Thinking about opening a bank account in Finland? It’s not as simple as you might hope. The process can be time-consuming, especially if unfamiliar with the Finnish banking system. Moving to Finland for work, study, or just a change of scenery, you’ll need to navigate a few essential steps before accessing basic financial services. Here’s what you need to know to quickly open a bank account in Finland and avoid unnecessary delays.

Why Opening a Bank Account in Finland Isn’t Easy

First, let’s address the bad news: you can’t open a bank account online before arriving in Finland. And even once you’re in the country, don’t expect a quick trip to the bank to solve all your problems. Banks often turn away walk-ins, especially if you don’t have the necessary documents, and the entire process can take 2-3 months. In the worst-case scenario, you could even miss your first salary payments due to delays.

Moreover, Finnish banks hold the key to something crucial: without it, you’ll struggle to access essential services, leaving you at a disadvantage in Finnish society.

But don’t worry! This guide will walk you through everything you need to know to open a bank account in Finland, whether you’re from the EU or not, and ensure you don’t feel like a second-class citizen.

Opening a Bank Account in Finland as a Non-EU Citizen

Opening a bank account in Finland involves several steps for non-EU citizens. Missing any of these could significantly delay access to financial services, so follow this guide closely.

Step 1: Obtain Your Residence Permit and Personal Identity Code

If you’re a non-EU citizen, you first need a residence permit (RP). With this permit, you should receive a Personal Identity Code, or Henkilötunnus (Hetu in short) in Finnish. This code is your most important personal information in Finland, distinguishing you from anyone else, even if they share your name and birthday. However, if you complete your identification with VFS Global during the permit application process, you won’t get a hetu and must apply separately from Digital and Population Data Services Agency (Digi- ja väestötietovirasto, DVV in short)

Without a Personal Identity Code, you won’t be able to access many Finnish services, so it’s crucial to get this as soon as possible. Be careful with this code—only disclose it when necessary, such as dealing with the public sector or signing contracts.

How to Apply for a Personal Identity Code

If you didn’t receive your Personal Identity Code with your residence permit, you can apply for it online before arriving in Finland. You can also apply for your kotikunta using the same form. However, you’ll need an address in Finland, whether temporary accommodation like a hotel or a long-term rental. This is needed for the kotikunta application. You can change this later if you don’t have long-term housing secured. Click here to send the application.

Once you arrive in Finland, you’ll need to visit DVV in person and book a meeting. Booking this appointment as early as possible is essential since slots fill quickly. Click here to book a meeting with DVV.

Note that you can complete step 2 with this same form. Also, if you have already received your Personal Identity Code, you can move to step 2.

Step 2: Register Your Home Municipality (Kotikunta)

The next step in opening a bank account in Finland is to acquire a home municipality, or kotikunta in Finnish. This registration means you’re considered a permanent resident of your city, allowing you to access local services like healthcare and education. Your address will also be registered as a permanent address in the Population Information Register.

You can also apply for kotikunta in advance but need to use a different form. Click here to apply for a Kotikunta-only

Once you arrive in Finland, you must visit the Digital and Population Data Services Agency (DVV) in person. Booking this appointment as early as possible is essential since slots fill quickly. Click here to book a meeting.

NOTE: For the Kotikunta application, you must visit DVV within a month of completing the form so make sure you file the application and book the meeting accordingly.

Step 3: Get a Finnish ID Card Before You Open a Bank Account in Finland

Once you have your home municipality registration, your next stop is the Finnish Police to apply for a Finnish ID card. This card is different from your residence permit card and is crucial for avoiding what I call the “B-class citizen” fate, but more on that later.

Steps to Get Your Finnish ID Card:

1. Get Passport Photos: Head to a local photo shop in shopping malls or downtown areas. Prices range from €15 to €25. Ensure the photos are forwarded to the Police system—you’ll get a six-digit code to retrieve your photos later.
2. Book a Meeting with the Police: Here’s the tricky part. The Police booking system is often full for months. However, you can arrive early, around 7:30 AM, for a walk-in appointment. Many people use this strategy, so be prepared to wait. I recently guided a newcomer. She arrived at the police station around 7.30, and there were 8 people before her. She had to wait around 30 minutes after the doors opened. You can try to book the meeting here.
3. File the form with the Officer and Choose Delivery and Pickup: When applying for your ID card, you can choose to have it delivered to either the police station or a nearby R-kioski convenience store. If you opt for R-kioski, someone with a Finnish passport or ID card must collect it. If you don’t have a trusted person to do this, it’s safer to choose the police station as the pickup location.
4. Collect the Card. You will get an SMS and email when your card is ready to collect.

The basic fee for the ID card at the moment is 58€, which you need to pay at the police station.

Step 4: Opening a Bank Account in Finland

Now that you have your Finnish ID card, you’re finally ready to open a bank account in Finland. But remember, banks in Finland typically don’t accept walk-ins, so you’ll need to book an appointment in advance.

Recommended Banks for Foreigners:

1. OP (Osuuspankki): This is a solid choice for your primary bank. They offer services in English, and their basic banking fees are €3.95/month for those over 30, with no fees for younger customers. The sign-up fee is €100, which is refundable if you close the account.
2. S-Pankki: This is a good secondary option, especially since it comes with the S-Group loyalty program. However, note that they currently don’t offer online services in English, and their sign-up fee is €100.

OP can book a meeting and send your bank application in advance. Note that they are done in two different forms.

• Book the meeting here (make sure to choose the bank in your area)
• Send your application here (you will need a Hetu to get started)

Note that you can and should book the meeting beforehand, even if you haven’t got your ID Card yet. You can update it to your application afterward.

Booking an appointment with either bank is straightforward, but do it early, as slots are limited.

Why You Need Online Banking Credentials to Open a Bank Account in Finland

In Finland, most services are digital, and many tasks, from paying bills to dealing with the authorities, require online banking credentials, known as verkkopankkitunnukset. These credentials are crucial for verifying your identity online, so getting your Finnish ID card is very important for non-EU citizens. Without it, you won’t have access to these online banking credentials, leaving you at a serious disadvantage.

Opening a Bank Account in Finland for EU Citizens

If you’re an EU citizen, opening a bank account in Finland is significantly easier. You can head straight to the bank after completing your right of residency registration with Migri and receiving your Personal Identity Code. Since your passport is already an EU ID, you won’t need a Finnish ID card to get online banking credentials or open a bank account.

However, it’s still recommended that you register your home municipality with the DVV, and the Finnish ID card is optional. Just like non-EU citizens, you should book your bank meetings early to avoid delays.

Avoiding Common Pitfalls When You Open a Bank Account in Finland

Opening a bank account in Finland can be lengthy and complex, but following these steps will help avoid unnecessary delays. Before heading to the bank, make sure to get your Personal Identity Code, register your home municipality, and obtain a Finnish ID card. This will ensure you have all the necessary documentation to access online banking services and fully integrate into Finnish society.