Before visiting Finland, a lot of people are curious to learn how to open a bank account in Finland for foreigners. If you want to know details about how to open a bank account in Finland, you are welcome to get in touch with our agents. Our company formation agents in Finland will not only guide you about bank accounts but they will also practically assist you to get one.
How to open a bank account for a foreigner in Finland?
In the EU, opening an account can be very challenging. The same applies to Finland. This country is battling money laundering diligently. As a result, before signing an agreement, every bank confirms the client’s identification. It is crucial to offer proof that the money was obtained legitimately. The existing EU directives provide direction to bank staff. A foreigner must fulfill certain conditions set forth by financial organizations before they can create a bank account in Finland, which include the following:
- owning any property in Finland;
- starting your own business;
- working for a client;
You are required to meet the aforementioned conditions to get a Finnish bank account as a foreigner. Furthermore, our specialists can also help you register a company in Finland. The company registration procedure may change with the change in company structures. For instance; the incorporation steps for a public and private company vary, so getting help from specialists is necessary. Their assistance can help you avoid making mistakes and elongating the incorporation procedure. So if you are interested to open a company in Finland, you are welcome to get a consultation from our specialists in this regard.
International bank accounts in Finland for non-residents
If you are seeking help to open a bank account in Finland as a non-resident, you can rely on the services of our company incorporation consultants. They can guide you about the regulations of such bank accounts in Finland. Besides, you can also find general information ahead about bank accounts for non-residents.
Opening a bank account in Finland as a non-resident is possible because banks have special offerings called international accounts created for this purpose. To be sure you have all the necessary documentation, get in touch with the bank, or our agents can do this on your behalf. There can be extra conditions you need to meet to open an international account, and there might be restrictions on what you can do with it, but generally speaking, all the fundamental banking services, such as transfers and cash withdrawals, will be accessible. If you are interested to open a bank account in Finland as a non-resident, our experts can assist you.
Besides helping you with registration, if you have just relocated to Finland, our agents can also help you with opening a company. A highly skilled team is required for any business to be successful. Finland is home to some of the world’s best technology and engineering firms. A good education system ensures that you have access to incredible talent. So, if you are interested to open a company in Finland, get in touch with our specialists.
Documents required to open a bank account in Finland
The Finnish banking sector is regulated by the Finnish Financial Supervisory Authority (FIN-FSA), which is responsible for ensuring the safety and soundness of the financial system. The FIN-FSA oversees issues such as capital adequacy, risk management, and consumer protection. If you are planning to open a bank account in Finland in 2023, the documentation a foreigner must present to create an account will be decided by domestic authorities, international regulators, and the bank itself. However, the documents mentioned below are examples that are typically required in practically all nations:
- photo ID or a passport;
- proof of residence and address (e.g. utility bill);
- phone number;
- bank statement;
- letter of recommendation;
- reason why you want to open an account.
You are advised to get in touch with our company formation agents to learn if there are other documents you need to open a bank account in Finland as a foreigner. In addition to this, you can also seek the services of our agents if you want to open an online bank account in Finland.
Why should you open a bank account in Finland as a foreigner?
There could be many justifications or circumstances where you may need a bank account. Below some examples are provided to help you understand when you need to open a bank account in Finland:
- you spend a lot of time in Finland, so having access to a local account makes logic;
- you want to open accounts now since you want to move to Finland in the near future;
- you want to buy a property in Finland, so the first thing you need to do is open an account;
- you want to open a brokerage account so that you can invest in the local stock market, but you first need to open a bank account in Finland.
If you need information about how to open an online bank account in Finland, our company formation specialists will guide you.
Furthermore, if you are planning to incorporate a branch office in Finland, our agents can assist you. Besides incorporation, you can also open a bank account for your branch office with the help of our experts.
Foreign direct investment in Finland
If you want to open a bank account in Finland as a foreigner, you should know about the status of this country. Our company incorporation consultants in Finland can guide you if it is the right time to open a bank account in this country. Foreign direct investments (FDI) have played an important role in the Finnish economy, contributing to job creation, technology transfer, and economic growth. The largest sources of FDI in Finland include: Sweden, the United States, Germany, the United Kingdom, and Norway. Finnish companies have also invested heavily abroad, particularly in other Nordic countries and in Europe. However, you can also find information below about the foreign direct investment (FDI) of Finland:
- in 2021, Finland’s FDI inflow was 9,393 million USD;
- in the same year, Finland had an FDI stock of 98,527 million USD;
- in 2022, Sweden, USA, and UK were the top investors in Finland.
Contact our agents to learn about the detailed procedure regarding how to open an online bank account in Finland.
Besides this, the services of our company incorporation agents are at your disposal if you need a virtual office in Finland. Our agents can describe different virtual office packages and also assist you to choose one which suits your business needs well.