Nordea Bank International Transfers & Exchange Rates

This European financial services group is based in Helsinki and was founded in 1820, giving them 200 years experience as a banking institution. Nordea Bank came about as a result of a merger between Swedish, Norwegian, Danish and Finnish banks and now has 9.3 million private customers and 530,000 corporate customers. In this review we will look at the international transfers solutions offered by this long-standing, trusted bank group.

About Nordea Bank

Nordea Bank Abp provides corporate and retail banking to their customer base of over 10 million people, along with asset management services. The bank also works closely with 2,350 small and medium sized businesses across multiple industries. The term “Nordea” is a blend of “Nordic” and “idea”, two fundamental aspects of the bank’s identity. In this review we will evaluate the bank’s international money transfer services to discover how their international transfers stack up against dedicated companies in the remittance world.

Can I use Nordea for international bank transfers?

International bank transfers are available to Nordea customers. More information about the bank’s fee structure and exchange rates will follow.

Exchange rates and fees

In this section we will evaluate Nordea’s transfer fees and currency exchange mark-up for international transfers.

Exchange rate: Nordea updates its live exchange rates between 8am and 7pm during trading hours. The bank’s foreign exchange rates are based on the mid market rate provided by the European Central Bank, however, they do not match the true market value exactly, since Nordea apply profit margins to each currency conversion. The banks uses an award-winning automated FX algorithm to calculate the rate. Learn How to Find the Best Exchange Rates by reading our guide on the subject.

Transfer fees: The cost to transfer funds to another Nordea customer is 60 Swedish Krona ($6.82 USD), but there is no fee for Euro transfers. The bank charges 350 Swedish Krona ($39.80 USD) for their Express Transfer service, regardless of whether the account holder banks with Nordea or not.Check out our guide to International Bank Transfer Fees before you set up a transfer with Nordea Bank.

Additional costs: When sending a cheque you will pay 60 Kr ($6.82 USD) and if customers need to amend their money transfer order there will be a fee of 150 Kr. If money transfers are rejected on behalf of a customer error, the sender will need to pay a 500 Kr ($56.85 USD) fee.

How do Nordea Bank transfer fees compare to using a money transfer provider?

The cost of fees when sending money intentionally at Nordea bank are huge compared with dedicated money transfers services. You’ll pay a fixed fee for almost all transaction types as well as additional fees if a problem arises due to a customer error. Compare these costs to those of specialist platforms like Wise who charge much lower fees and ensure total transparency from start to finish, during a transfer process.

Overall, users regularly transferring money overseas are better off outsourcing to a dedicated international money transfer service: the processing times are faster so the recipient will not have to wait as long for funds to arrive.

Nordea Bank Pros and Cons

Now we will take a look at a few of the bank’s leading advantages and disadvantages to gain a more balanced overview of what Nordea Bank brings to the table.

How to open an account and transfer money with Nordea Bank

In this section, we will go through the step by step process of opening a Nordea Bank account and transferring money.

Opening an account

To open an account you will need to visit the Nordea Bank website and fill out an application form. Proof of residence and photo ID will be needed: passport or driver's license are accepted forms of ID. Once the form has been completed the bank will respond in a timely manner. When the account is opened, you will receive an email with your bank details: these details can be used to log into online banking and the mobile app.

Transferring money

Sending money at Nordea bank is a straightforward process that takes no longer than a few minutes.

• Step 1: Log into your bank account using the details provided during the registration process.

• Step 2: Now navigate to the international money transfer type and enter the recipient details. You will need to enter the name, bank details and amount you wish to send.

• Step 3: You may need to select the currencies manually depending on the transfer.

• Step 4: Before confirming, check the details since there is a fee if the transaction is rejected because of input error.

Additional information

• Prize draws: the bank conducts regular prize draws where customers can win items such as popular gadgets and devices

• Wealth management: customers with at least 80,000 EUR (91,547.75 USD) in their account or borrowing a loan over 350,000 EUR (400,555.26 USD) are eligible to wealth management support

• Nordea Gold: a MasterCard credit card which allows customers to borrow money from the bank

What customer support options are available?

Nordea Bank customer service can be accessed via the following 3 channels:

• Customer helpline: Agents are on hand to help over the phone Monday - Friday between 8.00 am and 6.00 pm

• Branch visit: Customers can visit their local brand face-to-face help

• Online help: On the Nordea website and mobile app there are helpful FAQs that address common questions

Summary

Nordea international bank transfers are relatively competitive: they are processed quickly and Euro Transfers are free of fees. The bank’s mobile app is also highly rated and performs well, making it easy for customers to arrange bank transfers on the go.

However, the transfer speed and exchange rates offered by this bank is not comparable to specialist money transfer operators like TorFX, WorldRemit or Xe, these dedicated money transfer services save customers time and money.

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