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FINLAND

Send Money To Finland

Situated in northern Europe, Finland covers a total area of 338,145 square kilometres and makes it to the world’s 65th largest nation. After the collapse of the Soviet Union, Finland joins the European Union in 1995 and is the only Nordic EU member to use the euro as its national currency. The diverse nature and serene views, makes the country as the preferred choice for any traveller.

Over the years, the country have heavily spend on education, training and research by delivering one of the best-qualified workforce in the world.

Moreover, 93% of Finns spokes Finnish while Swedish is spoken by rest 6% of the population. However, the country has one of the strongest and innovative property right protection regulations in the world. In 2015, Finland was ranked as second out of the 168 countries surveyed in Transparency for International’s Corruption Perceptions Index. 
Finland

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finland

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Currency Used

As being the official member of the European Union, the official currency of Finland is Euro which refers the unity and prosperity of the EU member countries that have adopted the Euro as their sole official currency.

After joining the European Union, the Finnish economy has evidently performed well, but in the recent years the Finnish economy have been in a declining phase, due to the downfall in the timber industry and Nokia which has lost the spot as world leader in the mobile phones in 2012. 

The Finnish Euro is broken in:

Coins: €2, €1, and 50, 20, 10, 5 cents
Notes: 5, 10, 20, 50,100, 200, 500 Euros

Send Money with Bank Deposit

Money transfers to Finland is not particularly different to receiving or sending money in any other European Union country. There are numbers of currency exchange agencies available for sending or receiving money to abroad. However, the currency exchange rate may vary from day to day.

Banks in Finland are open on weekdays from 10:00 am to 4:30 pm while they remain closed on Saturdays, Sundays with the inclusion of public holidays. Whereas, Bank of Finland act as the central bank of the country.

Moreover, Finnish prefer to transfer money via banks or ATM’s, whereas for larger payments they prefer to opt for international agencies for the transference of money. However, while using a foreign card at an ATM, the user have to pay a minimal fee while withdrawing or sending the cash, however the withdrawal fee is less than the user have to pay for the transference of money from agencies. In addition, according to Finnish regulations, it is not mandatory for companies to always made payment in cash.

Keep in mind when visiting to Finland, according to the rules declared by European Union, the amount exceeding €10,000 needs to be declared to customs if the person is travelling to or from a country outside the EU.

Send Money Through Cash Pickup

Transferring money through agencies is the most convenient yet approachable way for most of the citizens of Finland. International money transferring agencies including Western Union and MoneyGram are considered as the most reliable option for the transference of money.

The transferred money can be send by the payer and received by the payee from any cash pickup points. Though fee charges are bit higher then transferring money through banks, and it may vary from one bank to another. However, sending money through agencies are considered as the most preferred way for the transference of money. The sender goes to the agency in his/her country, pays the required amount of money and states which foreign agency the money is going to.

However, the receiver then have to provide an ID to the respective agency for smooth identification process then they can pick up cash at an instance.

With the involvement of internet in daily life, the second preferred option by Finnish is to transfer the money through online services including PayPal or Moneybookers. In order to send or receive money, the sender and receiver have to register themselves on an online account for the collection of money in a hassle-free way.  

Money Transfer Regulations

After the implication of euro in Finland, in the short period of time frame the Finnish euro has experience an evident growth in economy. However, the country has maintained some rules and regulation when it comes to the transference of cash or dealing with cash, which includes:

As per the Finnish rules, the payment can be in any form of money, it is not mandatory for the payer to made payment in cash only.

·             A company cannot receive payment in coins that exceeds to 50 metal coins.
·             In some cases, the payment can be accept in cash if a company accepts.
·             Moreover, the limitation of payment must be declared by both parties before finalising the deal.

There are multiple options in Finland for sending and receiving money, while sending or receiving money through cash pickups turns out to the preferred one.

Moreover, while transferring money through banks, keep in mind that each bank charge different fee on the transference of money. However, the international transfers from EU are comparatively low priced. As per the rules governed by the authorities, according to the EU standard transfers within the European Union countries, the transfer must not exceed €12, 5000, additionally it must be in euros.