Sending Money To Finland

Finland flagWondering how to dodge the bank’s big fees on money transfers? In this Finland Money Transfer Guide we will show you exactly how to do it and get more out of your currency.

The companies recommended by us have revolutionized the way people send money to/from Finland by providing better currency exchange rates, quicker delivery and best of all – no fees on your money transfers.

The Guide’s Topics:


Best Company To Transfer Money To Finland

Payment Facility

Summary

Recommendation

worldfirst-logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Wire Fees: None.
Best Rates for £50,000+
Expected Rates* - £50,000+ :
- GBP: 1.1528 EUR to 1.1563 EUR
- CAD: 0.6897 EUR to 0.6917 EUR
- USD: 0.9210 EUR to 0.9237 EUR
WorldFirst
WorldFirst Review
currencies-direct logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates* - All Amounts :
- GBP: 1.1377 EUR to 1.1551 EUR
- CAD: 0.6806 EUR to 0.6911 EUR
- USD: 0.9089 EUR to 0.9228 EUR
CurrenciesDirect
CurrenciesDirect Review
transferwise logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: Based on amount.
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 1.1551 EUR
- CAD: 0.7038 EUR
- USD: 0.9228 EUR
Transferwise
Transferwise Review
Finland BankBig International Transfer Fee + Currency Exchange Fee. Double The Cost Of Commercial FX.

Exchange rate would be approximately *:
- GBP: 1.1377 EUR to 1.1493 EUR
- CAD: 0.6806 EUR to 0.6876 EUR
- USD: 0.9089 EUR to 0.9182 EUR
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick but expensive.

Exchange rate would be approximately *:
- GBP: 1.1319 EUR or worse
- CAD: 0.6806 EUR or worse
- USD: 0.9089 EUR or worse
Paypal

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

With MoneyCorp you can send money to almost any country in the world starting with a minimum of only €50. And if you decide to send higher amounts of money, you might be eligible for a fee free transfer. To know more about the savings you can get and other info, be sure to check out their website.

CurrenciesDirect is another company that provides a similar level of quality for their customers. There are two main differences:

  1. The minimum transfer amount is €100.
  2. Zero fee on any transfer made through their online platform.

Best Company to Transfer Money from Finland

Service Provider

Summary

Recommendation

MoneyCorp logoMin. Transfer: £ / € 50.
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
MoneyCorp
MoneyCorp Review

Supported Regions & Currencies

As with all the countries that are part of the European Union, Finland comply with the EU laws about money transfers and the Anti money laundering. This means that any company that is licensed to provide services to EU countries, can do so without territorial limitations – like it is the case in USA where a company will need to get state-by-state licenses.

Currencies: It doesn’t matter if you want to send money to well known destinations like the United States, Canada, Australia, France, Germany, Switzerland or smaller, more exotic countries like Thailand, Kenya, the Philippines, Hong Kong or Japan. The companies that we recommend are able to transfer money in all of this places.


Today’s Foreign Exchange Rates for EUR

GBP to EUR – Pounds to Euro; 10,000 GBP is 11,609.0000 EUR

EUR to GBP – Euro to Pounds; 10,000 EUR is 8,614.0064 GBP

EUR to CAD – Euro to Canadian Dollars; 10,000 EUR is 14,398.3117 CAD

CAD to EUR – Canadian Dollars to Euro; 10,000 CAD is 6,945.2587 EUR

AUD to EUR – Australian Dollar to Euro; 10,000 AUD is 7,073.4828 EUR

EUR to AUD – Euro to Australian Dollar; 10,000 EUR is 14,137.3073 AUD

EUR to USD – Euro to US Dollars; 10,000 EUR is 10,782.1518 USD

USD to EUR – US Dollars to Euro; 10,000 USD is 9,274.5866 EUR

EUR to CHF – Euro to Swiss Franc; 10,000 EUR is 10,710.6555 CHF

CHF to EUR – Swiss Francs to Euro; 10,000 CHF is 9,336.4967 EUR

NZD to EUR – New Zealand Dollar to Euro; 10,000 NZD is 6,520.4448 EUR

EUR to NZD – Euro to New Zealand Dollar; 10,000 EUR is 15,336.3769 NZD


Why Send Money To A Finland Bank Account

Being part of the Eurozone, Finland adopted the Euro as the national currency in 1999 and withdrew the markka (FIM) at the beginning of 2002.

Business: Finland has a highly developed trading sector and international trade makes up a third of the country’s GDP. The European Union makes 60% of the total trade. Finland’s largest trading partners are Germany, Russia, Sweden, the United Kingdom, the United States, the Netherlands and China.

Thinking Of Relocating To Finland?

Before moving to Finland and start living as an expat there, be sure to take notice of this stats:

Advantages Of Moving To Finland:

  • Free Education for all: People come from all over Europe to Finland because of their quality versus price ratio of education.
  • Low Crime Rate: 900,000 offences per year on average.
  • High Level of English: 65% of people speak English.

Disadvantages Of Moving To Finland:

  • Long Wait for International Schools: International Schools have a long wait for the English speaking programs, which presents a problem for expats who do not want their children to attend Finnish speaking schools.
  • Expensive Country Overall: 1 liter of milk costs 1 EUR and fixing a car costs 500 EUR on average.
  • High Level of Alcoholism: 30% overall consumption of alcohol.

Popular Destinations in Finland

Popular cities for business and real estate transactions in Finland are: Helsinki, Espoo, Tampere, Vantaa, Turku, Oulu, Lahti, Kuopio, Jyvaskyla and Pori.


How Cheap Money Transfers Works

Foreign Exchange companies act as an intermediary between you and the receiving bank, removing the excessive fees and the bureaucracy that keeps the money locked for almost a week. They actually want to deliver the payments as soon as possible because, under the model by which they operate, they make the profit margin on the currency exchanges.

The FX companies buy currency in large quantities and, this way, receive a lower bulk price. When a customer decides to make make an international transfer, it actually helps the FX company to re-sell the currency at a higher price, indirectly making them money.

Depending on the amount of money that you’re transferring, most FX companies won’t charge you a fee for the use of their services. In the event that they do, it will be a tiny one, and it definitely won’t be anything like the “secret” fee that you pay to the likes of High Street Banks.

Another benefit is that you can easily enjoy the same service when you send your money to Finland with FX companies. Like PayPal, they allow you to initialise and complete your transactions entirely over the internet, but they take it one step further by reducing the amount of money you have to pay for the process. That’s why using a FX company is the best way to transfer money to Finland.

What you need to send money to Finland

  • Account Holder’s Full Name
  • IBAN
  • Swift Code
  • Your identity card

If you have all the information listed above, you can proceed with the transfer process:

  • You will create a free account with the chosen company.
  • Request a quote for your transfer details.
  • Get the quote back from a company’s staff member.
  • Fund the account with the necessary amount.
  • Wait 1-2 days to get the confirmation from the company that the transfer has been completed.

Our Company Recommendation:


Regulations and taxes when transferring money to and from Finland

Finland has no regulations or currency controls, as a member of the Eurozone’s single currency. Transferring money in and out of Finland is not restricted for non-residents and residents alike. This applies even to countries outside the Eurozone.

The Eurozone’s single payments system for all member states, as well as Iceland Liechtenstein and Norway, has simplified money transfers.

Suomen Pankki

Suomen Pankki (Finland’s central bank) oversees payment systems to ensure the stability of their financial sector.

The European Central Bank (ECB) sets the single monetary policy.

Transfer regulations

Foreign Direct Investments (FDI) in Finland do not require government approval.

Finland implements legal measures to prevent money laundering and funding of terrorism. All credit unions are required to identify clients and report suspicious activity, including any transfers that exceed EUR15,000.

Individual travellers are permitted to carry cash in and out of the country, but must declare any amounts over EUR10,000.

Transfers over EUR10,000 must be declared to European Union authorities.

Taxation on foreign income

Finnish residents are taxed on any foreign income. Non-residents are taxed only on income originating in Finland. Double tax treaties are in place to avoid double-taxation.

Biggest banks in Finland

  • Aktia Savings Bank
  • Helsinki OP Bank
  • Nordea Bank
  • Danske Bank
  • S-Bank

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