The Best Banks for International Students in Finland
Are you a current or aspiring international student in Finland, wondering how to navigate the banking landscape of the country?
Do you face difficulties accessing basic banking services, cumbersome identity verification requirements, delays in obtaining online banking IDs, and complications from strict regulatory obligations?
These are just some of the hassles international students face as they try to integrate into Finnish society.
This blog post is here to break down the top banks perfect for international students in Finland like yourself. It provides information on banking requirements and processes for international students in Finland, featuring digital-first banking solutions and services available with full English language support to help with an easy transition.
Essential requirements before opening a bank account.
Every bank has its own unique mode of operation. However, the following are some of the general documents required for student account opening:
The Finnish personal identity code is a unique 11-character code that consists of your birthdate and additional digits. It serves as a national ID similar to a Social Security number.
It is used for identification, access to online banking, tax processes, and other official services.
Usually, international students receive this code automatically when granted a residence permit.
However, some nationalities may not get it immediately and will need to apply for it at the Digital and Population Data Services Agency (DVV) after arrival.
Other required documents include:
- Residence permit documentation or visa.
- Valid passport or official ID.
- Proof of studies, such as an acceptance or admission letter.
- Proof of Finnish address.
- For non-EU citizens, there might be a need to include a letter of reference from a home bank and recent bank statements.
Please note that just like their mode of operations, each bank’s account opening processes might slightly differ, as the case may be.
Top banks for international students in Finland.
OP Financial Group
OP Financial Group has free student accounts with no monthly maintenance fees. These accounts give students access to special student loans.
There is also full English-language support for non-Finnish speakers for a seamless banking experience. Students can book appointments online or visit a branch to open an account.
*Please note that account opening may take longer due to identification and regulatory requirements.
Nordea Bank
Nordea Bank operates across the Nordic countries: Finland, Sweden, Denmark, and Norway. It offers a student package including the Nordea Gold debit card, which is specifically for the 18-30 age group.
Free banking services can also be accessed through the Nordea Mobile app, with no maintenance fees on the student account.
The Nordea Mobile app provides features like account management, payments, budgeting tools, and notifications. The international money transfer feature supports multiple currencies and has competitive exchange rates.
S-Pankki / S-Bank
S-Pankki is known for its mobile-first approach, which helps to integrate everyday banking and retail customer benefits seamlessly. It offers student accounts that waive monthly fees.
Debit cards on these accounts are free, and daily banking services, including accounts, payments, and card management, are also free of charge.
Handelsbanken
Handelsbanken has student digital banking services that cater to everyday personal and business banking needs.
Online and mobile banking platforms provide access to account management, transfers, and payments (both local and international).
There are student discounts or cooperative benefits that may be accessible through partnerships.
Danske Bank
Danske Bank offers a student package that includes a Mastercard Gold credit/debit combination card without an annual fee.
These accounts have access to the Danske Bank Mobile Bank app and provide comprehensive banking management, including budgeting and income/spending tracking.
The digital and customer service platforms offer full English support, ensuring accessibility for international students.
Aktia Bank
Aktia offers basic banking products tailored for students, emphasizing low fees and personalized service.
There are also specific discounts for students who benefit from personalized banking relationships, particularly if they engage with private banking or premium services later. Debit cards and online banking are also available with standard features.
Digital banking alternatives for international students in Finland.
Revolut
Revolut offers multicurrency accounts. It supports competitive exchange rates and low transaction fees, making it ideal for international students managing finances across countries.
Students can open an account via the Revolut app by verifying identity and proof of address digitally, with the physical card delivered by mail.
Wise
Wise offers a multi-currency account that allows students to hold and convert money in multiple currencies with transparent fees and mid-market exchange rates.
It has an easy-to-use app and website, and it can complement a traditional bank account by being more accessible.
N26
N26 is known for being a simple, mobile-centric banking service with multiple tiers of accounts, including free and premium plans. It offers fee-free Euro transactions, real-time spending notifications, and budgeting tools.
OhentPay
OhentPay offers digital payment solutions and user-friendly interfaces for smooth payments and money management.
It helps to simplify banking operations for users and improves payments and transfers across borders, thereby enhancing digital financial experiences in Finland.
Essential banking features to look out for as an international student.
- Foreign language support
A banking service with foreign language support in both digital interfaces and customer service is important for international students to navigate accounts, resolve issues, and understand terms without language barriers. This reduces confusion when managing finances abroad.
- Mobile app quality
A reliable, user-friendly mobile app with relevant functionalities like account monitoring, transfers, payments, budgeting tools, and notifications can improve the day-to-day banking experience for students.
- ATM network access
Having access to a wide ATM network with low or no withdrawal fees is important for students to avoid unnecessary charges when withdrawing cash, especially since some international banks impose high fees on foreign cards.
- International transfer capabilities
Banks with efficient and affordable international money transfer options with transparent exchange rates and low fees enable students to send or receive funds globally without excessive costs or delays, which is a key feature for managing tuition, living expenses, and family support.
Conclusion
Before opening an account, carefully evaluate banking options that best fit your needs based on factors like foreign language support, digital banking quality, fee structures, and international transfer capabilities.
Consider both traditional banks and fintech alternatives for a holistic approach to managing your finances efficiently.
Frequently asked questions
- Can I open a bank account without a Finnish personal identity code?
Usually, a Finnish personal identity code (Henkilötunnus) is required to open a full bank account with online services.
Some banks may allow limited non-resident accounts without it, but these accounts often come with restrictions, such as no online banking access.
- How long does it take to open a student bank account?
Depending on the bank and individual circumstances, opening a student bank account may take from a few days to several weeks.
- What happens to my account after graduation?
Student accounts can transition to regular personal banking accounts after graduation with alterations in fees or services. Just notify the bank of your status change to avoid unexpected charges.
OhentPay- A better option for international students in Finland
If you’re an international student in Finland who will need to make a lot of transactions by sending or receiving money from home, you need a better alternative.
With OhentPay, you can send, receive and exchange over 40 currencies across 190 countries. It’s also 100% cheaper than using a bank and faster as you get your payments instantly - regardless of where they are coming from.
Most importantly, you do not need a Finland residency to open an account. You only need a valid ID card to proceed. Learn more about how OhentPay works here.
Wrapping Up
If you’d like to send money anywhere in the world from Finland and you prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account to get started here.
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