Opening a bank account in Finland as an expat
Finland is regarded as one of the most cashless places in the world, in addition to being one of the world’s happiest nations. This indicates that Finns are more inclined to use their cards or smartphones to make purchases in both urban and rural locations. We strongly advise opening a Finnish bank account if you intend to establish residency in Finland, regardless of the region you choose. Fortunately, the procedure is not too difficult for foreigners. Our guidance on opening a bank account in Finland in traditional banks in Finland is provided below.
We have selected some of the best banks in Finland for you with the use of the following criteria:
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Navigating banking as an expat in Finland just got simpler. N26 offers a straightforward, no-fuss banking experience tailored to your needs. With easy account setup and an intuitive mobile app, you can manage your finances effortlessly. Enjoy fee-free transactions and transparent pricing, giving you more control over your money. Rest easy with robust security features. However, it’s worth noting that N26 doesn’t have physical branches. So, if in-person services are a priority for you, it’s a point to consider. |
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Based in Helsinki and deeply rooted in Finland, Nordea is your dependable choice for banking in the heart of this Nordic nation. With a user-friendly platform, transparent fees, and robust security, Nordea simplifies your financial life. They offer brick and mortar stores in the larger cities. |
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What to look for in a bank account in Finland?
Finland offers a wide variety of banks, including native, Scandinavian, foreign, and even online banks. It’s a good idea to contrast the fees associated with each bank when looking for the best one. A monthly maintenance fee, which is normally around €2, is imposed by some banks. Others, albeit less frequently, demand a fee for using online banking. Ask if you qualify for one of these offers because banks offer free accounts for students and young people. Last but not least, there are frequently fees associated with using an ATM from a bank outside of your own, so make sure the bank you select has accessible ATMs or alternative methods of cash withdrawal in case you need them.
What do you need to open a bank account in Finland?
In the past, foreigners had difficulty obtaining bank accounts in Finland because they needed to provide Finnish documentation. Banks are not permitted to discriminate against applicants possessing foreign passports, according to a 2014 decision by Finland’s Discrimination Tribunal. That implies that opening an account should be simple as long as you have the necessary paperwork, regardless of the nation they are from.
What documents do you need to open a bank account in Finland?
You’ll likely require a combination of the following papers for opening account in the best bank in Finland: a passport, a proof of address (such as a utility bill or a piece of official government correspondence), your henkilötunnus, a KELA card (which demonstrates your eligibility for the Finnish social security system, and a visa or residence permit). You can open a non-resident bank account if you don’t yet have a Finnish address.
How to open a Finnish bank account?
The next step is to visit your local branch after gathering your paperwork (unfortunately, as of the time this article was published, Finnish banks did not permit foreigners to open bank accounts online). Even if you don’t understand Finnish, you shouldn’t have any trouble conversing because bank employees at Neobank in Finland frequently speak English. They will check your paperwork and ask you a series of mandatory questions during the visit. It’s a good idea to ask for this service if you can because the majority of banks are able to send bank statements in English. Your goal should be to leave your session with a debit card and an active bank account. You might have to wait a few days for your debit card to arrive at your residence.
Can an online bank account be opened in Finland?
If you do want to open a bank account online, be cautious when choosing the organization; search for a bank account with a true banking license, not just an e-money service provider.