Swedish SEB in Latvia falling short of high standards
Not long ago I opened an account in SEB, Latvia. Everybody knows that it’s a subsidiary of big and important Swedish bank.
Unexpectedly for me the bank asked for the reasoning to open an account. After some negotiations we decided to use a purchase contract for a flat, as it is in no way binding: no terms or prices are indicated, no fines follow it.
Internet-banking turned out comfortable, the speed of euro transactions is cosmic, just like the tariffs for such transactions, compared to the Russian prices in rubles.
Cash acceptance and internal transactions are to be paid for. That’s quite strange for those who are not used to it.
Then I found out that their IBAN is not multicurrency. It means that usually when the transaction is carried out in franks or pounds, banks transfer this money to a foreign currency account, basing on the currency received. While SEB transfers it to a usual account according to its own exchange rate (unless you indicate a foreign currency account).
It’s impossible to change the active account on a card.
In general, the bank is not the best. I would rather recommend some other bank for those, who prefer to enjoy bank services and functions.
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