Foreign currency account
Foreign Currency Account is like an ordinary bank account. You can withdraw funds from the account in euros any time you want and you get a statement of your account transactions.
- You can manage your monetary transactions outside the euro area without having to convert currency into euros. This allows you to hedge against exchange rate risks.
- The account is covered by the deposit guarantee.
Exchange rate risks
Individual currency investments always carry an exchange rate risk.
If the exchange rate falls from the level prevailing at the time of making the deposit, you suffer an exchange rate loss, and if the rate rises, you gain exchange rate profit.
Remember that you are responsible for any exchange rate losses.
A tax-at-source on interest income is levied on the interest of your deposits.
Potential exchange rate profits are considered taxable capital income. Profits will be realised only when the foreign currency is converted into euros.
For personal customers, exchange rate profits are tax-free up to 500 euros a year. You must declare the profits in your tax return.
Exchange rate losses are not tax deductible.
|Deposit interest on the Foreign currency account||0,00 %|
|Deposit in euros to one’s own account at Nordea Bank Finland||0,00 €|
|Deposit in euros to another person’s account at Nordea Bank Finland||6,00 €|
|Withdrawal in euros from one’s own account||0,00 €|
|Account transfer to one’s own account at Nordea Bank Finland||0,00 €|
|Account transfer in a foreign currency to another person’s account at Nordea Bank Finland in branch.||5,00 €|
|Account transfer in a foreign currency to another person’s account at Nordea Bank Finland in netbank.||4,00 €|
|Account transfer with access codes as personal service||5,00 €|