As a SEPA (Single Euro Payments Area) payment, you can execute cross-border payments in euros from one EEA member state to another.

Starting from 1 April 2012, the price of an ordinary domestic payment shall apply to SEPA payments.

The payments made to the banks belonging to the SEB Group reach the beneficiary's account usually on the day the payment is made if the payment is made on a settlement day before 3 p.m.

NB! In case of payments in euros to the banks belonging to the SEB Group you can choose between the speed and price of the payment. If you choose “ordinary” or “urgent” as the payment type, the payment will be more favourable, however will reach the beneficiary on the second settlement day at the latest. If you choose "express" as the payment type, the payment will reach the beneficiary on the same day if made on a settlement day before 3 p.m.

An ordinary cross-border payment will reach the beneficiary in 2-7 settlement days, depending on the country. Ordinary payments have the most favourable the commission fees.

Urgent payment will generally reach the beneficiary in 2-5 settlement days.

Express payment will reach the beneficiary’s current account the latest on the next settlement day, if you originated the payment on a working day:

• For Canadian dollar, pound sterling and Russian rouble, before 11.a.m.
• For Danish krone, Norwegian krone, Latvian lats, Lithuanian litas and Swiss franc before 1.p.m.
• For US dollar, euro and Swedish krona before 3 p.m.

If someone wants to send you a payment from abroad

Forward to the remitter:

• IBAN of your current account, which can be found from the Internet Bank or calculated by using a calculator. Estonian IBAN has 20 digits (E.g.: EE901010123456789012)
• SEB Bank BIC (SWIFT Code): EEUHEE2X
• Bank’s address: Tornimäe 2, Tallinn, Estonia

The speed of receiving a cross-border payment depends on the type of payment, selected by the remitter, the country of location and currency. Read more

• Choose the type of payment: the speed and commission fee of payment depend on it.
  • A SEPA payment reaches the beneficiary within 2 settlement days, provided, that SEB has accepted the transfer order before 5 p.m. on a settlement day.
  • An ordinary payment reaches the beneficiary within 2-7 settlement days, depending on the country to which the payment is sent and the payment currency, provided, that SEB has accepted the transfer order before 5 p.m. on a settlement day.
  • An urgent payment reaches the beneficiary within 2-5 settlement days, provided, that SEB has accepted the transfer order before 3 p.m. on a settlement day.
  • An express payment reaches the beneficiary’s current account latest on the next settlement day provided, that SEB has accepted the transfer order before the following time:
    • For Canadian dollar, pound sterling and Russian ruble, before 11.a.m.
    • For Danish krone, Norwegian krone, Latvian lats, Lithuanian litas and Swiss franc before 1.p.m.
    • For US dollar, euro and Swedish krona before 3 p.m.

    
    One settlement day shall be added to the settlement date of a payment, originated after the above times on a settlement day and on weekends and holidays. In this case, it would be more favourable to choose ordinary payment instead of an urgent one and urgent payment instead of an express payment.

    Besides the type of payment, the speed of routing a payment depends also on the fact whether the beneficiary’s correspondent bank is the same with that of SEB. If correspondent banks are different, the chain of routing a payment is longer.

• Choose suitable type of commission fee
  • In the event of a payment with shared charges (SHA), the payment of commission fees is different for settlements in the European Economic Area (EEA) or outside it. If the beneficiary is located in the EEA and the payment is made in a currency used in the EEA, no bank in the payment chain can deduct service charges from the amount specified in the payment order. If you initiate a payment with shared charges, the amount will reach the beneficiary’s bank in full and you will pay the commission fee of SEB and the beneficiary will pay the fee of his bank. Shared charges is the most common type of commission fee in the world. If a payment with shared charges is made outside the EEA, each bank in the payment chain will deduct its service charges from the amount.
  • For a payment “without charges to beneficiary” (OUR) you will pay all the commission fees. The payment will generally reach the beneficiary in full amount. Starting from 22 May 2010, this type of commission fee can be used for making payments between the EEA member states or in a currency, effective in the EEA only, if upon originating, the payment involves currency conversion.
     
• If the payment is in another currency than that of the beneficiary’s country, enter also the correspondent bank data of the beneficiary’s bank, provided by the beneficiary (name, address (city and country) of the correspondent bank, other additional data).
   

If you make cross-border payments to Russia, then read more from the instructions of making RUB payments Instructions for making rouble payments to Russia.

Main correspondent banks of SEB
Restricted regions for cross-border payments

Terms and conditions of settlement

As a SEPA (Single Euro Payments Area) payment, you can execute cross-border payments in euros from one EEA member state to another.

Conditions of a SEPA payment

• Payment currency is euro
• The remitter's bank and beneficiary's bank are located in the European Economic Area member states
• The remitter's bank and beneficiary's bank are direct or indirect contractual members of the EBA STEP2 SCT clearing system
• Beneficiary's account number is determined with international account number IBAN and beneficiary's bank with BIC
• Beneficiary's account IBAN and beneficiary's bank BIC refer to the same member state
• Receipt of the funds in the beneficiary's account is guaranteed by the end of the second settlement day after the payment has been accepted by the remitter's bank
• Costs of transfer will be shared by the remitter and the beneficiary

If the beneficiary's bank is not a member of pan-European clearing system, the payment will be sent to the beneficiary as an ordinary cross-border payment, to which the price of ordinary cross-border payments shall apply.

Read more about SEPA payment:
Estonian Banking Association 
European Central Bank

When originating a cross-border payment

• Enter to the payment order IBAN and BIC as the requisite information for the beneficiary and beneficiary’s bank.
• Using only the IBAN for the beneficiary’s account number does not guarantee automatic processing of cross-border payments. In addition, the beneficiary’s bank must be clearly identifiable. For that purpose, enter to the payment order the beneficiary’s BIC.
• BIC (Business Identification Code) is the bank’s identification code, which enables to determine both the bank as well as its country of location (e.g. the BIC for SEB is EEUHEE2X).
   

The only acceptable beneficiary’s account number for cross-border euro-payments between the European Union and other European Economic Area member states is the IBAN.

As a client of SEB you can make payments to and receive payments from the banks belonging to the SEB Group very quickly and on special conditions if the beneficiary’s account has a correct IBAN and the beneficiary's bank has a correct BIC (this condition does not apply to payments made to banks of the United States, Singapore, Ukraine and Russia).

Payments made to banks belonging to the SEB Group reach the beneficiary’s account on the same day if the payment is made on a settlement day before 3 p.m.

NB! In case of payments in euros you can choose between the speed and price of the payment. If you choose “ordinary” or “urgent” as the payment type, the payment will be more favourable, however will reach the beneficiary on the second settlement day at the latest. If you choose "express" as the payment type, the payment will reach the beneficiary on the same day if made on a settlement day before 3.p.m.

The speed of receiving a cross-border payment depends on the type of payment, selected by the remitter, the country of location and currency.

As a rule, we transfer receivables to your account on the same banking day until 4 p.m.
SEPA receivables will be transferred to your account on the same banking day until 5 p.m.

Currency conversion of cross-border receivables
If you receive foreign currency in your current account, the currency will be converted by using the transfer rate, applicable on the settlement day.
If you would like to receive the amount in the currency it was received, then open a current account or a currency interface of your account for the relevant foreign currency in Internet Bank or at a branch.

Declaration of cross-border receivables
According to the regulation of the Bank of Estonia, you must declare all cross-border receivables amounting more than EUR 50,000 (or an equivalent amount in any other foreign currency) in Internet Bank.

• The latest by the last day of the same month, if the funds are received in the account between 1st and 15th of the month
• The latest by the 15th of the next month, if the funds are received in the account between 16th and 31st of the month

We shall send a reminder to your Internet Bank, if you have received any payments to be declared. A note “not declared on time” is automatically added to payments not declared in time and the relevant information is sent to the Bank of Estonia.