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Multi-currency account

Multi-currency account

An option to make payments in over 20 currencies from a single account

  • The money credited to the account is held in the same currency
  • You can exchange currencies at any time convenient for you
  • An option to open several multi-currency accounts

If you engage in transactions in various currencies, we encourage you to use a multi-currency current account. Using Internet banking you can easily add additional currencies to the existing account of your company or open a new current account. Should you wish to segregate you money for different purposes, you can open several multi-currency accounts.

By default, your company’s account has a single currency, and the incoming payments in other currencies would be exchanged to the base currency of the account. To start benefiting from the advantages offered by a multi-currency account, you would need to add additional currencies to the account.

In the multi-currency current account, you can keep funds in multiple currencies:

  • in the base currency of the account as specified by you (the primary currency selected by you for a particular account is the base currency of that account). Changing of the base currency of your account is only possible at the branch of SEB banka;
  • additional currencies of the account that you choose from the list offered by the bank.

If no additional currencies are added, then all incoming funds will be exchanged to the base currency of the account at the bank’s exchange rate.

The commission fee for the servicing of a multi-currency current account does not depend on the number of currencies tied to it and will be levied on the 4th day of each month.

You can use a multi-currency account just like any other current account for:

  • money transfers,
  • currency exchange,
  • e-invoices,
  • regular payments,
  • cash transactions
  • transactions with cards,
  • other bank transactions.

Payments from the multi-currency account

If you need to make a transfer of a certain currency, however the balance of the payment currency is not sufficient, you can use an option to exchange the currency within your the multi-currency account via Internet banking, as well as transfer the required amount from the additional currency selected by you to the currency of the intended payment.

Payment limits

Payment limits (daily and monthly limits) are defined on the account level via Internet banking – you can make payments within the limit with all currencies tied to the account (if necessary, by exchanging them or transferring from other currencies in order to ensure a sufficient amount in the payment currency).

Transactions with cards from a multi-currency account

When paying for your purchases with the card tied to your company’s multi-currency current account and without exchanging currencies, the balance will be available to you only in euro. If the purchase amount exceeds the balance in euro, exchange currency to the euro or transfer other currencies to the account.
This does not apply to credit cards because credit card accounts do not have the multi-currency account functionality.

 

When drafting the covenant on the amendments to the provisions of the Current account agreement at the branch of SEB banka, you can apply for:

  • An automatic opening of additional currencies. The service is only available for incoming payments from other banks. If any of the currencies of incoming payments is not tied to your account yet, you can apply for this service at any branch of SEB banka. After connecting of the service, the tying of a new currency to your current account will occur automatically, ensuring the transferring of funds in the payment currency without exchanging currencies. When the automatic opening of additional currencies option is not used, the incoming payments in currencies other than those added to the account will be exchanged to the base currency of the account.
  • Special currency exchange terms. If the currency of any of incoming payments is not tied to your account and you do not want to keep funds in that currency, please inquire of the opportunity to exchange it to any additional currency rather than the base currency of the account.
Services Fees
Opening:1
   •  for residents (the first account) 15.00 EUR/free of charge2
   •  to non-residents (per each account) 35.00 EUR
   •  in SEB Group outside Latvia3 By agreement, min 50.00 EUR
First verification of documents:
   •  for residents whose holders, true beneficiaries or signatory persons have their identity document or residence permit issued in Latvia Free of charge
   •  for residents – legal entities registered in Latvia, whose owners, beneficial owners or signatory persons have not received an identity document or residence permit in Latvia;
   •  for non-residents – legal entities which are no registered in Latvia
By agreement, min 500.00 EUR
Servicing per month:
   •  for residents4 5.00 EUR/free of charge5
   •  for non-residents legal entities (taxpayers) established in the EEA and outside the EEA 30.00 EUR
   •  for Payment and Electronic money institutions 300.00 EUR
Closing (including transfer of the account balance to another account at SEB bank) Free of charge
Temporary current account
Opening 15.00 EUR
Servicing per month Free of charge
Transforming into the Current account Free of charge
Closing Free of charge
Current account balance fee (hereinafter – ABF)6
ABF for Legal entities (EUR)
(Fee, applicable to total current account balances in EUR exceeding 1 000 000 EUR)
ECB deposit facility rate/360 (Days)
ABF for Legal entities (SEK)
(Fee, applicable to total current account balances in SEK exceeding 9 500 000 SEK)
Sveriges Riksbank repo rate/360 (Days)
ABF for Legal entities (DKK)
(Fee, applicable to total current account balances in DKK exceeding 7 500 000 DKK)
Danmarks Nationalbank Certificates of deposit rate/360 (Days)
ABF for Legal entities (CHF)
(Fee, applicable to total current account balances in CHF exceeding 1 000 000 CHF)
Swiss National Bank negative interest rate/360 (Days)

 


 

1 Minimum opening deposit is 20.00 EUR or its equivalent in another currency.

2 Applying for the Entrepreneur's plan (S, M, L, XL) opening of the Current account (unlimited number) – free of charge. In addition, no minimum deposit is required to open current accounts.

3 Acceptance, processing, verification, sending etc. of documents upon the customer's request.

4 Except Payment and Electronic money institutions.

5 Using the Entrepreneur’s plan (S, M, L, XL) servicing of the Current accounts – free of charge.

6 ABF is calculated at the end of each calendar day, for excess amount of specified threshold for respective currency. ABF would not be applicable should respective central bank’s deposit rate become equal or exceed zero. ABF is debited once a month, and is applied only in cases where Bank individually informs Client 14 calendar days in advance. ABF is paid by Client. Bank does not calculate and pay interest on account balances to Client.
ABF = Excess amount of specified threshold*ECB deposit facility rate in absolute value/360
If Current Account end of day balance is 1 100 000 EUR and ECB rate is -0.4%, then ABF for the respective day is 1 100 000 – 1 000 000 = 100 000 * 0.4% /360 = 1.11 EUR

Entrepreneur service plans

Beneficial package of services for everyday transactions

Contacts

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