The best, fastest & cheapest ways to send money to Finland

The exchange rate determines how much EUR the recipient will receive.

For instance, in the past month average exchange rate between the US Dollar and the Euro was 0.9414 EUR.

Since USD - EUR exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more EUR for your recipient.

If you urgently need the money in Finland, we recommend using Wise, which has offered the best EUR exchange rates over the last 6 months.

The cheapest way to fund your transfer to Finland is by using a Bank transfer with Revolut, which is 0.3% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of EUR received.

Based on a $2,000 transfer to Finland using the last 6-months of our data, the options you have are:

• A bank transfer with Revolut will cost you $0 in fees and a 0.18% markup

• Debit card transfer with Instarem costs $0.4 with 0.41% markup

• Credit card transfers with Instarem costs $0 fee and comes with 0% markup

We recommend not using Debit card when sending money to Finland, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on EUR.

For example, Instarem charges $0 when paying by credit card, compared to $0 via a bank transfer with Revolut.

Whenever possible, avoid sending EUR over the SWIFT network. Despite the name, EUR transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much EUR you can send.

Often, the amount will also impact the fees and the EUR rate you get.

For example, we found Wise to be the best option for sending large amounts to Finland.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to Finland.

The speed of transferring EUR to Finland depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your EUR, the more it will cost you in fees.

For example, consider a transfer of $2,000 from the US to Finland:

• Fastest provider: Among 17 companies servicing Finland, Wise consistently offers the quickest delivery times across all deposit methods, appearing in 52.9% of our searches.

• Bank or debit card deposits: Services like Wise for bank account deposits and Wise for card deposits provide almost instant and cost-effective EUR transfers. Fees are approximately $7.96 for bank deposits and $Wise for debit card deposits, with a minimal 0% markup.

• Credit card transfers: Based on six months of our data, using Xe for sending EUR via CC can take up to a day and incur a fee of $30 with 2.05% markup. However, be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making EUR transfers over SWIFT

SWIFT is slower for EUR transfers due to the involvement of intermediary banks in Finland, so it’s best to avoid it if speed is your priority.

For EUR transfers, you have the following options:

Money transfer companies

You can send Euros via an FX broker (a managed service) or via an online-only company (self-managed).

According to the past six-month analysis, we found that Wise is the overall best way to transfer money to Finland, appearing 100% of the time for EUR transfers in our search system.

App

Most money transfer services to Finland offer mobile apps, which often provide better EUR exchange rates.

You can check our guide on the best money transfer apps to find one that fits your needs.

In-person

Cash transfers to Finland can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect EUR.

Bank transfers

We advise you not to use your bank to wire money to FI because of the fees but rather use it to fund your EUR transfer.

There are several ways to receive money in Finland, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in Finland, we recommend using Revolut. They appeared in 89.5% of the searches as the cheapest option for bank transfers to Finland.

• Cash pickup: if you need immediate access to cash in Finland, consider using cash pickup, but check availability.

• Mobile wallets: you can receive EUR directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Revolut.

In most cases, EUR will arrive without any involvement from the recipient.

However, if you’re sending Euro as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

• Sender's information: the full name and address.

• Transfer details: the amount of EUR to be received.

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger Euro transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to Finland, we recommend using Wise.

There might be tax implications and government-imposed limits when sending Euros to Finland.

Some EUR transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain EUR transfers need to be reported to the tax authorities in Finland.

When in doubt, please contact a tax professional in Finland or in your country.