Opening a bank account in Finland can be a straightforward business as long as you know what is required and you satisfy them. As a foreigner in Finland, you’ll need to open an account as soon as you can because the country is regarded as one of the most cashless countries in the world. Thus, opening a Finnish bank account is vital for carrying out smooth transactions.
To have a better idea of what bank establishments you can operate with, an online customer experience aggregator and company profiler like SuomiArvostelut, can help you with information on such institutions as Transferwise.
Now, let’s see what the process of obtaining a Finnish bank account entails.
1. What Finnish Banks Should I Operate with
You will be spoiled for choice when it comes to getting a suitable bank to operate within Finland. There are domestic and international banks in Finland. What you need to do is check the rates and fees of banks before selecting. For instance, operating with some banks comes with monthly charges for maintenance purposes. And these charges can vary from bank to bank.
Other possible fees include charges for using an alternative ATM, online banking, and others. Thus, be sure you check what operating with a certain bank may cost you before leaping.
2. Essential Documents
You will need some important documents when opening a Finnish bank account. Initially, there were restrictions concerning documents needed to open an account as a foreigner. The rule that each individual must own Finnish documents was changed in 2014 by the Discrimination Tribunal in Finland. Thus, foreigners can open accounts with their foreign documents as long as they meet all requirements.
Therefore, the documents needed to open a bank account in Finland include a Henkilotunnus, which is your Finnish Personal Identification Number, a KELA card, proof of residence, a passport, and your Visa or resident permit.
Aside from these, there may be other documents that a particular bank may want you to provide. This shouldn’t come as a surprise to you. The ones mentioned above are general essential documents that all Finnish banks will demand you provide.
3. Age Eligibility
In opening a Finish account, there are no age restrictions. However, minors will need written consent and approval from their parents or guardians before they can own an account.
4. A Non-resident Account
It is possible to still open an account in Finland while not having residence in the country. The only downside is that there will be restrictions. You may not be able to do online banking, and some other services may be excluded as well. Thus, try to check which bank has a better non-resident account offer before opening one.
5. Steps in Opening a Finnish Account
Take your documents and walk into any bank branch you have chosen. The whole process involves checking your documents and some important questions will be asked. Banks in Finnish communicate in English too, thus, you don’t need to worry if you don’t understand Finnish.
At the end of the process, your account will be opened as long as you meet all the requirements. You will be issued a debit card at that moment, but it can also sometimes take a couple of days for that to be ready.
It is pretty straightforward to open a bank account in Finland, as you can see. All that is needed is that you have all the essential documents and meet other requirements.
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