TransferGo vs SEB Business: Which service is best for businesses?

If you’re a business entrepreneur based in the UK or Lithuania, you’ve no doubt wondered about the best business bank account for your needs. Here, we explore and compare two of the most popular business payment solutions: TransferGo vs SEB Business (Skandinaviska Enskilda Banken AB).

We’ll look at everything from fees and market reach to user experience, speed of payments and customer support to help you determine the best banking solution for your business. 

We’ll also explore the TransferGo Business Account—a single, simple-to-use multi-currency account that will help you reimagine the way you send, receive and manage your international business payments.

Ready to get started? Let’s go.

Key benefits of TransferGo for businesses

Let’s start our TransferGo vs SEB Business comparison with an overview of the TransferGo Business Account for businesses. When you sign up (it’s free), you’ll be able to:

• Make easy money transfers in 35 currencies to over 60 destination countries
• Take advantage of low transaction fees and competitive currency exchange rates
• Send, receive, hold and manage money across the globe easily
• Turn to top-notch customer support in 9 different languages when you need it

How TransferGo simplifies business payments

The TransferGo Business Account reimagines the way you handle international business payments and makes global cash flow management effortless. It allows you to hold balances in GBP, EUR, RON, PLN and more and receive, hold, exchange and send low-cost international payments for businesses quickly and affordably.

And because clear payment histories and tracking are all in one place, it gives you full control and visibility over your business finances.

Multi-currency solutions: How SEB and TransferGo differ

TransferGo makes it easy to send, receive and manage multiple currencies in one place, with favourable rates and transfer margins as low as 0.35%. You can hold balances in GBP, EUR, RON, PLN and more, secure the best rates when you see them and send and receive money around the world at a local level.

Meanwhile, SEB also offers multi-currency accounts but in a less sophisticated way, giving TransferGo the lead when it comes to multi-currency accounts in the TransferGo vs SEB Business debate.

Comparing TransferGo vs SEB Business fees and hidden costs

The TransferGo Business Account is free to set up with no monthly subscription fees and zero fees on major routes. TransferGo is always transparent about any fees that apply, with the amount you pay depending on your payment corridor and transfer method. No hidden fees, no nasty surprises.

Meanwhile, the business account from SEB charges a fixed but cheap monthly fee, which ranges between EUR 1 and EUR 15 a month depending on the package. Depending on your plan, you’ll be able to make between 1000-3500 free payments. At the time of writing, SEB also has an active offer, providing new businesses with a free plan for their first year.

Market reach: Supported countries and currencies

When it comes to sending money, the TransferGo Business Account supports swift business payments to over 60 countries in 35 currencies. 

Meanwhile, you can send money to hundreds of countries with an SEB Business account but unless you’re transferring money to another SEB account, ordinary payments can take 2-7 working days.

Speed of payments: Which platform delivers faster transfers?

TransferGo’s super-fast transfers reach their destination in minutes, providing businesses with an advantage when it comes to making urgent payments and improving cash flow management. Over 97% of transfers are delivered faster than promised.

Meanwhile, the speed of SEB payments is generally slower, with ordinary payments taking 2-7 working days and urgent payments taking 2-5 working days. Express payments are available in EUR, CAD, GBP, USD, CHF, NOK, SEK and DKK, which depending on the payment corridor, will arrive at their destination no later than the next working day. Customers will need to pay an additional fee for express payments.

User experience: TransferGo vs SEB Business

The new TransferGo user interface is smart, sleek and easy to navigate with a mobile-friendly design and simple tracking to keep users in control. This means customers can send and track transfers on the go.

SEB also offers a user-friendly platform but it’s not as easy to navigate as the TransferGo platform. Setting up a business account with SEB can also take longer as the process involves a meeting via video call or in-branch.

Security and compliance: Ensuring business transactions are safe

Since both TransferGo and SEB are major players in the financial sphere, both businesses take security and compliance extremely seriously. They implement comprehensive AML (anti-money laundering) and CTF (counter-terrorist financing) measures, as well as strict Know Your Client (KYC) processes and robust information security protocols to protect customers’ money and data.

TransferGo also uses the latest state-of-the art security technology, giving them an edge over traditional banking legacy systems.

Customer support comparison: TransferGo vs SEB Business

TransferGo is known for its excellent customer support, which is available in 9 languages and addresses 80% of enquiries within just 2 hours. It’s no wonder then that it has an average customer rating of 4.6/5 on Trustpilot.

Meanwhile, SEB offers customer support by phone, chat, internet banking or in-branch. However, its average customer rating on Trustpilot is just 3.1/5, suggesting a poor-to-average quality of customer service.

Integrations for businesses: Accounting and ERP system compatibility

The SEB Baltic Open Banking API allows users to develop and use one integration to reach other SEB customers in Estonia, Latvia and Lithuania.

Meanwhile, TransferGo removes the need for complex integrations thanks to its super-simple and easy-to-navigate systems. This is why TransferGo’s set-up costs stay free.

Advantages and drawbacks for businesses

Advantages and drawbacks of SEB for businesses

Let’s sum up the pros and cons of SEB for business users to finalise our TransferGo Business vs SEB Business debate.

Pros

• A variety of plans to choose from, each one suiting different business needs
• Both online and in-branch support available
• Integrations tools available

Cons

• Higher transfer fees with additional fees charged for faster delivery times
• Slower transfer speeds compared to TransferGo
• The reviews of the SEB customer support team are not particularly impressive. Its average customer score on Trustpilot 2.8/5

Advantages and drawbacks of TransferGo for businesses

Now it’s time to conclude the comparison of TransferGo and SEB Business with a round-up of the pros and cons of TransferGo for businesses. Let’s take a look.

Pros

• Low fees on international transfers with no sign-up or monthly fees
• Super-fast delivery times, with transfers arriving in minutes
• Top-notch customer support team with an average Trustpilot score of 4.6/5
• Easy currency exchange for businesses with the function to hold balances in GBP, EUR, RON, PLN and more

Cons

• Integration with popular accounting tools is currently not possible
• While multiple countries and currencies are supported, certain countries and currencies are not (for now, anyway. Watch this space!)

COMPARISON TABLE

Choosing the right platform for your business needs

Deciding on the best business payment platforms depends on your business needs. If you regularly make international payments, the TransferGo Business Account offers a secure, fast and affordable way to do so. 

International business payments with TransferGo take minutes (with a 97%+ faster-than-promised delivery rate), foreign exchange rates are favourable and there are no sign-up or monthly fees. Plus, transfer margins are as low as 0.35% and its dedicated, top-rated customer support team is available in 9 languages when you need it.

Ready to get started? Sign up to TransferGo Business today.

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Curious about how TransferGo compares to other payment providers? Read our TransferGo vs Wise Business guide and our TransferGo vs Swedbank Business guide for more info.

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The information provided in this TransferGo vs SEB Business blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this TransferGo vs SEB Business post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.