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Finland (FI)

Finland is a Nordic parliamentary republic in Northern Europe, bordering Sweden, Norway, and Russia, with a southern coastline on the Gulf of Finland.

Capital: Helsinki
Region: Europe
Language: Finnish
Currency: EUR (€)
Cost of living: Expensive (index 76)
Emergency: 112
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Banking in Finland

Recommended banks, payment culture and credit score basics.

Finland's banking system is modern, highly digitalised, and concentrated among a few major players. The dominant bank is OP (Osuuspankki) — a cooperative bank and Finland's largest financial institution. Nordea (pan-Nordic), S-Pankki (S Group cooperative), and Danske Bank also have significant Finnish operations. Online banking (verkkopankki) is the standard — physical branch visits are rare and often require appointments. Finnish bank authentication (pankkitunnukset — bank username + password + one-time code) is used not only for banking but also for all government digital services (OmaVero, Kela online, Suomi.fi). Opening a bank account typically requires a HETU (Finnish personal identity code) — making it one of the first tasks after registration.

Recommended banks

OP (Osuuspankki)

English
cooperative

Monthly fee: €0 basic (OP Peruspaketti free for students). Standard package: ~€8–14/month including card and online banking.

Requirements: HETU (Finnish personal identity code) required. Visit a branch or apply online via OP.fi with pankkitunnukset. English service available at main branches and by appointment.

  • + Largest bank in Finland — widest ATM and branch network
  • + OP-Siirto instant payment system — widely used in Finland
  • + Extensive digital services (OP mobile banking app)
  • + English service available at major offices
  • + Competitive mortgage and investment products
  • + Member benefits include insurance products (OP Vakuutus)
  • + Online banking credentials (OP pankkitunnukset) work for Finnish government portals
  • - HETU required before opening
  • - International transfers more expensive than Wise/Revolut
  • - Monthly fees for standard packages

Nordea

English
traditional

Monthly fee: €0–8/month depending on package

Requirements: HETU required. Apply online or at a branch.

  • + Pan-Nordic presence — useful if you also work in Sweden, Norway, or Denmark
  • + Excellent English-language digital banking
  • + Good international transfer capabilities
  • + Nordea Now (mobile banking app) — user-friendly
  • + Competitive mortgages for international customers
  • - HETU (Finnish personal identity code) typically required before account can be opened
  • - Fewer branches than OP in some areas — digital-first approach means in-person service is limited
  • - International SWIFT transfer fees: €15–25 per outbound wire outside SEPA — Wise is significantly cheaper
  • - Monthly fees of €0–8/month apply depending on account package — basic package can be free with conditions

S-Pankki

cooperative

Monthly fee: €0 (basic account — no monthly fee)

Requirements: HETU required. Open online or at S-Group locations.

  • + No monthly fee for basic account
  • + Available at S Group outlets (S-Market, Prisma) — very convenient
  • + Bonus points through S-Etukortti loyalty scheme
  • + Competitive current account offering
  • - Limited English language support — banking interface and customer service primarily in Finnish
  • - Less internationally focused than OP or Nordea — fewer products for expats with cross-border needs
  • - S-Pankki banking credentials (pankkitunnukset) work for government portals but app is Finnish-only
  • - International SWIFT transfer fees comparable to other Finnish banks — Wise is cheaper for non-EUR transfers

Holvi

English
neobank

Monthly fee: €0 (basic) to €9/month (business)

Requirements: Available to Finnish residents. HETU helpful. Apply online.

  • + Excellent for freelancers and sole traders
  • + Full English interface
  • + Invoicing tools built in
  • + No minimum balance requirements
  • + Good for self-employed persons (toiminimi)
  • - Not suitable as a primary current account for salaried employees — designed for freelancers and sole traders
  • - Holvi credentials (pankkitunnukset) do not work for Finnish government portals (OmaVero, Kela, Suomi.fi) — requires OP, Nordea, or S-Pankki for government authentication
  • - Limited physical ATM access — primarily a digital product; use Visa debit for ATM withdrawals
  • - No mortgage, consumer lending, or insurance products — not a full Finnish cooperative bank

Revolut

English
neobank

Monthly fee: €0 (standard) to €13.99/month (premium)

Requirements: No HETU required. Opens instantly.

  • + Instantly available before getting HETU
  • + Excellent for international transfers and currency exchange
  • + Free EUR spending
  • + Travel-friendly multi-currency features
  • + Good bridge account before Finnish banking is set up
  • - Cannot be used for OmaVero/Kela/Suomi.fi authentication (no pankkitunnukset)
  • - Cannot directly receive Finnish salary payments in all cases
  • - Not a full Finnish bank account — limited functionality in Finland

Wise

English
online

Monthly fee: €0 basic

Requirements: No HETU required.

  • + Best rates for international transfers
  • + Finnish IBAN available
  • + Multi-currency account
  • + Excellent for receiving salary from abroad
  • + Low fees for exchanging EUR
  • - Not a full Finnish bank — cannot use for government authentication
  • - No Finnish banking credentials
  • - Not suitable as primary Finnish bank account

Payment culture

Finland is one of the world's most cashless countries. Card payments (Visa/Mastercard debit and credit) are the absolute standard everywhere — restaurants, markets, taxis, and even small kiosks. Contactless payment is near-universal. Mobile payments via OP-Siirto, Siirto, Apple Pay, and Google Pay are growing. Peer-to-peer transfers: OP-Siirto, Siirto (Nordea/Danske), and mobile banking bank transfers are used for splitting bills. MobilePay has limited adoption in Finland compared to Denmark (though available). Cash is accepted at many places but increasingly rare — prepare to rely entirely on cards. ATMs (pankkiautomaatti) are available at OP, Nordea, and S-Pankki branches, petrol stations, and transport hubs.

Cash access

OP, Nordea, and S-Pankki ATMs (pankkiautomaatti) are available in all Finnish cities. R-kiosk convenience stores also often have ATMs. Withdrawal fees vary by bank and card. Foreign card fees: typically €2–5. Cash usage is declining rapidly — carrying €50–100 is sufficient for most Finnish needs.

Luottotiedot (Credit Information)

Request your free credit report from Suomen Asiakastieto Oy at asiakastieto.fi once per year for free. Also available via your bank's online portal (some banks show your credit rating).

Free annual check: Free annual report at asiakastieto.fi.

The Finnish credit information register is maintained by Asiakastieto and Bisnode. A credit default note (luottotietomerkintä) — typically from unpaid bills — severely limits your ability to rent an apartment, get phone contracts, or obtain credit. New arrivals have no Finnish credit history — this is neutral (not negative). Build credit by paying all Finnish bills on time. A note in the register lasts 3 years from the date of the unpaid debt (or 3 years from the debt being paid, for older notes). Check your record if you have any concerns.

International transfers

SEPA transfers within EU/EEA are free or very low cost and arrive same day. For non-SEPA destinations, use Wise for best exchange rates — Finnish banks charge €15–30+ per international wire transfer. Wise typically saves 70–90% on the fees for non-EUR transfers. Revolut is also competitive for regular currency exchanges.