How to send money from Finland: find out the affordable, fast, and convenient ways to do so in this article.
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In most cases, it makes sense for expats to invest money while living abroad rather than sending money home to buy houses and invest in their home country.
This is due to taxes and other reasons. In some cases, governments such as the UK government may even classify you as a local tax resident if you strengthen your “ties” to the country.
This article will be updated regularly, but there are times when the information is out of date and should not be construed as legal, tax or financial advice.
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Finland, officially called the Republic of Finland, can be found in Northern Europe. It is around 300,000 square kilometers in size and shares land borders with Norway, Sweden, and Russia. 73.7% of its land area is occupied by forests. And it is also called the “land of a thousand lakes.” But the name does not quite capture the number of lakes that the country beholds. This is because there are 187,888 of them.
In 2020, the country had a GDP per capita of 42,936 EUR. Its economy is heavily reliant on the industries of forestry, technology, and metal. In line with this, some of its major exports include electrotechnical goods, metal products, machines, and wood and paper products. On the other hand, raw materials, investment goods, energy, and consumer goods are often imported by the country. Citizens enjoy a high quality of life, having access to globally competitive healthcare, education, employment, and recreational opportunities.
As an expat, or even as a local, knowing how to send money from Finland is a part of daily life. This is especially relevant when making international purchases and sending money back home or to loved ones elsewhere, among other reasons. Because of this, we have listed a couple of options for this purpose.
How to Send Money from Finland
TransferGo is an international money transfer company that was launched in 2012. They support 22 currencies and serve personal and business users in 47 countries. The Financial Conduct Authority (FCA) regulates their activities, while Her Majesty’s Revenue and Customs (HMRC) in England supervises them. This means that they are as secure as a commercial bank.
Both local and international money transfers are possible with TransferGo. There are also no limits to the amount of money that can be transferred. In general, the delivery time will dictate the transfer fee. A money transfer that is completed within 30 minutes will cost 2.99 EUR. For money transfers that are completed within the day or by the next day, they cost 0.99 EUR.
For example, sending 10,000 EUR from Finland to the USA will be charged 0.99 EUR. With an exchange rate of 1 EUR = 1.05003 USD, the recipient will get $10,500.30 USD in their bank account within 2 days.
- Payment method: bank transfer, credit card, debit card, Google Pay, Apple Pay, SOFORT, Trustly
- Receiving method: bank account
- Transfer fee: 0.99 EUR – 2.99 EUR
- Transfer time: 30 minutes to one day
Wise was launched in 2011 and is authorized by the FCA. Since then, they have grown to support more than 50 currencies, enabling users to send money to 80 countries. There are three transfer types, specifically: fast transfer, low cost transfer, and easy transfer. They differ in the payment method, transfer time, and transfer fee. Generally speaking, Wise charges a fixed fee plus a certain percentage of the amount to be transferred. The percentage ranges between 0.3% and 0.47%, with the highest one applied to transfers of up to 118,343 EUR. A maximum amount of 1.2 million EUR can be transferred.
Sending 10,000 EUR from Finland to the USA will be charged 47.32 EUR for a low cost transfer. With the mid-market exchange rate of 1 EUR = 1.05240 USD, the recipient will get $10,474.20 USD. The fast transfer costs around twice as much, with a transfer fee of 87.96 EUR.
- Payment method: bank transfer, credit card, debit card, Apple Pay, Google Pay, SWIFT
- Receiving method: bank account
- Transfer fee: fixed fee plus a percentage of the amount to be sent
- Transfer time: instantly or up to 2 days
3. Small World
Small World is a financial services company where users can send money to more than 90 countries. They charge a flat fee, with the specific amount depending on what country the money will be sent to.
For example, sending 10,000 EUR from Finland to the USA will cost 2.99 EUR. With an exchange rate of 1 EUR = 1.0484 USD, the receiver will get $10,483.99 USD within minutes. The aforementioned rates and fees are applicable to both bank and cash pickup receiving methods. Moreover, there is a limit of 2,000 EUR per transaction when paying by credit or debit card.
- Payment method: bank transfer, credit card, debit card
- Receiving method: bank account, mobile wallet, cash pickup, home delivery, airtime top-up, cash card reload
- Transfer fee: flat fee, depending on the receiving country
- Transfer time: instant or within the day
Instarem was established in 2014. Currently, they support 9 send currencies to recipients in more than 50 countries. Transfer fees often range from 0% to 1%. But they will ultimately depend on the payment method utilized and the receiving country.
Sending 10,000 EUR from Finland to the USA will cost 20 EUR when paying by debit card. With an exchange rate of 1 EUR = 1.0447 USD, the recipient will get $10,426.11 USD. On the other hand, paying by bank transfer will come at no cost. With this, the recipient will get $10,447 USD. There are no limits to the maximum amount that can be transferred.
- Payment method: bank transfer, wire transfer, credit card, debit card
- Receiving method: bank account or cash pick-up
- Transfer fee: 0% to 1%
- Transfer time: real-time or up to 2 business days
WorldRemit is a money transfer provider that supports 70 currencies. Users in Finland can send money to recipients in more than 140 countries. They claim to be 46% cheaper than banks and 22% cheaper than other money transfer services, such as Ria, Western Union, and Moneygram. In general, the transfer fee will depend on where the money will be transferred to.
When sending 10,000 EUR from Finland to the USA, a 3.99 EUR fee will be charged. With an exchange rate of 1 EUR = 1.03633 USD, the recipient will get $10,363.32 USD in their bank account within the next working day. The maximum send amount will depend on the payment method. Paying by debit card, credit card, or pre-paid card offers the highest limit. Through this, a maximum amount of 40,000 EUR can be transferred every 24 hours.
- Payment method: debit card, credit card, pre-paid card, Apple Pay, Trustly
- Receiving method: bank account, mobile money, airtime top-up, cash pickup, home delivery
- Transfer fee: fixed fee, depending on the receiving country and delivery method
- Transfer time: minutes or up to 2 working days
Xe is a money transfer service provider with a long history dating back to 1993. They support transactions in 139 currencies, serving more than 220 countries and territories. Money transfers of at least 250 EUR will not be charged any send fees. Any less than that will only cost 2 EUR. However, sending money via cash pickup is charged differently depending on the receiving country.
For example, sending 10,000 EUR from Finland to the USA will come at no cost. The 0.00 EUR fee is applicable regardless of the payment method. With an exchange rate of 1 EUR = 1.0377 USD, the recipient will get $10,377.00 within the same day. The maximum amount that can be sent online is 350,000 GBP, or its equivalent (around 412,160.00 EUR). But Xe provides customer support for transfers of more than 400,000 EUR.
- Payment method: bank transfer, debit card, credit card
- Receiving method: bank account
- Transfer fee: 0.00 EUR to 2 EUR
- Transfer time: within the day or up to 4 working days
Other Ways to Send Money from Finland
Apart from what is listed above, there are also other companies that provide money transfer services. These include Currencies Direct, OFX, and Currency Solutions. Similarly, they support a long list of currencies that can be sent to different countries across the world. An account with them must be created to determine the exchange rate, transfer fees, and receiving countries. Upon doing so, they will provide you with a quote for the intended money transfer.
Lastly, foreign currency payments can also be made through local banks. The major banks in Finland are Nordea, OP Yrityspankki Oyj (OP Corporate Bank Plc), and Kuntarahoitus Oyj. This provides the convenience of integrating all transactions into one account and receiving personalized customer service. However, banks often offer lower foreign exchange rates and higher fees.
We have reached the end of our answers on how to send money from Finland. There are many options that you can choose from, each with its own advantages and disadvantages. It is important to note that the foreign exchange rates and transfer fees mentioned above are subject to change. However, we have listed service providers that are competitive in that regard. When choosing a service provider, make sure to take into consideration the transfer fees, exchange rates, processing time, and, of course, the feasibility of the transfer between involved countries.
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