Our services in the Baltic countries

In Estonia, Latvia and Lithuania, a multicurrency account is used to manage a company's daily payment transactions.  It is a flexible, basic corporate account which may include a credit limit and payment transaction services needed for daily banking.

It pays to open a multicurrency account for your company if you want to collect incoming payments or pay purchase invoices or, say, wages, on a local basis. You can manage the account easily through NetBank or a Finnish bank connection software. It is worth noting that international payments within each country transfer at the same day's value

One of the key advantages of the account is that sub-accounts for all currencies can be found under the one and the same account number. When a payment in a new currency comes into the account, a sub-account is automatically created for the account. You can do foreign exchange transactions easily between sub-accounts up to 50,000-euro equivalent.

The account's main currency is the euro. Currency-denominated and non-SEPA payments can also be received into the account.

You can use and manage a multicurrency account flexibly

• on NetBank or
• using a Finnish bank connection software.

NetBank is an easy-to-use online bank providing a real-time connection to your company's bank in Estonia, Latvia or Lithuania. It enables you to track your account balance and account transaction and to make domestic and international payments, create payment and response data, execute foreign exchange transactions, send and receive messages and manage access rights. NetBank is available in a local language and in Russia and English. You will receive a bank statement locally into NetBank or other bank connection software.

You can also use the account from Finland with your company's existing bank connection software. Executing payments is based on the XML data format (C2B) and you can retrieve bank statements using a method of your choice.

Payment in the Baltic countries

In Estonia, Latvia and Lithuania, payments within the country transfer from the payer to the payee at the same day's value if the payee bank is also a SEPA bank.

In the Baltic countries, your company benefits especially from OP Payment payments which transfer within OP Financial Group on the same day between Finland, Estonia, Latvia and Lithuania in the following currencies. EUR, LTL, USD, SEK, NOK, DKK, GBP, CHF and RUB. OP Payment payments in euros are processed at the price of a SEPA credit transfer and non-euro payments are processed at a cost lower than normal international payments.

Moreover, we can automate your company's pre-determined and recurring payments, such as rental charges.

Euro-area and international payments

You can make euro or non-euro payments from your company's multicurrency account to an OP account and to another financial institution in Finland or abroad. Payment is flexible and inexpensive – you can made payment orders from the account on a 24/7 basis. It costs the same in all payments in the euro area.

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A multicurrency account offers an efficient method of concentrating liquidity because all of your company's funds in multiple currencies are in the same account. Funds move within OP Financial Group during the same day.

It is possible to automate liquidity concentration through the Sweep service. In such a case, you will agree with your bank on the criteria on the basis of which automated account transfers for liquidity concentration are made into the account of a member cooperative bank in Finland or in the Baltic country of your choice. This automated liquidity concentration can be performed on a daily, weekly or monthly basis.

Your company can invest its surplus cash in Estonia, Latvia or Lithuania into term deposits, for example.

Lease is a great way for companies and entities of all sizes to finance purchases of equipment and other assets by using the leased asset as collateral. Lease means a long-term rental, i.e. purchased equipment is owned by the bank and the bank leases it to your company for an agreed term against a lease payment.

Typical assets acquired under finance lease include company cars, IT and other office equipment, power tools and production machinery as well as industrial machinery and equipment.

The agreed lease term is based on the asset's estimated useful life and lifecycle. Your company can allocate the related costs over a longer period with no capital tied up as opposed to owning the asset. In particular, companies operating in capital intensive industries and using fast-changing technologies benefit from lease.

Your company can reduce its risks and boost its sales and competitiveness by providing its customers with a diverse range of financing and payment options. After the customer's credit application has been approved, your company will receive its money back quickly and the credit risk will transfer to OP.

Investments are needed for enabling business development and growth in the Baltic countries. Long-term debt financing is well suited for corporate investments.

Is your company in need of working capital? Income and expenses, payables and receivables seldom concur. Working capital is needed to secure a company's liquidity and for other short-term purposes. It is possible to temporarily substitute insufficient working capital for a variety of financing products provided by the bank, such as an account with credit facility or debt financing.

You can give a local company a guarantee limit through our Baltic branch, within which limit it can accept guarantees according to its needs.

In the bank guarantee, the bank makes a guarantee agreement on behalf of your company for the benefit of your domestic or foreign contracting party (beneficiary). Here the bank as guarantor is committed to monetary liability on behalf of your company. For your contracting party, the bank guarantee is easy to accept and manage.

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Would you like to secure your foreign trade receivables and repatriate them as quickly as possible? Our Baltic branch offers you a diversified range of solutions for risk management and financing of export and import trade.

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