A new price list for banking services will enter into force at LHV from 1 December. Major changes are related to operations at LHV’s client office. Not much will change for clients who are used to handling their banking matters in the mobile app or Internet Bank.
(updated on 12 October 2022)
LHV has paid a lot of attention to the development of digital service channels so that clients could perform their desired banking operations at a time and place that is convenient for them. The number of active users of digital channels continues to grow at a rapid pace, and virtually all banking operations – from the opening of an account and ordering a card home, to applying for a home loan or leasing, to trading securities – can be done conveniently by clients via the LHV mobile app or the Internet Bank.
The upcoming changes in the price list mainly concern those individuals who perform banking operations at a branch or with the help of an LHV service representative by phone or e-mail. Going forward, people can continue to perform these operations independently for free, or at a lower price, using LHV’s digital channels. For example, ordering a bank card to an office will cost EUR 10, but the card can still be ordered home by mail free of charge.
The issuing of account statements and confirmations at the office and the setting up of a Smart-ID with a client service representative will also cost EUR 10. These are also actions that clients can easily do on their own for free.
In terms of investment services, the new price list will only add a service fee to very active traders on the Baltic market, i.e. those who make more than 100 transactions per month. The first 100 transactions remain free of charge, but investors will have to take into account that transactions that exceed that will be charged with a fee of 0.2% of the transaction amount. The reason for the change in the price list is the costs related to transactions on the Nasdaq Baltic stock exchanges. For those who wish to perform securities transactions at a client office, a transaction fee of EUR 25 will be added.
Entrepreneur accounts for private persons, the turnover of which exceeds EUR 500 per month, will be subject to a monthly fee of EUR 5. Concluding a contract and opening an entrepreneur account will remain free of charge, there is no accounting obligation and payments are calculated automatically on the account.
As the servicing of legal entities related to non-residents entails expenses for the bank and obligations arising from regulations, then with the arrival of the new price list, the account opening and monthly fees for legal entities related to non-residents will also change.
Legal entities registered in Estonia, the owners of which are non-residents, and legal entities registered in the European Economic Area, will both be subject to an account opening fee of EUR 300 and a monthly fee of EUR 30. If a legal entity has been registered in another country, the fee for opening an account is EUR 600 and the monthly fee is EUR 60. The fee for opening an account for legal entities with a high-risk field of activity is EUR 1,000 and the monthly fee is EUR 100.
The fee associated with the LHV private banking service has also been changed in the new price list. Starting from December, the LHV private banking clients will be subject to a monthly fee of EUR 100, which includes all the benefits related to private banking, including securities transactions without unlimited payment and against payment, subscription orders made through a client executive, and the continued high level of LHV service.
That being said, nothing much will change for those who are used to performing banking operations independently via the mobile app or the Internet Bank. We will continue to strive to provide the best service, the most convenient electronic solutions for managing finances, and to be available to our clients wherever they may be.All news