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.