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European payments

European payments

  • Quick and convenient way of transferring money
  • Cost-efficient euro transfers to European countries
  • Instant payment processing, if beneficiary bank reachable for Instant payments
  • An option to make European Express payments

Using the Standard SEPA payments, you can make the euro transfers cost-effectively and for any amount to all the countries of the European Economic Area, as well as Switzerland, Monaco, San Marino and Andorra. If payment amount is up to 15 000 EUR and beneficiary bank is participant of instant payment system, bank will process your payment as instant.

Whereas for euro transfers to eurozone countries with immediate payment processing you can choose the European Express payment, if your payment does not meet the Instant payment criteria.

To which countries can European payments be made?

They are: 28 Member States of the European Union (Austria, Belgium, Bulgaria, Czech Republic, Denmark, France, Greece, Croatia, Estonia, Ireland, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, United Kingdom, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Spain, Hungary, Germany, Sweden), as well as Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino and Andorra.

What is IBAN?

IBAN (the International Bank Account Number) is the customer's account number with the bank or another financial institution. It enables you to recognize the recipient's country and account, as well as to verify the accuracy of the beneficiary's account number.

What is the length of the IBAN number?

While the length of the IBAN account number may vary from country to country, it is not however longer than 34 characters and consists of the country code (2 letters), 2 check digits, the bank’s code, and the account number of the bank's customer.
Latvian IBAN consists of 21 symbols:

How to check if the beneficiary's IBAN is correct?

When making a payment via internet bank, the system will check automatically whether the IBAN number is correct and meeting all the requirements. You can check IBAN numbers in the table below.

Country

Length

Example

Andorra

24

AD1200012030200359100100

Austria

20

AT611904300264573201

Belgium

16

BE68539007547034

Bosnia and Herzegovina

20

BA391290079401028494

Bulgaria

22

BG80BNBG96611020345678

Croatia

21

HR1210010051863000160

Cyprus

28

CY17002001280000001200527600

Czech Republic

24

CZ650800000192000145399

Denmark

18

DK5000400440116243

Estonia

20

EE382200221020145685

Faeroe Islands

18

FO1464600009692713

Finland

18

FI2112345600000785

France

27

FR1420041010050500013M02606

Germany

22

DE89370400440532013000

Gibraltar

23

GI75NWBK000000007099453

Greenland

18

GL8964710001000206

Greece

27

GR1601101250000000012300695

Hungary

28

HU4211773016111110180000000

Iceland

26

IS14015926076545510730339

Ireland

22

IE29AIBK93115212345678

Italy

27

IT60X0542811101000000123456

Latvia

21

LV80BANK0000435195001

Liechtenstein

21

LI21088100002324013AA

Lithuania

20

LT121000011101001000

Luxembourg

20

LU280019400644750000

Macedonia

19

MK07300000000042425

Malta

31

MT84MALT011000012345MTCLAST001S

Monaco

27

MC5813488000010051108001292

Netherlands

18

NL91ABNA0417164300

Norway

15

NO9386011117947

Poland

28

PL27114020040000300201355387

Portugal

25

PT50000201231234567890154

Romania

24

RO49AAAA1B31007593840000

Serbia and Montenegro

22

CS73260005601001611379

Slovak Republic

24

SK3112000000198742637541

Slovenia

19

SI56191000000123438

Spain

24

ES9121000418450200051332

Sweden

24

SE3550000000054910000003

Switzerland

21

CH9300762011623852977

Turkey

26

TR330006100519786457841326

United Kingdom

22

GB29NWBK60161331926819

 

To make a European payment:

  • the currency of the payment must be euro;
  • the payer's and the beneficiary's banks must be established in SEPA countries;
  • the beneficiary's international bank account number (IBAN) needs to be specified on the payment

If European payment amount is up to 15 000 EUR and beneficiary bank is participant of instant payment system, your payment will be processed instantly and will reach beneficiary account generally within 10 seconds, if no any obstacles for instant payment processing. 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 bank could not process your European payment instantly, payment will be processed as SEPA standard payment. Only in case you have marked the option “Process the payment only as instant” in payment form, and instant payment processing fails for some reason, your payment will be credited back to your account and bank will not process your payment as SEPA standard payment automatically.

If beneficiary bank is not participant of instant payment system or payment amount exceeds 15 000 EUR, you can choose between SEPA Standard or European Express payment.

Using SEPA Standard or European Express payment, the funds will be received on the same day, if:

  • the Standard SEPA payment is made via the internet bank by up to 4 p.m. or by 3 p.m. at the bank’s branch;
  • the European Express payment via the Internet bank is made by 5 p.m. or by 4 p.m. at the bank's branch.

Only SHA or “sharing of costs” option applies to Standard SEPA payments. Consequently, the payer and the beneficiary share the transfer commission fee, and it is guaranteed that the recipient receives the payment amount in full.

If the beneficiary's bank is not located in the member states of SEPA (is not the member of the Single euro payments area) or if the beneficiary's IBAN account is not specified on the payment, it will be executed as a Cross-border payment for which the relevant fee will be charged.

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.

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