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Cross-border payments

Cross-border payments

  • A convenient and secure way to make payments abroad in any currency that SEB bank transacts in
  • An option to choose the speed of execution of the payment – Standard, Urgent or Express
  • An option to choose the most appropriate kind of commission for the servicing of the payment

Cross-border payments are transfers to foreign banks in any currency in which the SEB bank makes transactions, as well as transfers in foreign currencies to other banks in Latvia. Becoming an SEB customer, you will be able to enjoy all the SEB group benefits in 21 country.

SEB bank ensures payments according to the currency and the type of payment as selected by you. By choosing the priority of the payment, you are also specifying the speed of execution of the payment. A Standard transfer requires lower fees than those of the Urgent or Express payment, whereas it is guaranteed that the Express transfer will be processed immediately.

The beneficiary's bank or the intermediary bank will receive the payment depending on the method of payment selected by you:

  • Standard – on the working day following the next day;
  • Urgent – on the following working day;
  • Express – on the same working day.

The speed of execution of the payment is determined not only by the type of the payment but also whether or not the correspondent bank of the beneficiary’s bank and SEB bank is the same. If the correspondent banks of both the parties differ, the transfer may take longer. Please note that payments in foreign currencies to other banks in Latvia are executed as cross-border payments.

You can choose the most appropriate type of commission for the servicing of the cross-border payment:

  • In case of the SHA or shared commission (“sharing of costs”) payment, the beneficiary bank receives the transfer amount in full; you will cover the commission fee to SEB bank whereas the beneficiary – to their own bank. SHA is only available fee type for payments to banks in the European Economic Area as well as in Switzerland, Monaco, San Marino and Andorra.
  • In case of the OUR or “the full amount to the beneficiary” payment, you cover the commission charge, whereas the beneficiary receives the full amount of the payment. You cannot chose fee type OUR for payments to banks in the European Economic Area as well as in Switzerland, Monaco, San Marino and Andorra.

Frequently asked questions

What details are necessary to make cross-border payment?

Upon making cross-border payments, you will need to specify the following details.

How to complete a payment order to transfer Russian roubles (RUB)?

To make payments in Russian roubles, please, read the instructions.

To which countries are money transfers prohibited?

Due to international sanctions and the mutual terms and conditions of correspondent banks, it may be possible that there are restrictions on money transfers to some countries.

How soon is it possible to receive a money transfer from another bank?

That how fast the payment made by your partner will be credited to your account depends on the type of the money transfer, the payer's country and the payment currency. If the payment is credited to your current account in another currency, it is shall be exchanged at the exchange rate for non-cash transactions effective on the settlement day.
If you are willing to receive the payment to your account be credited in the relevant currency of the money transfer, you can:

  • open a multicurrency account using the Internet bank;
  • open a current account in the relevant currency at any branch of SEB bank;
  • specify the details of your current account as well as the correspondent bank to the payer.

Is it possible to fill in the cross-border payment form in advance?

Yes, you can pre-fill the payment form in advance and submit it at the branch.

 

Services

Fees
In Internet bank
and mobile application
At the Bank's branch
Intrabank payment
Between accounts of one customer at SEB bank (incl. transfers to a savings deposit) Free of charge 3.00 EUR1
To another customer's account at SEB bank 0.14 EUR 3.00 EUR
SEB pension fund, SEB life insurance accounts within SEB bank Free of charge Free of charge
Currency exchange within one account Free of charge 3.00 EUR
Information about transactions prices for plan users available in section “Customer Plan”.
European payment 2, 3
Standard SEPA payment 0.36 EUR 4.00 EUR
Submission and performance of the payment4, 5 until 16:00, D+0* until 15:00, D+0*
after 16:00, D+1* after 15:00, D+1*
European Express payment (SHA)6 22.00 EUR 25.00 EUR
Submission and performance of the payment5 until 17:00, D+0* until 16:00, D+0*
Information about transactions prices for plan users available in section “Customer Plan”.
Cross-border payment7, 8
Standard payment:
   •  SHA 11.50 EUR 14.50 EUR
   •  OUR 20.00 EUR 25.00 EUR
Submission and performance of the payment5 until 17:00, D+2* until 17:00, D+2*
Urgent payment:
   •  SHA 18.50 EUR 22.00 EUR
   •  OUR 26.00 EUR 30.00 EUR
Submission and performance of the payment5 until 15:00, D+1* until 14:00, D+1*
after 15:00, D+2* after 14:00, D+2*
Express payment:
   •  SHA (payments in EUR) 22.00 EUR 25.00 EUR
   •  SHA (payments in foreign currencies) 25.00 EUR 30.00 EUR
   •  OUR 50.00 EUR 58.00 EUR
Submission and processing of payments5 in USD, EUR, SEK until 15:00, D+0* until 14:00, D+0*
Submission and processing of payments5 in DKK, NOK, CHF until 13:00, D+0* until 12:00, D+0*
Submission and processing of payments5 in CAD, GBP, RUB until 11:00, D+0* until 10:00, D+0*
* D+0 Transfer of funds to the recipient bank or correspondent bank on the same day.
   D+1 Transfer of funds to the recipient bank or correspondent bank on the following day.
   D+2 Transfer of funds to the recipient bank or correspondent bank on the day after.

Improved exchange rate, starting from amount of 10,000 EUR or its equivalent in another currency, may be applied during the working hours and standard exchange rate is applied - during non-working hours.

The Bank's working time (including the time when receiving of payments are canceled, if it is set at the end of the working day) is shortened by one hour on pre-holiday days.


1 Transfer to a deposit account is free of charge.

2 If the payment order does not indicate the recipient's IBAN account, the payment will be processed as a Standard cross-border payment. The correspondent bank and/or beneficiary bank can charge additional fee to be collected from the Customer for the payment processing.

3 Payment in euro to the European bank (a bank located in an EU member state (including its autonomous territories), Iceland, Liechtenstein, Norway, Switzerland, San Marino, Monaco or Andorra).

4 If bank can process payment order as instant payment it will reach beneficiary account generally within 10 seconds – instant payments are executed every calendar day, including Saturdays, Sundays and national or public holidays.
  Instant payment processing is available only for payments initiated via electronic channels (internet bank and mobile application), if they meet the following criteria: payment amount is up to 15,000 EUR, beneficiary bank is participant of instant payment system, and there are no other obstacles for instant payment processing.

5 The moment of suspending of accepting payment orders – the time on the Settlement day, after which the received Payment orders are considered to have been received on the next Settlement day.

6 Only in the Eurozone (zone in which the euro is introduced as the currency of the European Union).

7 Payments in foreign currencies to other banks in Latvia are processed like cross-border payments.

8 Payment order with commission fee type SHA - the commission fee of SEB bank is covered by the Customer, while all commission fees of correspondent banks and the recipient bank related to the payment are covered by the recipient. SEB bank sends the payment to the correspondent bank or recipient bank with the instruction SHA in the Details of Charges SWIFT notification field. Correspondent banks or the recipient bank have the right to withhold the commission fees from the transferred amount before or after depositing the funds in the recipient’s account.
  Payments to banks in the European Economic Area as well as in Switzerland, Monaco, San Marino and Andorra in any currency are only accepted if the commission fee type is SHA. If the Customer specifies the commission fee type OUR for such payment, payment order will be rejected.
  Payment order with commission type OUR - the commission of SEB bank, as well as all commissions of the correspondent bank and recipient bank related to performance of the transfer are covered by the Customer. SEB bank sends the payment to the correspondent bank or beneficiary bank with indication OUR in the respective SWIFT message area Details of Charges, instructing the beneficiary bank to pay the transfer amount to the recipient. This provision limits the liability of SEB bank. SEB bank is not liable if the correspondent bank or recipient bank has failed to adhere to the instructions given by SEB bank or if the credit transfer has not been received in full due to other reasons not controlled by SEB bank. SEB bank has the right to withhold the commission fees claimed by the recipient bank or otherwise related to the payment from the Customer’s account without acceptance.

Contacts

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