Service Description - International transfers

International transfers in a nutshell

Holvi customers can easily send and receive transfers outside the SEPA region. You can now send and receive payments in 18 currencies. This setup is ideal for internationally operating businesses. Note that transfers to countries within the Single Euro Payments Area are treated as local transfers, meaning you can send them as a normal transfer. Please note: International transfers may have maximum limits. These limits can vary depending on the currency you select. 

At the moment, Holvi supports international transfers in 18 different currencies– for more details, go to: Supported currencies

Sending an international transfer

You can send an international transfer in Holvi’s mobile app and/or use our web interface at Holvi.com. To do this, simply:

• Create a new transfer
• Choose the International transfer option
• Add an amount
• Choose a currency
• Add recipient information: 
  • Name, address, country, bank identifier (e.g. BIC)
• Add any additional details (e.g. reference, reason for the payment)
• Confirm your transfer with with your Holvi app

Cancelling an international transfer

Once a transfer is initiated and funds are debited from your account, it’s not easy to cancel an international transfer. 

If necessary, customers can ask Holvi to initiate a cancellation process; however, we can’t guarantee successful cancellation. Please note also that Holvi charges a fee for initiating a cancellation process, regardless of whether you get your money back or not

Receiving an international transfer

To receive an international transfer, provide the payer with your complete bank details, including:

If you’re using a Finnish IBAN with Holvi (starting with FI), provide the following bank details:

BIC: HOLVFIHH

If a payer asks for the receiving bank’s address, send them the following:

Address:
Holvi Payment Services Oy
Kaikukatu 2 C
00530 Helsinki
Finland

If you’re using a German IBAN with Holvi (starting with DE), provide the following bank details:

BIC: HOLVDEB1

Address:
Holvi Payment Services Oy – Zweigniederlassung Deutschland
Hasenheide 54
10967 Berlin
Germany

Please make sure, to inform the sending bank to also add the intermediary BIC: HOLVFIHH to the payment. This ensures, that the payment can arrive to your Holvi account correctly.

Service hours

International transfers are processed on banking days. If a payment is initiated on a non-banking day, the processing will start on the next banking day. The actual transfer time depends on the receiving bank and usually takes between 2-4 banking days.

For incoming transfers, Holvi promptly transfers the sum to the customer account upon receipt. Please be aware that if the incoming transfer is missing information, the transfer process may be delayed.

Service fees

Holvi applies charges for both incoming and outgoing international transfers. These fees are billed monthly along with other service charges. For currency conversions, a variable foreign exchange markup will be applied to the exchange rate, with the exact percentage determined by your Holvi plan. For current fees and further information, please refer to our Fee schedules and the Fees and deductions for international transfers (SWIFT) 

For outgoing transfers, we exclusively support a shared fee model (SHA), where the payer and payee assume responsibility for their respective bank fees. While Holvi customers cover the fee for the outgoing international transfer to Holvi, the recipient bears the cost imposed by their own bank, along with any potential fees from intermediary banks. Please be aware that Holvi cannot guarantee that the recipient will receive the full sum, as the receiving and/or intermediate bank may deduct their own fees from it.

For incoming international transfers, it's possible that the payer has selected a beneficiary model (BEN), where the recipient is expected to cover all costs related to the payment. In such cases, the sending bank deducts their fees from the sum. Please be aware that Holvi cannot guarantee that you will receive the full sum, as the sending and/or intermediary bank may have deducted their own fees.

Supported countries

As a financial institution, Holvi sticks to international rules to make sure transactions are secure. Right now, there's a specific group of countries outside the SEPA region where Holvi customers can make transactions. We've chosen these countries carefully to make sure everything runs smoothly when you send or receive money. It's all about keeping your financial operations safe and compliant. The list of supported countries may also be subject to change based on international regulations.

Besides the SEPA countries, Holvi customers can currently send and receive transactions with these countries: Argentina, Australia, Bahrain, Canada, Chile, Colombia, Hong Kong, Israel, Japan, Malaysia, Saudi Arabia, Switzerland, South Korea, Taiwan, Tunisia, United States, Uruguay, New Zealand, Singapore and United Kingdom.

Supported currencies

DKK – Danish Krone
HUF – Hungarian Forint
RON – Romanian Leu
AUD – Australian Dollar
CAD – Canadian Dollar
CHF – Swiss Franc
GBP – British Pound
HKD – Hong Kong Dollar
ILS – Israeli New Shekel
JPY – Japanese Yen
NZD – New Zealand Dollar
SGD – Singapore Dollar
USD – United States Dollar
CZK – Czech Koruna
NOK – Norwegian Krone
PLN – Polish Zloty
SEK – Swedish Krona

Submitting additional information

As a payment institution, Holvi has obligations concerning customer identification. In certain cases, Holvi may request additional information regarding the origin or use of funds pertaining to an international payment. If necessary, customers must confirm their identity when initiating an international payment. Additionally, other banks and payment service providers involved in international payments may be obliged to share information about the payer or payee with their local authorities.