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|
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.
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|
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.
You may send money to Finland in different ways, and the information you need to provide depends on the desired transfer method.
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.