If you’ve decided to relocate to Finland, you’ve certainly considered many of the big challenges, including how to obtain visas, where to work, and where to live. But have you thought about how and where to bank?
Can I open a bank account in Finland from abroad?
To open a bank account in Finland, you typically must visit a branch in person. Different banks have their own procedures, and some provide online account openings for Finnish citizens and residents.
However, to get started, you’ll normally need a local address and an account with another major Finnish bank, so this isn’t useful if you want to open your first Finnish account before moving.
Can a US citizen open a bank account as a non-resident of Finland?
Non-residents are typically unable to open a normal bank account in Finland. The main option is likely to be an expat-specific account issued by a global banking group’s international subsidiary.
However, this is likely to entail making a large minimum deposit and incurring substantial transaction costs. Conduct some research to determine if any international bank accounts that allow you to hold and spend euros will be suitable for your specific needs.
It’s also vital to examine the specifics of the bank’s product for US residents. Due to legal limitations, several Finnish banks are unable to provide all of their services to US citizens or individuals with US tax responsibilities.
The alternatives available differ depending on the bank you choose, but it is worth double-checking before attempting to open an account, just in case.
Which documents will you need to open a bank account in Finland?
Opening a bank account in Finland is quick and simple, provided you’re in the country in person. Currently, foreigners cannot open Finnish bank accounts online.
If you’re in Finland and ready to get started, all you have to do is show up at the bank with your documents. Almost all bank employees will speak English, therefore there is no need to bring a translator. You can schedule an appointment, but it is not always necessary.
While the following list of identification documents will work at most banks (and it is recommended that you bring as many as possible), you should also call your potential bank ahead of time to ensure that you bring everything you need the first time.
Some baseline documents include:
- Passport
- Other government-issued photo ID
- Proof of your Finnish address (like a recent utility bill)
- Finnish Personal ID number
- Residence permit or proof of visa
If you arrive prepared, you may be walking out with an operational bank account in under an hour.
What are the best Finnish banks?
Finnish residents have a variety of local, Nordic, and worldwide banks to pick from. It’s always a good idea to explore each bank and the benefits they offer before choosing the best one for you, but some of the most popular include:
Nordea Bank®
Nordea Bank¹ has hundreds of branches and ATMs throughout Finland and Scandinavia.
Options and services include:
- Accounts for savings and for day to day use
- Credit and debit cards
- Mobile and internet banking services
- Loans and insurance products
OP Group®
OP Financial Group² is a significant banking network. It’s worth mentioning that the internet services are offered in several Scandinavian languages but not English. The bank offers a wide range of locations and ATMs, as well as:
- Day-to-day accounts
- Savings accounts
- Foreign currency accounts
- Internet banking
- Easy account transfers
Danske Bank®
Danske Bank³ is one of the largest banks in Finland and the Nordic region, with branches and ATMs throughout the country. To open an account, phone customer care or go to a branch.
Some benefits account holders enjoy include:
- Debit and credit cards
- Financial services tailored to different life stages
- eBanking
- Mobile services
- Telephone services
Aktia Savings Bank®
Aktia Savings Bank⁴ offers many account solutions for saving, investing, and daily use. Online services are offered in Finnish and Swedish, but not in English.
Account holders at Aktia get:
- Day-to-day and savings accounts
- Debit cards
- Credit cards
- Online banking
- Select discounts
Costs and fees of opening a bank account in Finland
Having an account will cost some ongoing fees, just like banking anywhere else. These differ for each bank, but the following provides an overview of the charges.
ATM fees
There are typically few fees associated with using an ATM controlled by the bank with which you have an account. That being said, certain banks may impose a minor fee if you make more than a particular amount of withdrawals every month.
If you use an ATM from another bank, you will most likely be charged, but certain Nordic banks will refund you for ATM fees. This varies with every bank, so if it’s a crucial feature for you, do some research before picking where to create an account.
Other bank fees
Basic accounts often have minor maintenance fees, around €2 per month. However, there will be additional expenses to consider, such as those for Internet banking, fees for obtaining and maintaining a debit card, and transaction fees while using your account.
Some banks provide banking packages as an alternative, which include a variety of services for a single monthly price.
International transfer fees
If you transfer or receive money overseas frequently, keep in mind that fees will apply, which may include a markup on the mid-market rate for your currency pair. Payments in euros within the SEPA area are often inexpensive or free, however, transfers to the United States can be costly.
This article should offer you a lot to think about when it comes to selecting the best Finnish bank for your unique requirements. Once you’ve decided on a bank, creating an account is simple. Best of luck getting started!