getting my money from the US->Finland

kmboll · Post by **kmboll** » Thu Jun 09, 2005 12:39 am

What is the cheapest way to transfer $ to Finland when I move? I haven't looked into it, but I'm guessing that there could be a lot of fees and taxes (it is Finland after all) to transfer a significant amount from the sale of a house. Are there any forms that I will have to fill out in the U.S. for exporting money?

**Sponsor:**

karen · Post by **karen** » Thu Jun 09, 2005 6:24 am

Good question. We're all poor so I don't think any of us would know

This is my bank. I saw a place for new customers to send questions. I'm sure they would know how to do it and would be happy to help a potential customer.

http://www.nordea.fi/sitemod/default/po ... pid=760000

Tervetuloa Suomeen!

mumboman · Post by **mumboman** » Thu Jun 09, 2005 6:05 pm

How much money do you have to transfer? I spent a couple of weeks in Kuopio and it is very easy to open an account. Also I was able to access all of my money from Canada in Finland quite easily with a couple of different cards. You might find it much easier to keep the majority of your wealth at home with an account that also has interntet banking service. Your bank should be able to forward your statements to your new address in Finland. I deal with a very small bank in Canada and they have told me that as soon as I know my new address in Finland they will mail my statements there.

kmboll · Post by **kmboll** » Fri Jun 10, 2005 5:53 am

well, the money is planned to be used for a house so it won't be staying in the bank.

ronrubies · Post by **ronrubies** » Sun Jun 12, 2005 4:55 pm

Congratulations on the move. There is really nothing special to moving money. Just go to your bank in the US and ask to make an international wire transfer. You will need the information of a specific bank account in Finland to send the money to. Hopefully you already have a Finnish bank account, or a trustworthy relative's account, to use. FYI, Wells Fargo Bank charges about a $40 flat rate, although they probably make a little on the exhcange rate too. To make an wore transfer, though, many banks require you to sign a form. So, typically one has to go the bank in person.

There are no special taxes or reporting requirements for you, the individual, in either Finland or the US (US banks, though, are required to report transactions of more than $10,000 to the US government, mostly to help track money laundering). US tax forms require that you report foeign bank accounts, but that's all, just report them. Finland does not tax money transfers, just an overall wealth tax which includes house, bank accounts, etc. NET of related debt.

I hope this helps and PM me if I can help you with any more detail. Good luck, Ron

luoto · Post by **luoto** » Sun Jun 12, 2005 6:46 pm

And of course, the wealth tax "dies" at the end of the year.

Shame the ability to spy on your neighbours (see tax information) doesn't die .=)

Concerning money transfer, see if your bank will transfer in EUROS instead of USD (let them convert at the other end) as it might save going through an intermediary bank, with extra charges.

Hank W. · Post by **Hank W.** » Sun Jun 12, 2005 8:35 pm

ronrubies wrote: There are no special taxes or reporting requirements for you, the individual, in either Finland or the US (US banks, though, are required to report transactions of more than $10,000 to the US government, mostly to help track money laundering).

Axshually, theres a similar money laundrette rule in the EU. Can't remember the amount; but its also reported by the bank.

RSH · Post by **RSH** » Sun Jun 12, 2005 11:47 pm

Just an aside but last week I tried to transfer money from a non Euro account to an account in Finland that was not mine (someone suggested above using a trustworthy friend or relative's account.)

My bank Barclays said they would not allow the transfer for money laundering security ie I had to be in their branch in person or I could only transfer to an account in my name.

luoto · Post by **luoto** » Mon Jun 13, 2005 11:41 am

I knew there was a reason I was glad to be an Ex Barclays customer.

First Direct had no problem transferring from a UK account not in my name to my Finnish bank account a six figure sum recently.

Quite a lot on the http://www.uk.experian.com/corporate/co ... aundering/money laundering regulations here.

RSH · Post by **RSH** » Mon Jun 13, 2005 11:54 am

Thanks for that tip!

I just opened a First Direct account before leaving precisely because I would like to blow up every Barclays Bank (unstaffed of course) for ten years of hideous treatment.

it hadn't crossed my mind that they would be able to do this for me! Doh! I think you get off the phone with Barclays you feel so disillusioned that you just give up!

(a further aside, before I left, they sent me a new chip and pin card for my husband's bank account... we haven't been married for 5 years! When I called they explained they accidently sent them out to all defunct account holders as well... )

luoto · Post by **luoto** » Mon Jun 13, 2005 11:57 am

I myself have a CITIBANK account in the UK and they equally have had no problem moving money to Finland. For smaller sums, I can convert GBP/USD into EUR and then use the Visa Debit machine or go to the bank and withdraw money with no charge. That helped a lot as my salary is paid by a UK Company for various reasons. ANd it makes the nice ladies in my local bank branch smile (in fear?) in case they get asked for more damn fool security questions by the verifying agency for CITIBANK.

It would be ideal to get a mix of the Finnish banking system into other countries, that is sure. But with the English interest rate on deposits!

*Kristina* · Post by ***Kristina*** » Wed Jun 15, 2005 4:06 pm

Have you thought about using Pay Pal?
I always use Pay Pal when I buy stuff from Ebay that is located in the US or when I get money from US buyers.

With Pay Pal you can also trade your money from $ into € (I think that is for free - at least I haven't recognized a charge for that yet).

Also transferring the money from the Pay Pal account to a bank account is quite cheap! I pay 1€ per transfer!

My advise is:
Create a Pay Pal account for free, transfer your money from your US bank account to your Pay Pal account, create a bank account at a Finnish bank and then transfer the money from your Pay Pal account to your Finnish bank account!

In my opinion that's the easiest and cheapest way!

luoto · Post by **luoto** » Wed Jun 15, 2005 4:09 pm

Nice lateral thinking re Paypal but I suspect it might be a problem at higher values (plus, if you read http://www.paypalsucks.com I wouldn't risk them freezing my account and making me wait over six months to get my money back). I use Paypal for small purchases and sales I can "afford" to lose for several months.
Paypal's FX rates where not that good the last time I checked but cheaper than me sending a cheque (from my US Account) in the mail and faster.

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