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 EcosystemFinland 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 ConsiderationsFinland 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 FinlandEvery 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 FinlandNational 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 FinlandFinland has no restrictions on foreign investment. However, certain sectors, such as banking and payment services, require specific authorizations.MethodologyThe 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 CompaniesYour 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-ResidentsThis 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 more accessible than traditional banks. Consider solutions like Narvi, which cater specifically to international businesses.

Foreign Bank Accounts and International PaymentsSome businesses benefit from maintaining foreign accounts for smoother international transactions. Neobanks often support international payments with lower fees and faster processing.Traditional banks in Finland may request detailed documentation for money transfers to a business account, especially from outside the EU. In rare cases, the money may be blocked until these documents are reviewed.

Steps to Open a Business Bank Account in Finland

1. Register Your Business
All companies in Finland must register with the Finnish Trade Register. Key steps include:

Filing a startup notification.
Receiving a Business ID (Y-tunnus).
Registering for VAT and tax purposes if applicable.

2. Choose the Right Bank or Banking Solution.
Traditional banks in Finland may have stringent requirements, while neobanks like Narvi offer a seamless online account setup.3. Submit Required Documents.
Provide all company-related paperwork and personal identification as outlined in the previous section.4. Open a Dedicated Share Capital Account (if required).
For limited liability companies, some banks require a dedicated account for share capital deposits before full incorporation.Using Your Bank Account and Banking Services Online in FinlandEven if you have a bank account in Finland, this does not mean that you will have mobile banking services. Individual account holders who are not Finnish citizens must obtain a Foreign ID Card from the police to gain online access to their netbank.After this card is obtained, the bank assigns a mobile ID to the person. Before transactions can be made over the internet, the person must log in to their mobile ID. After this, it is possible to open applications called mobile banking. Thanks to mobile banking, all banking transactions can be made via mobile phone or computer.According to statistics from Finance Finland, 85% of consumers aged 15-79 receive e-invoices through their online banking service. 97% of consumers prefer to pay their bills online, mainly as e-invoices or by initiating the payments with their mobile phone. Especially for some small and medium-sized business owners who are not Finnish citizens, it may not be possible to access all electronic banking transactions with their business accounts. Banks determine which companies will own what. Sometimes, it is also common that a bank card is not given despite opening a company account.Also, when a person establishes a second separate business, the bank decides to open a new company account. Even if an application is made, the bank may require the two companies to combine their transactions under one account. This causes problems, especially in terms of taxes.Steps for setting up an online bank account in Finland, the benefits of digital banking solutions, and the specific requirements for businesses and individuals.

Remote Business Account Opening in Finland

Traditional banks may require in-person visits, making them less ideal for international entrepreneurs.Most banks in Finland say that documents for opening a business account can be submitted online, but they may request a face-to-face meeting afterwards.If you cannot be physically present, consider neobanks like Narvi, which offer remote account setup.

Trade Register RequirementsThe Finnish Trade Register plays a crucial role in business operations. You’ll need an extract from the Trade Register to open accounts, ensure legal compliance, and access various services. Keep the extract updated and ready for submission.How Much Does It Cost to Open and Use a Finnish Business Account?In Finland, a minimum of 100 Euros is required to open a business account in a bank. The amount to be paid varies depending on the features to be used afterward. However, at least 10 to 25 Euros must be paid per month (for small accounts). In addition, a fee may be requested for certain transactions and transfers.Neobanks such as Narvi are often more cost-efficient, especially when multi-currency transactions are involved.

reddit screenshot about how to apply for a business bank account in finland as a foreigner

Some Features to Look For in a Business Account

Payment Cards That Cover Your Needs: Look for flexible options for local and international payments.
Smart Features for Efficient Money Management. E.g., for sole traders' business accounts, those can be budgeting tools (or integrations with), expense tracking, and integrated accounting systems.
Multiple Currencies for Cross-Border Payments: Accounts supporting multiple currencies can streamline international operations.
Payroll Programs: Ensure your account supports or integrates with efficient salary payments for employees.
Account Statements and Reports: Features like transaction summaries, balance sheets, and file transfer options feed your bookkeeper with accurate data.

reddit post screenshot explaining how finnish banks operate

What Is the Best Bank for Limited Companies in Finland?

There are both international and local banks in Finland that open accounts for limited companies. It is possible to open a company account in all of these banks, but it may be difficult. All banks first ask for the same documents and have similar requirements:
· To open a company account, the applicant must have online banking credentials from a Finnish bank and a mobile phone.· Additionally, if another authorized signatory is required to co-sign, their personal identification number must be provided.· A document showing the company’s ownership structure is also required.· Furthermore, the company’s representative information in the Finnish Patent and Registration Office’s register must be up to date.Now let's take a brief look at these banks and the procedures for opening a company account.NordeaNordea, one of the largest banks in the Nordics and Scandinavia, also operates in Finland. In order to open a company account at the bank, which has a website in English, Swedish, and Finnish, it is necessary to fill out an online form. Within 1-2 weeks after filling out this form, an official from the bank will call and inform you of the status of the application. If the bank's company is suitable, the account will be opened. However, Nordea is one of the banks that charge the highest monthly fees.· 15,70 Euro per month· Minimum 200 Euro initial fee· Cost of single transactions are not included in the monthly package.Danske BankDanske Bank, Denmark's largest bank with over 5 million customers, also operates in Finland. The bank's website is in English, Finnish and Swedish. Before becoming a member of Danske Bank, it is necessary to prepare the required documents. Danske Bank is the bank with the highest monthly fee in Finland.· Basic details about the company· Information about the company owners· Names of the persons authorized to sign for the company· A description of ownership relations· A certified copy of your personal identification (passport or ID card)· The company’s financial statements information· If the account is for start-up company, you will also need a copy of the company’s memorandum of association documents· Danske Business service has a 26 Euro monthly fee,· Danske Business Plus has a 34 Euro monthly fee.You can prepare your documents, contact the bank, or upload them directly to your computer. After your application is reviewed, you and other information will be notified via e-mail and phone whether an account can be opened or not.OP (Osuuspankki)OP Bank is one of the largest banks in Finland. "OP" stands for "osuuspankki" in Finnish and means "cooperative bank." OP Bank requires an OP User ID to open a company account. The documents required for opening an account are initially the same as for other banks. You can apply by making an appointment, going to the bank, or uploading documents online. The bank then calls back to inform you of the result.They want €12.90 monthly basic fee, they also charge transaction-specific service fees. OP Bank charges a one-time fee of 100 euros for opening a corporate account in connection with the next month’s service charges.Apart from this, the monthly required payments are as follows.· Corporate account €2.50 per month· Bank statement €0.90 per month· OP Business Debit €3.50 per month· OP's digital corporate services €6.00 per monthAktiaAktia, one of Finland's well-known banks and also a life insurer, has a website in Finnish and Swedish. You can call customer service to get support in English, but remember that all documents will come in Swedish or Finnish, and you need to be able to understand them. The bank decides what languages they can market themselves in, and if there's a mismatch, they may refuse to open an account or provide some additional services.At the beginning, Aktia, like other banks, requests the same information. Once the application is accepted, the review period begins, and if accepted, an account is opened.The fees required for opening a company account are as follows;· Account opening: 100 Euros· Corporate internet banking opening: 10 Euros· Web service opening: 20 EurosInstitutions such as S-Bank (S-Pankki), Pop Bank (Pop-Pankki), or Ålandsbanken, which are considered the most suitable banks for opening personal accounts in Finland, do not open business accounts.Sole Traders and Limited PartnershipsSole traders and limited partnerships have unique banking needs. Finnish banks often cater to these businesses with simpler account setups compared to corporations, though neobanks remain a viable alternative for more flexibility.Problems that You May Encounter With a Business AccountThere are certain difficulties that may be encountered by people who are not Finnish citizens and want to open a business account. These difficulties are common even if you have a good idea and a good business plan.

If the company owner or partners have other bank accounts abroad, the bank may want to examine them.
A debit card may not be issued for the company account at first.
Certain internet banking services may not be accessible.
Small and medium-sized businesses in particular are not allowed to use Mobilpay. During this process, when cash withdrawals or investments are made, the bank may want to examine all transactions one by one.
The bank may decide to close the account even if the company is operating properly.

reddit how to apply for company account in a finnish bank as a non-resident

The Ultimate EU Business Banking Solution

Narvi Payments, Alternative to Traditional Banks

Narvi is a neobanking solution that provides borderless banking services. With Narvi, business owners can bypass the restrictions of traditional banks and limitations of remittance services and directly access a wide range of compliant financial services to help their companies scale. With its many integrated services, Narvi enables users to work with international and local suppliers and customers easily. Plus, the onboarding process is quick and can be done online.As an EU-based country, Finland is also a member of the eurozone. What better way to manage your business finances in Finland than to use a banking solution that has the Euro central to its workings?Here are some reasons for you to choose Narvi.IBAN and SWIFT integrationWith Narvi, you’re assigned a unique IBAN to help you transact globally via the SWIFT network. As such, you can easily receive and send money to clients across the European Economic Area and the rest of the world. You can also track and trace transfers.SEPA Instant PaymentsNarvi allows business owners to make payments within SEPA (Single Euro Payment Area). Additionally, Narvi’s Smart Routing technology helps to monitor SEPA transfers at every stage.Multi User AccessIf you’re still considering opening an account with a traditional Finnish bank, here’s a potential deal-breaker in favor of Narvi – each IBAN account has multi-user access. Users with full access can add other users, send transfers, view transaction data, download banking statements, and more. A second tier of users exists, with view-only, limited access. As such, different shareholders, employees, and relevant third-party bodies, such as external auditors, can seamlessly access specific financial details at any time.IntercompanyOne of Narvi’s most exciting features is its capacity to link several companies and manage their financials from a single dashboard. If you own a group of companies, you can create unique IBANs, set up multilayered group access, and manage each company individually. Finally, Narvi allows you to manage intercompany payments seamlessly.Opening a Finnish Corporate Bank AccountOpening a business account in Finnish banks can be quite challenging, especially for new entrepreneurs or small business owners. The strict requirements and lengthy procedures often make it hard for businesses to access essential banking services. For example, banks usually ask for detailed documentation about the company's operations and a thorough business plan before they even consider an application.This focus on understanding the business concept and future projections aims to ensure that the account will be used properly for legitimate business activities. However, this process can feel overwhelming for those just starting out. One significant hurdle is the verification of business finances. Finnish banks carefully examine financial records, tax information, and any existing international accounts the company may have.This level of scrutiny is partly due to Finland’s high regulatory standards and its commitment to fighting financial crimes. While this helps create a secure banking system, it often complicates matters for entrepreneurs, particularly those coming from other EU countries where banking regulations might differ slightly. Moreover, businesses with more complex financial needs, such as cross-border transactions, may find the requirements for opening accounts even more challenging.Another issue is accessing local banking services. Most Finnish banks have a limited number of physical branches, particularly in smaller towns. Entrepreneurs may need to book appointments well in advance to visit a local branch for consultations or to submit documents. Although online banking services are common in Finland, setting up a business account still often requires an in-person visit, which adds to the time and effort involved. For companies that need quick access to tools like a debit card or an international banking platform, these delays can impede their ability to start operations smoothly. By selecting the right business bank account provider, you can streamline your company’s financial operations, save time, and reduce costs. Whether you’re a resident or a non-resident, Finland offers options to meet your business needs.Traditional banks may work for some, but modern solutions like Narvi provide a more flexible, efficient, and international-friendly banking experience.

Frequently Asked Questions

In the EU, Hungary, and Portugal are relatively the easiest countries to opening a business account. However, in both of these countries, certain documents must be provided to open a business account, and opening an account takes a while.

Among EU countries, Hungary and Portugal are countries where non-EU citizens can open an account relatively easily.

If you want to open a bank account in a country you don't live in within the EU, the bank doesn't have the right to reject you right away. However, if you have an account in a bank in that country but you don't live there, the other bank may reject the request to open an account. Apart from that, if you have the necessary documents, you can open a bank account in a country you don't live in. For example, if you work in one country and live in the other, you can have a bank account in both countries. However, opening a bank account in a country you don't live in is a bit difficult.

Anyone with a residence or work permit can open a bank account within the EU. Also, people who set up a business within the EU can open a bank account in the country where they set up their business.

A person with a residence permit in Finland can open a business account at any bank. To do this, the requested documents must be provided. The bank then examines the documents and makes its final decision. The bank also has the right to request other documents or not to open the account. Although the account has been opened, the bank may request additional documents for subsequent transactions.

When opening a company bank account, financial institutions typically require several key documents to verify the business and its owners. These include basic details about the company, information about its owners, and the names of individuals authorized to sign on behalf of the company. Additionally, a description of ownership relations and a certified copy of personal identification (such as a passport or ID card) are needed. Banks also request the company’s financial statements for established businesses, while start-ups must provide a copy of their memorandum of association documents. These requirements ensure transparency and compliance with regulatory standards.

The minimum amount required to open a business account in Finland varies from bank to bank, but it is at least between 100 and 200 euros.

Originally published February 16, 2023. Updated November 6, 2024AuthorAli Abaday, a journalist and writer based in Helsinki, Finland, has extensive experience reporting on Finnish society, startups, and the evolving tech scene. His contributions to publications like Ny Tid reflect a deep understanding of Finland’s cultural and economic landscape. As a Bitcoin enthusiast, Ali authored a chapter in a book on cryptocurrency, showcasing his expertise in finance and technology. His insights offer a unique perspective on navigating Finland’s banking and financial systems.DisclaimerThis publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

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.

Things to Know Before You Open a Business Account in Finland

Documents You Typically Need to Open a Business Account in Finland

Steps to Open a Business Bank Account in Finland

Remote Business Account Opening in Finland

Some Features to Look For in a Business Account

What Is the Best Bank for Limited Companies in Finland?

Narvi Payments, Alternative to Traditional Banks

Frequently Asked Questions

What is the easiest country to open a business account?

What is the easiest country to open a bank account as a foreigner?

Can you open a Finnish bank account if you don't live in the country?

Can I open a bank account in Europe as a foreigner?

Can a non-Finnish citizen open a business account in a local bank?

How to open a business bank account for LLC?

What is the minimum amount needed for a business bank account in Finland?

Read next: