Finland is a well known country in the world as one of the most cashless countries — meaning mostly all transactions are made directly on phone. That's why you definitely need to open a bank account in Finland before getting to exercise yourself financially in the country.
However, transactions can also be made by card aside from smartphone in cities and rural areas within the country.
Finland is one of the world's wealthiest countries. As a result, residents of the country have almost everything at hand, as well as access to a wide range of social services. It is also well-liked by foreigners and expats, particularly in Helsinki.
If you planning to live in Finland as a student, worker, or retire and enjoy its ski lodge, you will almost certainly need a bank account.
Hopefully, the process to open a bank account in Finland is even more simple than you could ever imaging. Here is a guide to open a Finnish bank account without hassle.
Banking System in Finland
Domestic, Scandinavian, international, and even virtual banks are available in Finland. It's a good idea to evaluate the fees associated with each bank while looking for the proper one. A monthly maintenance fee of roughly €2 is charged by some banks.
Others levy a mobile banking fee, though this is becoming less prevalent. Keep in mind that many banks provide free accounts to students and young people, so make sure to inquire whether you qualify.
Finally, fees for using an ATM at a non-affiliated bank are common, so make sure the bank you choose offers convenient ATM locations or other means to withdraw cash if you need it.
Documents Required to Open a Bank Account in Finland
Foreigners found it difficult to open a bank account in Finland prior in the year 2014 since it required Finnish documentation. Finnish banks now accept a wider range of documents, thanks to a change in policy brought about by a July 2014 judgement by Finland's Discrimination Tribunal — which prohibited banks from discriminating against those who only possessed identity documents issued by other countries.
As a EU/EEA resident, here are the documents required from you by Finnish banks to open a bank account:
- Additional form of picture identification
- Proof of address (such as a utility bill or a piece of official government correspondence)
Depending on the bank and your situation, you may be required to provide additional proof. We recommend that you verify with your preferred bank.
- Residence permit or Visa
- Kela Card (with a photo): — this card shows you can be covered by the Finnish social security system
- Finnish personal ID number (also called a henkilötunnus)
You can open a non-resident bank account if you do not yet have a Finnish address. This account, however, has some restrictions. Online banking and other services may not be available with a non-resident bank account. After three months of residing in Finland, this restriction should be removed. Before pursuing this path, make sure to compare the limitations of various non-resident accounts.
Can I Open a Bank Account in Finland as a Non-Resident?
Yes, non-residents can open bank accounts in Finland since banks have special accounts called "international accounts" that are developed expressly for this reason. The bank's documentation needs will differ, so call or go online to inquire from your preferred bank.
There may be additional prerequisites for opening overseas accounts, as well as limitations on assigned to the account , but as a general rule, all important banking services, such as transfers and cash withdrawals, will be available with the account. In most cases, opening a Finnish personal account is quick and easy.
Best Banks in Finland
As previously stated, all banks in Finland will have English-speaking personnel; nonetheless, people who speak another foreign language may have difficulties. There are over 240 banks to pick from, so you'll have lots of options.
All banks provide great service, English-language online banking, and a large network of ATMs and located in many regions.
Generally, all banks provide free account opening, with minor monthly fees (typically 2 euros) that may cover your debit card and other benefits such as rewards. Almost all banks provide free accounts to students and young people.
Here are some of the best banks in Finland for Residents, Non-Residents and Students:
Holvi is an online bank for freelancers and small enterprises that provides a convenient business solution. This financial firm, which was just created a few years ago yet provides excellent service, has been acquired by BBVA.
With nearly 200 years of experience serving individuals and institutions, Aktia is Finland's oldest bank. This financial institution provides complete online and phone services and operates in 430 locations thanks to a partner network.
Cash can also be obtained from partner supermarkets. It has all of the necessary financial services, such as cards and basic accounts, and online banking offers all of the necessary services for both individuals and corporations. Although the website is not in English, Google Translator can help you with translation.
You may use its online banking services to pay invoices, make foreign payments, and check your account balances. It also allows you to make changes to your credit and debit card information, as well as your insurance and loan information.
You can securely reach the customer services through the message tab.
Nordea is the largest bank in the region, with over 650 locations and millions of customers around the world. It offers all necessary banking services, and they encourage that you give them a call so that they can best serve you. Nordea Mobile, Netbank, Code app, and Nordea Wallet are among the best online and mobile banking services available.
Nordea Bank Account for Foreigners and Non-Residents
Nordea is one of the online banks in Finland that lets you open a bank account as a Foreigner. However, depending on your financial relationship with your home country, you might be required to provide some additional documents for processing of your account. The best way however, as an expat is to land in the country and finish setting up your account.
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With approximately 200 locations and 1.5 million customers, OP is one of Finland's largest banks. You have access to the Otto ATM network as part of your account. They provide a comprehensive range of banking services to a broad spectrum of customers, from simple current and savings accounts to investment and retirement planning.
Danske provides bank accounts for all types of personal and corporate purposes, including particular deals for students and young professionals, teenagers, and a unique account called the "Danske Cash Reward" account, which comes with an annual bonus of 84 euros. There are numerous Danske locations across the country.
The process for opening a bank account in Finland is pretty straightforward, and you should have minimal difficulty doing so. With English language being widely spoken and information extensively disseminated, there should be no significant obstacles to overcome with the proper documentation.
If you're confused about what proof is required, we recommend calling or emailing your preferred bank.
Finland's banking costs might be high, so do your homework to locate the right account and price structure for you. Most banks have a charge list on their websites in English, but if you can't locate one, ask for one at the branch.
What to Consider before Opening a Bank Account in Finland
- The bank offers online banking (for bills payment and most of your banking transactions)
- The statements you will receive will be in English (Finnish and Swedish are also options)
- Not only can you use your ATM card in cash machines, but you may also use it in restaurants, shops, and other places.
How to Open a Finnish Bank Account Online
Great banks such as Nordea, Aktia let you open a bank account in Finland online. However, these banks offer both traditional and online banking options.
There are some financial institutions that operate fully online and let you easily open a Finnish bank account that you may use anywhere in the EU/EEA countries. Transfers are made easy with these banks since they do not charge plenty of fees for international transfers meaning, you can equally transfer money out of the SEPA zone without any major charges with them.
Online banks such as N26 and B2BPay facilitate you banking by providing you a wide range of control over your virtual account. N26 offers a virtual Mastercard debit card that can be used with mobile wallet such as Google Pay and Apple Pay and can be equally linked to PayPal.
One great thing with these online banks is they let you open a bank account in Finland and most European countries as a non resident.
To open an online bank account in Finland, here is what you should do:
- Pick an Online bank below (both offer numerous banking advantages)
- Go to the banks website and signup for an account
- Provide all the documents that will be required from you to open your account
- Wait for your account approval
- Once you account is approved, you can start banking within Finland.
Best Online Banks in Finland for Residents, Non-Resident, Expats and Foreigners
N26 is one of the well known financial institution for its top-notched services and has served the banking industry for many years now.
N26 is a great online bank to get started as a non-resident in Europe. The accounts you get with them benefits from SEPA transactions, as you will pay little or no fee for some transactions made with N26.
B2BPay is another fintech financial institution that lets you open a bank account in Europe as a resident or a non-resident. Ideal for expats, B2BPay is the choice most individuals and business corporation go in for.
With a B2BPay online bank account, you can easily make transfers and receive money in the SEPA Zone without prior fees charged. For each foreign transaction, the exchange rate are calculated in real-time, saving you extra money on conversion rates.
Best Banks in Finland for Students
- Nordea Bank
- Helsinki Bank
Best Bank in Finland for Foreigners and Non-Resident
Nordea bank is a well-known bank in Finland that doesn't discriminates application from non-residents of the country. This bank is the best bank for expats, foreigners and non-residents planning to fly to Finland. It reserves its place as the best though there are some few banks that let foreigners open a bank account in the country.
Final Thoughts on How to Open a Bank Account in Finland Online
Finland is a cashless country meaning you can easily pay by card and smartphone in most cities and rural areas. This country makes it easy for non residents to open a bank account in the country as many banks in the region are open to applications from foreigners.
Asides for the traditional banks offering online banking services, N26 and B2Bpay are two completely online banks that offer a wider range of banking services.
It is straightforward to open a Finnish bank account online — here is what yo do, select a bank, provide required information, apply, get approved and start banking in the country.
Before going in for any bank in the country, make sure you checkout the fees associated to each bank and go in for the one that suites your needs.
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