreign currency payments

It is worthwhile to transmit foreign currency payments electronically to Nordea if your company has more than five (5) foreign currency payments a month.

Your benefits:

  • You can streamline the handling routines of outgoing foreign currency payments.
  • You save time by sending payments directly from your company’s ledger.
  • You get electronic feedback on the payments.
  • You save money in service fees.
  • Payment transmission is paperless.
  • The process is not tied to the bank’s business hours.

Nordea's Netbank and Corporate Payments Service offer excellent tools for this.

Under the payment services act, the bank may not execute payment orders which would require illegal charging of fees. The bank will not forward these payments but reject them. Our customers will receive feedback on rejected payments electronically via Netbank or through another means agreed.

Payments to the EU member states and EEA countries

Shared costs (SHA) is the only allowed means of charging fees when:

  • the payee's bank is in a EU member state or in an EEA country and
  • the currency of the payment is the euro or the currency of some other member state and
  • the payment is made from an account in the same currency, which means that no foreign exchange trade is involved.

Other payments

You can send a foreign currency payment so that:

  • the payee will receive the payment deducted with the fees of his or her own bank (shared costs, SHA) or
  • the payee receives the payment in full (all costs from the payer, OUR).

The payer and the payee may continue to agree on charging fees otherwise if a payment transaction involves currency exchange or the currency of the payment is not a member state's currency, such as the US dollar (USD).

Shared costs is always the most common means of charging fees and always the most inexpensive alternative. We recommend the use of "shared costs" if unless otherwise agreed.

Payment orders to foreign banks or from abroad to Finland

With the Request for Transfer service your company can send payment orders through Nordea to Nordea units in other countries and other foreign banks. You can also transmit payment orders through foreign banks to be debited to your account in Nordea.

The orders may concern repatriation of funds, transfers between your company’s foreign accounts or transfers to accounts of other payees in banks around the world.

Your benefits

  • Make your asset management more efficient.
  • Make local payments in other countries.
  • Paperless, secure and quick way to give payment orders.
  • Transmit payment orders to other Nordea units for free.

You can send Requests for Transfer conveniently through Nordea’s Netbank or directly from your company’s systems.

File deadlines

The deadlines for files to be uploaded and downloaded and their processing times are shown on the pages behind the links.

Terms and conditions Service descriptions

Advice on payments

Sail boat stem 

SEPA in Finland

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Hand turning pages 

IBAN and BIC

International Bank Account Number and Bank Identifier Code.