Estonia’s major banks either already apply or soon will apply surcharges on money transfers to or from countries which they deem to be high risk.
The banks say processing transactions to and from listed states costs more in terms of time and resources, hence a surcharge being applied, in most cases on private and business clients alike.
The surcharge requirement have already been put into effect at SEB and LHV, with charges reaching up to €100 for payments both to and from high-risk countries.
From November 1, Swedbank private and business clients will have to pay a €75 transaction fee on payments made to high-risk countries, though the fee is not levied on incoming payments for private clients.
“If a payment arrives in Estonia from some risk country, then no surcharge will be taken from the private client recipient – incoming payments will be settled under the usual conditions,” Swedbank’s head of communications Martin Kõrv told ERR.
Business clients must pay the €75 fee also on incoming payments, even if the incoming sum is lower than that €75.
More read: ERR.EE
