Main changes in terms and conditions

Banking is changing and new possibilities are opening up. The recently enforced Payment Services Directive enables account information services and payment initiation services to be provided also by non-banks. The General Data Protection Regulation gives You more control over the use of Your data. Anti-money laundering standards and methods are constantly being updated.

The new terms and conditions will enter into force on 1 June 2018. If you disagree with the new terms and conditions, you have the right to cancel your relationship with the bank or the contract for the specific service by letting us know about this before 1 June 2018. You don’t have to do anything if you agree with the changes.

  1. General Conditions

    • We are clarifying and updating the definitions and terms and conditions of contracts.
    • We made the wording simpler and changed the structure to make the necessary information easier to find and the terms and conditions easier to read.
    • We specified the grounds for the establishment and termination of client relationships.
    • In order to comply with the Know Your Customer principle, we have to request certain data and documents from you.
    • We will give you information at our branches, on our website or in any other manner agreed between us.
    • We will send personal messages via the contact details provided by you (e.g. by post, e-mail, landline phone, mobile phone) or via our Internet Bank.
    • The bank will have the right to cancel or amend the contract in an ordinary manner by notifying the client 1 (one) month in advance.
  2. Current Account

    • We are clarifying and updating the definitions and terms and conditions of contracts.
    • The account can be used to via payment initiation or account information service providers according to your consent and the services they provide.
    • We made the wording simpler and changed the structure to make the necessary information easier to find and the terms and conditions easier to read.
  3. Payment transactions

    • We are clarifying and updating the definitions and terms and conditions of contracts.
    • We made the wording simpler and changed the structure to make the necessary information easier to find and the terms and conditions easier to read.
    • Swedbank no longer performs cross-border payment orders if the payment recipient’s bank is situated in the European Union or the European Economic Area and the payment type being OUR (payer covers all fees). This restriction will affect payments in all currencies.
  4. Usage of Debit card

    • The card can be linked to a smart device. In this case, the card becomes digitalised and it is possible to pay for purchases by placing your smart phone over the terminal.
    • If the exact amount of the payment is not known when the payment is authorised (e.g. when buying fuel for a car), the bank has the right to initially reserve a larger amount in your account. The over-reserved amount will be released after the final confirmation of the amount.
    • Maximum excess in case of unauthorized card usage will decrease from 150 euros to 50 euros.
    • A limit of 15,000 euros per month on cash deposited in ATMs will be applied starting from 01.08.2018.
    • Prior notice period for making amendments and cancellation in ordinary manner was shortened from 2 month to 1 month.
  5. Usage of Business Credit Card

    • If the exact amount of the payment is not known when the payment is authorised (e.g. when buying fuel for a car), the bank has the right to initially reserve a larger amount in your account. The over-reserved amount will be released after the final confirmation of the amount.
    • Maximum excess in case of unauthorized card usage will decrease from 150 euros to 50 euros.
    • The card can be linked to a smart device. In this case, the card becomes digitalised and it is possible to pay for purchases by placing your smart phone over the terminal.
    • Obligation to present balance sheet and profit and loss statement is added.
    • Prior notice period for making amendments and cancellation in ordinary manner was shortened from 2 month to 1 month.
    • A limit of 15,000 euros per month on cash deposited in ATMs will be applied starting from 01.08.2018.
    • Conditions were clarified.
  6. Electronic channels agreement

    Swedbank Gateway Service Agreement

    • Excess will decrease from 150 euros to 50 euros.
    • References were clarified.

    E-teller Service Agreement

    • References were clarified under General conditions paragraph.
  7. Principles of processing client data

    • Principles were clarified and updated (effective from 25 May 2018).
  8. Changes in the price list

    • From 01.05.2018 the fee for remote account opening will change.

      • Opening an account in banks of Swedbank Group through Swedbank Estonia: 200 EUR + courier service fee
      • Opening an account in Unicash parter bank through Swedbank Estonia: 300 EUR + courier service fee
      • Opening an account in Swedbank Estonia through Unicash partner bank: According to legal person account opening pricelist + courier service fee
    • From 09.04.2018 group payments in Euros to Swedbank Latvia, Lithuania, Sweden, Finland, Denmark and Norway will be forwarded on the same date if you submit your payment order to the bank until 5:30 pm
    • From 01.08.2018 a limit of 15,000 euros per month on cash deposited in ATMs will be applied to debit and credit cards.
    • Changes to the price list will be made by the respective dates.