Head of practice
Head of Corporate Law and Fintech Practice. Expert in the creation and reorganization of companies, support of M&A transactions, as well as legal support for opening and running a business in the EU, Asia, and North America.
Opening an account in Finland
Finland remains one of the most stable and predictable jurisdictions in the EU for business. According to the Finnish Bankers’ Association, in 2024–2025, the number of accounts opened by non-residents increased by 18%, and Finnish banks have significantly strengthened KYC and AML procedures.
The law firm “Prikhodko & Partners” has been supporting clients in Finland since 2020, and 2025 was a record year: 42 successfully opened bank and fintech accounts for Ukrainian and international companies — despite the strict requirements of financial monitoring.
In this article, we will analyze how to open an account in Finland correctly, quickly and without failures.
The main types of accounts that can be opened in Finland
In 2025, banks and fintech organizations in Finland offer the following types of accounts:
For legal entities:
- Business Current Account — a standard account for operating activities.
- Corporate Payment Account — a simplified option for payments without credit limits.
- Merchant Account — for companies working with e-commerce or POS terminals.
- Investment / Treasury Account — for storing corporate reserves.
For individuals:
- Personal Current Account (Tili) — a basic account for daily payments.
- Saving Account (Säästötili) — a deposit account with a fixed or variable rate.
- Student Account — if the client is studying in Finland.
Since 2024, banks have been actively promoting e-accounts, which can be opened online with confirmation via eIDAS or Finnish e-banking credentials.
Major banks and fintechs
Top banks in Finland:
- OP Financial Group — the largest Finnish bank, the most complex AML control.
- Nordea Bank — loyal to international companies with real turnover.
- Danske Bank — popular among IT and e-commerce businesses.
- POP Pankki — convenient for SMEs, but not easy for non-residents.
Fintech platforms (that work with non-residents):
- Holvi (for small businesses and freelancers)
- Revolut Business (EU)
- Wise Business
- N26 — only for individuals who are EU residents
In 2025, fintechs will open accounts on average 3–4 times faster than traditional banks.
Account opening steps
Stage 1: Preliminary analysis and bank selection
At Prikhodko & Partners, we assess:
- business model
- substance presence in Finland
- ownership structure
- industry risk
Example: In 2025, we opened an account for a medical equipment manufacturing company. Nordea refused due to low local presence, but Holvi agreed after submitting contracts with Finnish counterparties.
Stage 2: Collecting documents and preparing an AML package
A detailed financial history is important for non-residents.
Stage 3: Bank interview / video verification
Banks may ask:
- source of funds
- business plan
- expected turnover
Example: Danske Bank approved the client after additional confirmation of a contract for 180,000 EUR with a Finnish distributor.
Stage 4: Opening an account and connecting tools
- Internet banking
- SEPA payments
- Corporate cards
Average opening time:
- Fintech – 2-7 days
- Bank – 30-60 days
A typical package of documents with interesting examples
For legal entities:
- Certificate of Incorporation
- Articles of Association
- LEI (if financial transactions are planned)
- Proof of address
- Passport / ID of owners
- Lease agreement or virtual office in Finland
- Business plan
Interesting case: Holvi requested video confirmation of the composition of the client’s company office – we prepared a virtual tour of the actual workspace in Helsinki.
For individuals:
- copy of passport
- proof of residence
- income certificate / tax number
- Finnish SIM card (sometimes required for SMS verification)
Features for non-residents
Finland is one of the strictest EU countries in the field of financial monitoring. Non-residents need to provide:
- confirmation of connection with Finland (contracts, office, partners)
- detailed explanation of the sources of origin of funds
- confirmation of tax status
Example of refusal: In 2024, OP Bank refused a non-resident from the IT sector, because the client could not confirm why the company needed a Finnish account. We reformatted the package of documents and opened an account through Wise Business.
Typical difficulties
- Lack of connection with Finland is the most common reason for refusal.
- Excessive complexity of the ownership structure – banks do not accept SPVs for SPVs without a real business.
- High regulatory risk (crypto, gambling, high-risk finance)
- Inability to explain turnover – Finnish banks are very careful about cash flow forecasts.
- Physical presence requirement – some banks returned face-to-face interviews for b2b clients in 2025.
How do we help with opening accounts in Finland?
In 2025, the law firm “Prikhodko and Partners” became one of the leaders among legal advisors for clients entering the northern markets.
We provide:
- full legal support for opening an account (banks + fintechs)
- preparation of AML dossiers and business plans
- construction of a substance model in Finland
- processing of finmon requests
- support of video interviews with the bank
- resolving complex cases, including previous refusals
Typical case 2025
Client – e-commerce company with 10+ million EUR turnover.
The task – to open an account with Nordea.
The problem – a complex ownership structure, beneficiaries from three countries.
We:
- optimized the structure,
- prepared a presentation package for compliance,
- conducted training before the interview with the bank.
Result: the account was opened in 32 days.
Opening an account in Finland in 2025 is not a simple formality, but a comprehensive procedure that includes legal analysis, financial monitoring, and proof of a real connection to the country. The Prikhodko & Partners team helps clients pass Finnish banking compliance quickly, safely, and with the maximum guarantee of success. If you need turnkey support, we are ready to connect at any stage.
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