Novice Finance Question

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biswajit.sharma
Posts: 37
Joined: Sun Oct 07, 2018 8:41 pm

Novice Finance Question

Post by biswajit.sharma » Tue Apr 30, 2019 4:06 pm

Hi,
We are in the process of moving to Finland.

I have a question - any funds/savings accumulated abroad - if we transfer them to Finland along with our move, will it be considered an income in Finland?
In order words - will it be subject to Fresh Taxation in Finland.

Source of Funds is only Salaries.

I have been trying to look for this information, but couldn't find - any pointers would be greatly helpful.

~Biswa



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betelgeuse
Posts: 3133
Joined: Thu Aug 29, 2013 1:24 am

Re: Novice Finance Question

Post by betelgeuse » Tue Apr 30, 2019 6:10 pm

biswajit.sharma wrote:
Tue Apr 30, 2019 4:06 pm
I have a question - any funds/savings accumulated abroad - if we transfer them to Finland along with our move, will it be considered an income in Finland?
In order words - will it be subject to Fresh Taxation in Finland.
It will not.

quillcentaur
Posts: 54
Joined: Sun Jan 06, 2019 8:00 am

Re: Novice Finance Question

Post by quillcentaur » Tue Apr 30, 2019 6:11 pm

No it's not taxable.
Also, if you're moving money to a Finland bank account, I recommend using Transferwise instead of using your bank directly. Banks hide fees using awful exchange rate.

You can use my Transferwise referral code so you get your free transfer for free: https://transferwise.com/u/jennylynb

Have used it a lot of times with no problems.

betelgeuse
Posts: 3133
Joined: Thu Aug 29, 2013 1:24 am

Re: Novice Finance Question

Post by betelgeuse » Tue Apr 30, 2019 6:12 pm

However, do note that, if you liquidate any assets while you are liable for tax in Finland, then normal rules about capital gains etc apply.

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agroot
Posts: 215
Joined: Sat Dec 22, 2018 5:04 pm

Re: Novice Finance Question

Post by agroot » Tue Apr 30, 2019 8:47 pm

No. Income is only taxable *AFTER* you come here, and sending yourself money isn't income.

I found transferwise and similar services having much higher fee though. From local bank (where there are multi-currency deposits) I do local currency to euro then euro to euro here, only need to pay around fixed $40 per transaction. While exchange is not free it's nowhere as high. Euro is a bit bad but US from/to local is like 0.3% (I suppose it might be much better if dollar account can be opened here).

biswajit.sharma
Posts: 37
Joined: Sun Oct 07, 2018 8:41 pm

Re: Novice Finance Question

Post by biswajit.sharma » Wed May 01, 2019 12:18 pm

Thank you all for your clarification!

quillcentaur
Posts: 54
Joined: Sun Jan 06, 2019 8:00 am

Re: Novice Finance Question

Post by quillcentaur » Thu May 23, 2019 5:53 pm

agroot wrote:
Tue Apr 30, 2019 8:47 pm
No. Income is only taxable *AFTER* you come here, and sending yourself money isn't income.

I found transferwise and similar services having much higher fee though. From local bank (where there are multi-currency deposits) I do local currency to euro then euro to euro here, only need to pay around fixed $40 per transaction. While exchange is not free it's nowhere as high. Euro is a bit bad but US from/to local is like 0.3% (I suppose it might be much better if dollar account can be opened here).

It depends I guess. At least with my bank and many other people's experience, banks hide their fees in bad exchange rates. Transferwise has always been the best for me and a lot of travellers. You might be one of the few lucky people whose bank actually use a good exchange rate.

tavastia
Posts: 463
Joined: Tue Mar 08, 2016 1:54 pm

Re: Novice Finance Question

Post by tavastia » Fri May 24, 2019 8:09 am

You can try also https://secure.xendpay.com, pretty low transfer fees, 2-3€ for 2-300€. If you transfer within SEPA then shall be free, at least if you send from Finland.

biswajit.sharma
Posts: 37
Joined: Sun Oct 07, 2018 8:41 pm

Re: Novice Finance Question

Post by biswajit.sharma » Fri May 24, 2019 3:25 pm

Thank you everyone for your response and tips.


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