Until the turn of the last century, sending money to Finland meant having to deal with banks or a limited number of forex brokers. Extensive paperwork usually followed, and there was no telling how long it would take before the money got to the recipient. Fortunately, much has changed with the arrival of several FinTech overseas money transfer companies, and you can now send money to Finland easily, quickly, and in a cost effective manner.
Transfer Money to Finland
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
What kind of money does Finland use? The euro (EUR) is the official currency of Finland. The Finnish markka (FIM) was used as the official currency of Finland from 1860 to February 2002, when it was replaced by the euro. One euro is divided into 100 cents.
If you plan to send money to a Finnish bank account, you will need the bank’s SWIFT code. The corresponding table lists SWIFT codes of come popular banks in Finland.
|OP Corporate Bank||Helsinki||OKOYFIHHXXX|
Popular Currency Corridors
People send money to and from Finland regularly. In 2016, U.S. $804 million was sent to Finland as remittances from other countries. More than U.S. $895 million made its way out of the country during the same period.
Check the corresponding tables to see how much money flowed in and out of Finland across its popular currency corridors in 2016.
How Do I Compare Companies When Sending Money to Finland?
Since a number of companies give you the ability to transfer money to Finland, it is important that you run a thorough comparison before making a selection.
- Cost. The exchange rate you get and the fees you end up paying have a bearing on how much your transfer costs. Since money transfer companies have their own pricing systems in place, comparing how much money reaches the recipient at the end of the transfer is an easy way to look for the most cost effective alternative.
- Processing time. Are you looking for the quickest way to send money to Finland? If so, consider sending it to a cash pickup location from where the recipient may collect cash in person, as these transfers tend to process almost immediately. A transfer to a Finnish bank account may take up to five working days. Factors that affect turnaround times with transfers to bank accounts include the country where the sender lives, the service provider processing the transfer, and the receiving bank.
- Payment methods. You may transfer money to Finland and pay for your transfer using your bank account with just about every service provider. While not accept debit and credit card payments, some even let you pay using region-specific methods such as iDEAL, SOFORT, ACH, and POLi.
- Customer service. You might need to contact a customer service representative at some point, so pay particular attention to this aspect. Some of the leading companies provide over the phone support, whereas most provide online support via chat and email. Websites such as Trustpilot and Feefo let you find out what customers of these companies have to say about their experiences.
How to Transfer Money to Finland?
Depending on the service provider you select, you may send money to Finland online, over the phone, or in person.
- Online. While your bank might let you transfer money to Finland online, turning to a specialist money transfer company may be quicker and more cost effective.
- Over the phone. You get to choose from several companies that let you transfer money to Finland over the phone. With some, you even get access to dedicated currency brokers.
- In-person. Walking into your local bank might be one way to send money to Finland in person. However, you may be better off turning to a money transfer company that operates out of physical locations or has agent networks.
Emilia relocated from Finland to the U.S. after finding a suitable job there. Her sister was in college in Finland, and hoped to join Emilia in a year or two. During this time, Emilia was to keep sending her some money every month. While Emilia could use the services of various American banks to send money to Finland, she decided to compare them with the top money transfer companies. The corresponding table shows how the best from both realms fared against each other.
|Bank||Money Transfer Service|
|Exchange rate||$1 = EUR 0.8054||$1 = EUR 0.8206|
|Amount received for $1,000||EUR 785.27||EUR 820.60|
|Transfer time||2 to 4 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 35.33|
The money transfer company Emilia selected was more cost effective than then bank, and it also offered a quicker turnaround time. In addition, she could schedule her transfers so she did not have to remember making them each month.
Cash Pickup Locations in Finland
Sending money to Finland quickly is possible if you turn to a company that has a physical presence in the country. Some of your alternatives include Western Union, MoneyGram, and Ria.
|Western Union in Finland|
|Helsinki Forex Bank Rautatieasema Helsinki||Forex Bank Aleksanterinkatu 52 B Helsinki|
|Tampere Forex Bank Stockmann 3 Krs Hameenkatu 4 Tampere||Matkahuolo Hatanpaeaen Valtatie 5 7 Tampere|
|MoneyGram in Finland|
|Helsinki R-Kioski Rautatientori 1 Helsinki||R-Kioski Mannerheimintie 20 Helsinki|
|Tampere R-Kioski Keskustori 1 Tampere||R-Kioski Hatanpaan Valtatie 2 Tampere|
Safety Tips for Picking Up Cash in Finland
Crime levels in Finland are low. Instances of petty crime such as bag snatching and pickpocketing are typically reported during the tourist season. Exercise caution when using ATMs. Remain vigilant on trams, at Helsinki’s railway station, on the metro, and in crowded areas.
What Information Do I Need to Transfer Money to Finland?
You may send money to Finland in different ways, and the information you need to provide depends on the desired transfer method.
- Sending to a bank account. The information you need to keep close at hand includes the recipient’s complete name and account number as well as the receiving bank’s name and SWIFT code.
- Sending to a cash pickup center. You might need to provide the location of a desired cash pickup center along with the recipient’s complete name. To collect the cash, the recipient will need to provide a reference number and a valid form of photo ID.
Regulations When Transferring Money To and From Finland
As part of Eurozone’s single currency system, Finland does not have its own currency controls or regulations in place. Suomen Pankki (the central bank of Finland) is responsible for overseeing the country’s payment systems, and the country follows the single monetary policy set by the European Central Bank (ECB).
Financial institutions in Finland are required to report transfers that exceed €15,000. Transfers of more than €10,000 are reported to European Union authorities. While you may carry any amount in and out of the country, amounts of over €10,000 need to be reported to relevant authorities.
The next time you want to send money to Finland, make sure you make a shortlist of suitable service providers and then run a detailed comparison. Look for ongoing promotional offers too as they may lead to additional savings.
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