How to Open a Business Bank Account in Finland [2025]

Requirements for setting up a business account in Finnish banks and alternatives to traditional banking. WHY YOUR COMPANY NEEDS A FINNISH BUSINESS ACCOUNT, EVEN IF INCORPORATED ABROAD It takes a whole lot to run a business efficiently. From incorporation to taxation and fulfilling legal requirements, having a business bank account is essential for effective operations. Finland, known for its favorable business environment, offers streamlined registration processes for businesses. However, opening a business bank account can present challenges even for the locals. According to Taloushallintoliitto's (Financial Management Union) survey in September 2024, the number of people who couldn't open a bank account increased compared to previous years. "In the past, the problem seemed to mainly concern customers with foreign backgrounds and those with a payment default entry. Now, the problem can hit almost any small and medium-sized start-up company,” a union representative wrote. Below, we’ll explore the requirements, processes, and alternatives to traditional banking in Finland in 2025. Things to Know Before You Open a Business Account in Finland The Banking Ecosystem Finland has a few banks with a large presence in the Nordics as well as the ones with only nation-wide coverage: Nordea and Danske Bank have branches all over the Nordics. In 2024, Handelsbanken withdrew from Finland. OP Financial Group (Osuuspankki), Savings Banks Group (Säästöpankki), Aktia, S-Bank (S-pankki), Pop Bank, and Ålandsbanken are local Finnish banks. Finnish banks often require detailed documentation and may decline services to non-residents or businesses that do not meet their criteria. For startups and SMBs, in practice, there are no benefits to choosing an international bank over a smaller Finnish one. Say, you have operations both in Denmark and Finland and think that a bank such as Danske might give you better terms for accounts in their national branches — but that's unlikely to happen for their smaller clients. Neobanks like Narvi offer an alternative to traditional banks with modern, tailored solutions for businesses. Read on to find out which providers open business accounts and how they differ. Which Bank to Choose in Finland? This article contains a comparison of banks in Finland, including traditional banks like Nordea and OP Financial Group and neobanks like Narvi, to help businesses and foreigners decide on the most suitable option. We also overview the best banks in Finland for non-residents and foreigners, highlighting their features and accessibility. Currency Considerations Finland uses the euro (€), making transactions within the Eurozone straightforward. However, for cross-border transactions outside the Eurozone, currency exchange nuances must be managed. IBAN Numbers in Finland Every Finnish bank account has an International Bank Account Number (IBAN). When you send or receive money, European banks ask for this account number. Sending or receiving money with IBAN is very safe because it prevents money from going to the wrong place. Having a main IBAN allows businesses to streamline their payment accounts, saving both time and resources in the process. The IBAN starts with a two-digit country code, and the digital code for Finland is FI. Apart from this, the IBAN does not replace a bank's own account numbering. National and Investment Banks in Finland National and investment banks play a crucial role in assisting businesses with substantial financial requirements. Especially investment banks provide specialized services, including capital raising, mergers and acquisitions, financial advisory, and risk management. However, for non-Finnish entrepreneurs seeking loans or financial assistance for their businesses, obtaining funds from investment banks in Finland can be challenging. These difficulties often arise from stringent requirements, risk assessments, local market knowledge, and cultural and language barriers. Foreign Investment in Finland Finland has no restrictions on foreign investment. However, certain sectors, such as banking and payment services, require specific authorizations. Methodology The information for this overview was gathered in December 2024. The author reviewed the official websites of the mentioned financial institutions in English to understand the documents required to start a business account as a recent arrival in Finland. The author also reviewed relevant discussions on Reddit and conducted interviews with several refugees who successfully started businesses in Finland. He also gathered information about issues people tend to encounter with different banks. The English-language pages of Nordea, Danske Bank, OP, and Ålandsbanken were reviewed to gather the necessary details. Ålandsbanken did not provide information about business accounts on its website, and we confirmed via phone that they no longer open business accounts. For banks that lacked English-language pages, the Swedish versions were accessed and translated into English using an online translation tool. When critical information remained unavailable, the banks were contacted directly by phone, though response times at some institutions exceeded 15 minutes. We found that representatives of banks we contacted tend to give evasive answers about business accounts and ask to send them an email or make an appointment. Documents You Typically Need to Open a Business Account in Finland Basic Company Information An extract from the Trade Register (maximum three months old) Articles of Association Board meeting minutes With private limited liability companies, it’s best to delay the account opening process until full incorporation into the Trade Register. For Limited Liability Companies Your primary company identifier is your business ID (Y-tunnus) that also serves as corporate tax number. Business ID (Y-tunnus) Memorandum of Association Proof of share capital (if applicable) Personal Identification Passport or valid ID Proof of address Finnish personal ID number (henkilötunnus) Opening a Bank Account in Finland for Foreigners and Non-Residents This is where more nuances will surface. Non-residents face additional hurdles, such as: Restrictions on accessing certain banking services (e.g., payment cards for a corporate account; access to interest-earning or investment products as individuals). Lengthy approval processes compared to local residents. Needing to provide a residence permit. Needing to present an identity card (Henkilökortti) that can be obtained from the police. Sometimes a foreign passport is not enough to open an account or to access all the services. Proving your residence address usually shown on a utility bill. Phone invoices are often not accepted. US citizens are also specifically asked to provide tax information from their home country. Non-residents may face some limitations. For example, a bank might decide to open a business bank account but refuse to issue a business payment card. If that is the case, you would need to use other payment cards, which will complicate the bookkeeping. Alternative solutions like Narvi can simplify the process for non-residents and foreign companies. How Does the Ease of Banking in Finland Compare to Switzerland? In practice, Finnish banks are more likely to say no instead of doing a deeper check. If, say, a non-resident American wants to open a business or personal bank account, Finnish banks will probably reject them. However, in countries with more developed banking procedures like Switzerland, the banker will ask further questions about the purpose of the account, its intended use, and the person opening it. This is an example that panelists who live and do business in Switzerland used at the event hosted by the Finland Chamber of Commerce in Luxembourg and the Chamber of Commerce Finland-Switzerland in the summer of 2024, where Narvi was present. In short, for non-residents, international banking options and neobanks can be