If you're moving to Finland, here's how to manage your money
Before you move to Finland, understanding the local banking system can save you weeks of frustration and unexpected fees.
Banking Overview in Finland
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Finland
Foreigners can open bank accounts in Finland. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Finland. While you may be able to send money to Finland, full local account features may not be available. Check their website for the latest on Finland-specific services.
N26
N26 is not currently available in Finland. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Finland, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Finland is approximately €3,983 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Finland:
- Bank Danske Bank
Additional Data Points
Recent reports and expat sources provide these additional figures for Finland:
- Very few countries are as strong and competent when it comes to online banking as Finland; the country has been touted the leading member state in the EU for internet banking in 2012, with 91% of Finland's internet-using population enjoying internet banking services.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
What happens to my bank account if I leave Finland?
Most banks in Finland allow you to keep your account open even after leaving, though some may require an address in Finland. It is advisable to switch to a basic or non-resident account to avoid unnecessary fees. Close standing orders and direct debits before leaving.
Can I get a credit card as an expat in Finland?
Credit card availability for expats in Finland depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.
Are there any fees for maintaining a bank account in Finland?
Many banks in Finland charge monthly maintenance fees ranging from €2 to €15. Some offer free accounts if you maintain a minimum balance or receive a regular salary.
Does Wise (TransferWise) work in Finland?
Wise has limited functionality in Finland. You may need to rely on traditional banks for transfers.
What is the local currency in Finland?
The local currency in Finland is euro (EUR), represented by the symbol €. Most payments can be made by card, though cash may still be important in some contexts.
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