Banking and financial services in Finland: Highly digitalized banking system. Internet and mobile banking are standard. Majority use online payment services. ATMs widely available nationwide. Euro is the official currency. Strong privacy and security regulations. Credit and debit cards accepted everywhere. Opening bank accounts requires identity verification. Limited bank branch operating hours. Efficient tax system with automatic deduction.
Highly digitalized banking system.
Finland has a highly digitalized banking system, with all major banks offering online banking and mobile apps for both iOS and Android, providing 24/7 access to a wide range of financial services, including bill payments, fund transfers, and investment management. These services are all secured with robust security measures such as user IDs and one-time access codes. You can explore more about the benefits and features of Online Banking in Finland to understand how it enhances financial convenience and security.
Internet and mobile banking are standard.
In Finland, Internet and mobile banking are highly developed and widely used, with all major banks offering online banking services and mobile apps in English, Finnish, and Swedish, allowing users to manage their finances, pay bills, transfer money, and access various financial services 24/7. Finnish banks have been pioneers in utilizing Information Technology, providing a comprehensive range of banking services via the Internet and mobile phones, including account transactions, payments, loan applications, and securities trading. For more detailed information, visit the Online Banking page.
Majority use online payment services.
In Finland, the majority of banking and financial transactions are conducted online, with contactless payments accounting for a significant portion of all card payments in July-September 2024. Over 94% of individuals use the internet for internet banking as of December 2024, highlighting the nation's advanced digital infrastructure. Finnish banks offer a wide range of online services such as account transactions, payments, loan applications, and securities trading, establishing Finland as a leader in electronic banking. For more detailed insights, visit the Bank of Finland website.
ATMs widely available nationwide.
ATMs in Finland are becoming less common due to the increasing use of credit and debit cards, but they can still be found using the Otto and Nosto locator tools, particularly in urban areas, as many rural ATMs have been closed along with bank branches. For more information, you can visit the Wise Blog that offers detailed insights on ATMs in Finland.
Euro is the official currency.
The euro has been the official currency in Finland since January 1, 1999, solidifying its stature within the European financial framework. Euro banknotes and coins were subsequently introduced on January 1, 2002, following a transitional period, marking a significant milestone. During this phase, the dual circulation of the Finnish markka and the euro ended on February 28, 2002. For more detailed information on how Finland integrated the euro and its implications, please visit the European Commission's website on Finland and the Euro.
Strong privacy and security regulations.
In Finland, banking and financial services are governed by strong privacy and security regulations, primarily through the Data Protection Act (Tietosuojalaki), which supplements the EU's General Data Protection Regulation (GDPR) and ensures the protection of personal data, including specific provisions for the processing of personal data in various contexts such as electronic communication and working life. For more detailed insights on the implementation of these regulations, visit the Smart Global Governance website, which provides a comprehensive overview of privacy practices in Finland.
Credit and debit cards accepted everywhere.
In Finland, credit and debit cards, particularly Visa and Mastercard, are widely accepted everywhere, including retailers, hotels, restaurants, and even taxis, with contactless and chip-and-PIN payments being common practices. For more information on using cards in Finland, visit the guide on Using a Credit Card in Finland for comprehensive insights.
Opening bank accounts requires identity verification.
To open a bank account in Finland, you typically need a passport, an additional form of picture identification, proof of address, and possibly a residence permit, KELA card, or Finnish personal ID number, with specific requirements varying by bank. For comprehensive guidance, visit the detailed guide on setting up a Bank Account in Finland to ensure you have all the necessary documentation and understand the process fully.
Limited bank branch operating hours.
In Finland, bank branches typically operate with limited hours, usually from 8:00 to 18:00 on weekdays. Some branches have more restricted hours, such as Danske Bank's branches which are open from 10:00 to 12:00 on Tuesdays and Thursdays. For more detailed information about banking hours and other related services, you can visit the Expat Financial website.
Efficient tax system with automatic deduction.
In Finland, the tax system is designed to enhance efficiency through several automatic deductions. These include the automatic income-production deduction, automatic earned income deduction, and automatic basic deduction, which are deducted from gross income before determining the net income subject to state and municipal taxes. For more detailed information, you can visit the Taxation in Finland page on Wikipedia. These mechanisms aim to streamline the tax process, ensuring that taxpayers benefit from deductions without needing to apply for them directly.