Changes to foreign currency

Personal customers Corporate customers Personal customers

Nordea and FOREX Bank to enter into cooperation

As of 12 April 2016, you as Nordea's personal customer will be able to order foreign currency easily in FOREX Bank's Nettivaluutta service. You can access the service via the travel cash pages in Nordea's Netbank for personal customers. The service will guide you onwards to foreign currency ordering. 

For further information on the foreign currency exchange alternatives and delivery times, for example, please visit the Nettivaluutta service. According to your choice, the foreign currency will be delivered to the Airpro Travel Service 24h point at the Helsinki-Vantaa Airport or to your nearest post office. SmartPOSTs do not fall within the scope of the service. After this reform, foreign currency will be delivered to more pick-up points than before across Finland.

Foreign currency in cash will no longer be available at Nordea branches as of 12 April 2016.

 

What is Netbank's foreign currency ordering service?
Answer:

Netbank's foreign currency ordering service is a new electronic service through which our customers can order foreign currency.  The new service will replace the present in-branch foreign currency service altogether during the spring of 2016.

How can I purchase foreign currency in the future?
Answer:

You can order foreign currency through Netbank to a post office of your choice or to Helsinki-Vantaa airport.

I do not have Netbank access codes. How can I get foreign currency in the future?
Answer:

Unfortunately you cannot order foreign currency without access codes.

I have some foreign currency I did not use abroad. What should I do with it?
Answer:

Unfortunately Nordea will not accept foreign currency after April 2016.

How much will currency exchange cost in the future?
Answer:

You can read about the price on this page as soon as it is confirmed in the near future.

Can I order foreign currency to SmartPOST (Posti's parcel point)?
Answer:

No, you cannot order insured foreign currency to SmartPOST because you have to pick up the order in person. Pick-ups with a power of attorney are not allowed, either.

What should I do if FOREX Bank's Nettivaluutta link does not work in Nordea's Netbank?
Answer:

Report the failure to Nordea Customer Service, tel 0200 70 000 (local rates apply).

Can I pay the foreign currency I ordered from my foreign currency account?
Answer:

You can deposit or withdraw only euros to/from your account.Transfers between foreign currency accounts and euro-denominated accounts will be made as before. Foreign currency withdrawals from a foreign currency account will no longer be possible after 29.4.2016.

How much is the postage for an insured postal item?
Answer:

The service provider FOREX BANK's tariff is applied to the service fees. The fees are available on FOREX Bank's websiteOpens new window.

If I order foreign currency as an insured postal item, with whom should I make an agreement?
Answer:

As a personal customer, you do not have to make an agreement. You can get to FOREX Bank's Nettivaluutta service directly from your personal Netbank where you can order foreign currency.

Can I pay my foreign currency order in cash to FOREX Bank?
Answer:

As a personal customer, you can pay your foreign currency order as an e-payment from a euro account in FOREX Bank's Nettipalvelu.

Does Posti's service point refer to Posti's own point or an R Kiosk, for example?
Answer:

Posti's own service point or a postal outlet defined by it may in some cases also be an R Kiosk or a K store, etc

Can I pay my foreign currency order in cash to FOREX Bank?
Answer:

Personal customer: As a personal customer, you can pay your foreign currency order as an e-payment from a euro account in FOREX Bank's Nettipalvelu.

The terms and conditions of foreign currency accounts will change as of 1 May 2016

Cash foreign currency will no longer be offered at Nordea branches by the end of April 2016, and this will have an effect on the special terms and conditions of foreign currency accounts. The amendment concerns the "Additional terms and conditions" clause in the special terms and conditions:

  • As of 1 May 2016, it will no longer be possible to withdraw cash foreign currency from or deposit cash foreign currency to foreign currency accounts. Transfers between foreign currency accounts and euro-denominated accounts will be made as before. 

See the terms and conditions: 

The amendment will take effect automatically. 

The amendment does not concern fixed-term foreign currency accounts. With these accounts, the terms and conditions will remain the same until maturity or renewal of the deposit.

Why such an amendment?
Answer:

Nordea wants to focus its travel cash supply in an electronic channel. Ordering travel cash via Netbank also allows provision of foreign currency in localities with no Nordea branch or cashier services. 

How does the amendment affect withdrawals from and deposits to the Foreign Currency Account?
Answer:

The clause 'Additional terms' of the special terms and conditions governing Foreign Currency Accounts will be amended on 1 May 2016. After the amendment, you can deposit or withdraw only euros to/from your account.  Transfers between foreign currency accounts and euro-denominated accounts will be made as before.

What does the amendment to the terms and conditions of the Foreign Currency Account mean to me?
Answer:

During the spring, the supply of travel cash will change at our branches, and this affects the terms and conditions of personal and corporate customers' Foreign Currency Accounts.

The clause 'Additional terms' of the special terms and conditions governing Foreign Currency Accounts will be amended on 1 May 2016. After this, you can no longer deposit or withdraw funds denominated in a foreign currency to/from your foreign currency account.

The changes will take place automatically, so you are not required to do anything. 

Will the amendment affect the services linked to the Foreign Currency Account?
Answer:

No, all the services linked to the account will be provided as before.

Will the amendment affect both personal and corporate customers' Foreign Currency Accounts?
Answer:

Yes.

 

See the terms and conditions:

  • Terms and conditions valid until 30 April 2016
  • New terms and conditions effective as of 1 May 2016
How will the amendment to the Foreign Currency Account affect my fixed-term foreign currency account?
Answer:

The following new clause was added to the special terms for fixed-term foreign currency accounts:

  • Cash cannot be withdrawn from or deposited to an account in other currency than the euro.

This applies to accounts that have been opened after 1 February 2016.

The new clause will be applicable to fixed-term foreign currency accounts opened before 1 February 2016 that will be renewed after 1 May 2016.

With fixed-term foreign currency accounts opened before February 2016, the earlier special terms of November 1998 will be followed until the due date of the account. 

What will the effect of this amendment be when the fixed-term deposit matures?
Answer:

You can transfer the deposit

1)    either to a Foreign Currency Account denominated in the same foreign currency or to

2)    euro accounts.

3)    You can make a new fixed-term deposit in a foreign currency.

 

But you will only receive the maturing deposit in cash in the euro.

 

Corporate customers

Nordea and FOREX Bank to enter into cooperation

As Nordea's corporate customer, you will be able to use FOREX Bank's services in the future. However, before your company can start using the new service it must make an agreement with FOREX Bank. Upon making the agreement, mention that you are Nordea's corporate customer. 

To companies, FOREX Bank Ab will deliver the ordered foreign currency within 3–5 banking days either to the nearest post office or to the company's delivery address under a cash-in-transit service agreement.

Can I order foreign currency through the Netbank services for corporate customers?
Answer:

No, you cannot order foreign currency through the Netbank services for corporate customers (not through Classic Corporate Netbank or Corporate Netbank).

Can I leave foreign currency in a night safe?
Answer:

It will not be possible to leave foreign currency deliveries in Nordea's own night safes or in Automatia's Nouto.deposits.

Our company uses a cash-in-transit service, so is it possible to include foreign currency deliveries in the same service?
Answer:

Your company must always separately agree with the cash-in-transit service provider on the inclusion of the deliveries in the service. Also inform FOREX Bank Ab of the cash-in-transit service.

Whom should I contact if I want to order foreign currency for a company?
Answer:

Contact FOREX Bank directly and make an agreement on the foreign currency service.

Where can I get the foreign currency order forms?
Answer:

FOREX Bank will provide you with the order forms and the necessary instructions.

Can I pay my foreign currency order in cash to FOREX Bank?
Answer:

Corporate customers agree on the operating model and payment method upon making an agreement with FOREX Bank.

Is SmartPOST the same as a parcel terminal? Can I order foreign currency to SmartPOST?
Answer:

SmartPOSTs are parcel points, and you cannot send insured foreign currency to them.

If I order foreign currency as an insured postal item, with whom should I make an agreement?
Answer:

As a corporate customer, you must make a foreign currency agreement with FOREX Bank.

The terms and conditions of foreign currency accounts will change as of 1 May 2016

Cash foreign currency will no longer be offered at Nordea branches by the end of April 2016, and this will have an effect on the special terms and conditions of foreign currency accounts. The amendment concerns the "Additional terms and conditions" clause in the special terms and conditions:

  • As of 1 May 2016, it will no longer be possible to withdraw cash foreign currency from or deposit cash foreign currency to foreign currency accounts. Transfers between foreign currency accounts and euro-denominated accounts will be made as before. 

See the terms and conditions: 

The amendment will take effect automatically. 

The amendment does not concern fixed-term foreign currency accounts. With these accounts, the terms and conditions will remain the same until maturity or renewal of the deposit.

Why such an amendment?
Answer:

Nordea wants to focus its travel cash supply in an electronic channel. Ordering travel cash via Netbank also allows provision of foreign currency in localities with no Nordea branch or cashier services. 

How does the amendment affect withdrawals from and deposits to the Foreign Currency Account?
Answer:

The clause 'Additional terms' of the special terms and conditions governing Foreign Currency Accounts will be amended on 1 May 2016. After the amendment, you can deposit or withdraw only euros to/from your account.  Transfers between foreign currency accounts and euro-denominated accounts will be made as before.

Does Nordea still provide travel cash?
Answer:

You can still order travel cash in advance to certain branches until 10 April 2016.

You can place an order in Nordea Customer Service, at a Nordea branch or in Netbank. 

What does the amendment to the terms and conditions of the Foreign Currency Account mean to me?
Answer:

During the spring, the supply of travel cash will change at our branches, and this affects the terms and conditions of personal and corporate customers' Foreign Currency Accounts.

The clause 'Additional terms' of the special terms and conditions governing Foreign Currency Accounts will be amended on 1 May 2016. After this, you can no longer deposit or withdraw funds denominated in a foreign currency to/from your foreign currency account.

The changes will take place automatically, so you are not required to do anything. 

Will the amendment affect the services linked to the Foreign Currency Account?
Answer:

No, all the services linked to the account will be provided as before.

Will the amendment affect both personal and corporate customers' Foreign Currency Accounts?
Answer:

Yes.

 

See the terms and conditions:

  • Terms and conditions valid until 30 April 2016
  • New terms and conditions effective as of 1 May 2016
How will the amendment to the Foreign Currency Account affect my fixed-term foreign currency account?
Answer:

The following new clause was added to the special terms for fixed-term foreign currency accounts:

  • Cash cannot be withdrawn from or deposited to an account in other currency than the euro.

This applies to accounts that have been opened after 1 February 2016.

The new clause will be applicable to fixed-term foreign currency accounts opened before 1 February 2016 that will be renewed after 1 May 2016.

With fixed-term foreign currency accounts opened before February 2016, the earlier special terms of November 1998 will be followed until the due date of the account. 

What will the effect of this amendment be when the fixed-term deposit matures?
Answer:

You can transfer the deposit

1)    either to a Foreign Currency Account denominated in the same foreign currency or to

2)    euro accounts.

3)    You can make a new fixed-term deposit in a foreign currency.

 

But you will only receive the maturing deposit in cash in the euro.