Banking
Finnish banks and bank accounts
Finland’s banking system is very advanced. As a foreigner, you should have no problem opening a Finish bank account.
The three leading banks in Finland are Nordea Bank Group, the OKO Bank Group and Sampo, representing more than 80% of Finland’s banking services. There are other commercial banks in Finland as well as finance companies, mutual funds and life insurance companies.
Normal banking hours are from 09:15 until 16:15, though this can slightly vary between banks and different parts of the country.
Opening a Finnish bank account
It is usually fairly straightforward to open a bank account in Finland. Although you will generally find that at least one member of staff at the bank will speak some English, it is usually a good idea to take a Finnish-speaking friend with you in case your knowledge of the Finnish language is not sufficient.
One thing you should look out for before opening your Finnish bank account is what documents you will be required to present at the bank. This can often vary – even between different branches of the same bank. In most cases, you will be asked for any combination of the following documents:
- Passport
- Additional photographic identification
- Proof of address
- Finnish personal identification number (henkilötunnus)
- KELA card (must be applied for, entitles you to be covered by the Finnish residence-based social security scheme)
- Residence permit
The process is usually quite fast and you may even receive an active ATM card on the day you open your account.
Be sure to ask for the following services if you require them, as they may not be automatically granted to you:
- Statements to be sent to you in a certain language (usually available in Finnish, Swedish or English)
- Access to online banking
- Use of your ATM card to pay for goods and services in shops and restaurants, rather than just at cash machines
Finnish bank charges
Bank charges in Finland vary between banks but in general are fairly reasonable. It is worth checking which services are provided free of charge by each bank and making a decision based on your own needs and preferences.
These are the services you may or may not be charged for by a bank in Finland:
- Payment of bills by direct debit
- Monthly statement
- Balance enquiries at ATMs
- Cash withdrawals
- Money transfers
- Deposits
Online banking in Finland
The Finnish population is becoming increasingly reliant on Internet banking. It is generally a safe and secure way of carrying out a range of transactions and is particularly useful for paying bills without having to go to the bank.
Other services available through online banking include management of credit cards, loans, investments, pensions and insurance.
You do not need any specialist software to access your online banking account. All you need is an online banking agreement with your bank who will provide you with your customer number and access codes, as well as the web address you need to access the facility.
In some cases it is possible to access online banking with a WAP phone. You should enquire about this at your bank if this option appeals to you.
Most banks in Finland are able to offer online banking facility in Finnish, Swedish and English. You should check with each bank what the charges are for the use of online banking, if there are any.
Also in this section
- Introduction: Finnish currency and cost of living
- Banking: Finnish banks and bank accounts
- Accessing money: Credit cards, bank loans and travellers' cheques
- Bank loans in Finland: Can you secure a loan as an expat?
- Money transfers: Transferring money to and from Finland