Repatriation of funds

Payments quickly into your company's account at home and abroad

If your company engages in exports, you can collect payments quickly and flexibly from your foreign business partner.

Collecting payments into an account in Finland

Your company opens a euro account and adds the account number to its foreign invoices. This is the most cost-effective solution for companies whose outgoing payments meet the criteria for SEPA credit transfers. SEPA credit transfers between banks take no more than three days but the related charges equal those for comparable domestic payments. Your company's cash assets are in a single place and no time is wasted for managing new accounts.

If the currency of payments coming to your company are other than euros, you can open a currency account for your company. This is an alternative to be reckoned with when you are able to utilise currency in our own operations and invoicing is plentiful.

Collection payments into an account abroad

Your company opens an account in a country where your company's business partner operates. This is the most cost-effective solution when incoming payments are other than euros, the number of invoices is large and your company can utilise the currency concerned in its own payments. Funds collected into a foreign account can be repatriated to your company's account with an OP cooperative  bank.

Holding an account with a foreign bank is also a cost-saving solution: your company and business partner will pay only charges for a domestic payment. It may also lift trade barriers when customer relationship with a bank based in your business partner's home country gives added value to your international trade customer relationships.

Please contact your on member cooperative bank and we will be pleased to support your company in the account opening process and help you in challenges presented by going global. Together we will find the best solutions for the needs of your company's international cash management.

You can open an account with a foreign bank for your company or its foreign sales or subsidiary company through OP.

Your company can open a UniCash account through OP in 25 European countries according to a pre-agreed, simple model. The UniCash network gives your company access to over 40,000 branches and a customised OP service package.

The service includes

  • opening an account at your local OP cooperative bank
  • daily bank statement into your company's bank connection software
  • managing the account through your company's own bank connection software from Finland
  • collecting payments into an account with a foreign bank
  • making payments from the account with a foreign bank.
  • transferring funds in the account between banks without lost value days.

If your company engages in foreign trade in a non-euro currency, it is advisable to open a currency account with OP.

Our incoming international payments enable your company to receive non-euro payments and payments from outside the SEPA in your company's account with OP.

Our outgoing international payments enable your company to make payments outside the SEPA or in a non-euro currency.