International invoicing is quick and effective when you collect your company’s payments in an OP account instead of wasting time managing several accounts.
We are continuously developing our international payment network, and we are part of the accelerated international payments service. Thanks to this, you can receive most cross-border payments to your OP account within minutes or on the next day at the latest. Payments from the European euro payments area of 36 countries transfer to OP’s accounts in real time as SEPA instant credit transfers.
Invoicing to a corporate account
You just need an OP account for cross-border invoicing. When your company is engaged in exports or receives regular payments from abroad, invoicing is simple by sharing your company’s account details in the invoice. This is the safest, cheapest and most common payment method. In practice, your OP account will receive the payment as a SEPA credit transfer or international payment. The amounts arrive quickly when the payer has your company’s full bank account details.
When sending an invoice abroad, let the payer know:
- the cooperative bank’s BIC, always OKOYFIHH.
- Your IBAN, with the initial letters FI, which you will find on the OP eService and in your bank statement. Your company’s name and full address. It is important to show these to prevent the payment being blocked or delayed due to incorrect or missing information, as this information is required for international payment transfers.
Currency account and other invoicing methods
You should open an OP currency account for your company if you trade mainly in currencies other than euros. This account is also a good option when you want to use the same currency in your operations.
International trade uses documentary payments (documentary credit and collections) in certain sectors and geographical areas, especially if the business partner is new. These invoicing methods bring more security for the business partners.
When should you open an account in a foreign bank?
Your company may benefit from opening an account in the destination country’s bank if you collect payments from abroad extensively, such as recurring invoices for local consumers or operators. This makes a difference especially outside the SEPA area and when using another currency than the euro for invoices. This way, payers can pay their invoices to your company as local domestic payments. If your company also has local outgoing payments, you can use the funds transferred to your foreign account to pay invoices in the same country.
We support your company’s international operations
You can repatriate the funds in your foreign account quickly to your OP account and manage your entire international pool easily in the OP Corporate Hub service.
We will help you find the best solutions for your company’s international invoicing. Just contact your OP cooperative bank.