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Banking in Finland

Opening a bank account

Opening a bank account in Finland is relatively fast and easy. The documentation required to do so will vary between banks and branches. Invariably, there will be someone in the bank that will speak adequate English, although other languages could prove problematic it could be useful to take a Finnish friend if you have one.

To minimise any difficulties, it is recommended you take as much identification with you as possible when opening your account.

For EU or EEA residents, the minimum documentation required is:

• Passport
• Photo ID
• Proof of address

The following may also help hurry your application:

• Finnish ID
• KELA Card
• Residence Permit

Since the early '90s, interest rates on deposits have been comparatively stable at roughly 1%.

Opening a corporate bank account in Finland

The process for opening a bank account is fairly simple, and may be problematic only as a result of understaffing. An account may be opened at virtually any bank providing the following documents are presented:

• Extract from the Trade Register. If the company has not yet been registered, the extract from the Trade Register can be replaced by:
• A certificate confirming that a declaration of establishment has been submitted to the registration authorities
• Documents of incorporation (e.g. memorandum of association and articles of association)
• An extract from the minutes of the company's board meeting, which states the members of the company authorised to use the account, the decision to open an account, possible lending and submitting of collateral
• An account, which shows incoming and outgoing payments; size of individual payments etc.
• A detailed account of the company's operations
• Other accounts (e.g. information on other companies who possess shareholdings in the company etc.)

The required documents and information can be submitted either in Finnish, Swedish or English.

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