Banking in Finland

SuomenKenraali · Post by **SuomenKenraali** » Sun Feb 09, 2014 6:17 pm

Good evening,
I am creating this thread in hopes to receive feedback on Finnish banks from a foreigners eyes.

Obviously, it's quite unlikely that there is a single bank that is overall better than every other bank in any/every category.. So.. I'll list most common categories of concern and it can be said which is the favorite in each category.

Here we go..

Customer Service:
When listing a bank in here take the following into consideration.
Multi language capabilities, honesty, sincerity and obvious will to help you in your banking/financial situations and decisions. This is arguable most crucial especially for a foreigner. Lack of multilingual potential and will to take the time to help with a new-comer who is not used to the type of banking system, would probably be the biggest ''deal breaker.'' Think hard and provide details for why you made the decision for this category.

Reliability:
Consider the banks history, especially on the higher management level. This is probably unheard of in Finland, but consider history of fraudulent loans, manipulative loans, and simply unreliable loans.. For example fluctuation of interest rate that was not listed as a possibility but made possible because of lack of protective language in the initial loan agreement.

Fee's and Pricing:
Does this bank lack significant fee's and cost where others do not?

Internet Banking:
Does this bank have IB possibilities? Consider the interface layout and multi language availability.

Obtaining a Loan:
With valid reason and proof of income, is obtaining a loan with this bank easier than the others? How so? Especially most common loans IE: consider mortgages and automobile loans.

Domestic Investments
Does this bank mainly invest in Finland rather than other countries within or outside of the EU?

Ease of Transfer:
Is it easy to transfer funds within and outside of the bank? International transfers of multi currency included.

Convenience:
Does this bank happen to be more convenient than others? Consider number of banks around the country able to provide face to face customer service. And.. private ATMs (if any)

These are my personal concerns and I'd imagine these would be of concern to most educated decision makers in this category.
Naturally, if you feel I have left something out, feel free to add to the list!

**Sponsor:**

Brent · Post by **Brent** » Sun Feb 09, 2014 7:32 pm

For me all of the bank are pretty much the same, the security, products, services, etc... I however like S-pankki because their products and services are totally free of charge for "asiakasomistaja", and they opening hour are more friendlier than other banks. They are opens from 9am to 9pm.

SuomenKenraali · Post by **SuomenKenraali** » Mon Feb 10, 2014 4:17 pm

Correct me if I'm wrong, but S-Pankki only offers service in Finnish/Swedish. It would be quite difficult for the average ''new-comer'' foreigner just learning Finnish to adjust to a bank that would be unable to assist in English.

If this is not correct, please provide a bit more info!

007 · Post by **007** » Mon Feb 10, 2014 4:44 pm

SuomenKenraali wrote:Correct me if I'm wrong, but S-Pankki only offers service in Finnish/Swedish. It would be quite difficult for the average ''new-comer'' foreigner just learning Finnish to adjust to a bank that would be unable to assist in English.

If this is not correct, please provide a bit more info!

I think so too. But S-pankki is merging with another bank, so in future they might have customer services in English too.

riku2 · Post by **riku2** » Mon Feb 10, 2014 5:01 pm

s pankki wouldn't give me a credit card since I don't have finnish issued photo id (even having lived in finland for 15 years with a permanent job). So that rules out any kind of account there for me.

face - face customer service: who needs it? I have visited my bank in person twice in the past 5 years. once to collect some US$, the second for an appointment due to having too much money in my current account.
transfers - are there any mainstream banks that don't do international transfers? I think the main criteria for a non-finn is their online banking is in english, otherwise doing the more tricky types of transactions could be hard.
domestic investments - why would I care where they invest ? Unless they were some Russian owned bank investing in places like Azerbaijan and Ukraine.

Brent · Post by **Brent** » Mon Feb 10, 2014 5:12 pm

Today, I just faced the most ridiculous requirement ever.

A friend of my, who is a customer of Nordea. She wanted to have a internet banking option for her account. Well, the clerk said that if she does not speak Finnish or English, the internet banking cannot be opened for her. I was like WTF? I'm her friend and I can help her with the language but Nordea said no. I have to be a official translator. At this point I was like double WTF?? I told them this is the most absurd requirement and makes no sense what for ever. I then asked to speak to the bank manager. The manager came dressing like a... OK let's not go there, but she was protecting her clerk saying the same thing and she was giving me attitude.

Well, I asked for her name and her boss name. I'll file a complain against her to her boss and will be contacting the newspaper on this matter. Stay away from Nordea in Kontula, Helsinki.

SuomenKenraali · Post by **SuomenKenraali** » Mon Feb 10, 2014 5:14 pm

007 wrote:
SuomenKenraali wrote:Correct me if I'm wrong, but S-Pankki only offers service in Finnish/Swedish. It would be quite difficult for the average ''new-comer'' foreigner just learning Finnish to adjust to a bank that would be unable to assist in English.

If this is not correct, please provide a bit more info!
I think so too. But S-pankki is merging with another bank, so in future they might have customer services in English too.

Any idea who they are merging with?

riku2 wrote:s pankki wouldn't give me a credit card since I don't have finnish issued photo id (even having lived in finland for 15 years with a permanent job). So that rules out any kind of account there for me.

face - face customer service: who needs it? I have visited my bank in person twice in the past 5 years. once to collect some US$, the second for an appointment due to having too much money in my current account.
transfers - are there any mainstream banks that don't do international transfers? I think the main criteria for a non-finn is their online banking is in english, otherwise doing the more tricky types of transactions could be hard.
domestic investments - why would I care where they invest ? Unless they were some Russian owned bank investing in places like Azerbaijan and Ukraine.

Of course, it matters where the money is invested. At least, for me. Personally, I trust the Finnish systems over the majority of others. I wouldn't feel comfortable if the bank investments are for the most part outside of Finland. I guess it also has something do with patriotism, as well.

As far as face to face customer service.. Perhaps that's just a preference. Important for some when choosing a bank.

Brent · Post by **Brent** » Mon Feb 10, 2014 5:17 pm

riku2 wrote:s pankki wouldn't give me a credit card since I don't have finnish issued photo id (even having lived in finland for 15 years with a permanent job). So that rules out any kind of account there for me.

I think that's pretty common. Now days, everybody has to show a valid ID-card or driver's license. Why don't you get the ID-card? You will be saving yourself from lots of trouble.

PS. You can always ask the bank to mail the credit card directly to your home.

@Kenraali

Tapiola bank is mergin with S-bank and together they will be using S-bank name.

SuomenKenraali · Post by **SuomenKenraali** » Mon Feb 10, 2014 5:29 pm

Brent wrote:
riku2 wrote:s pankki wouldn't give me a credit card since I don't have finnish issued photo id (even having lived in finland for 15 years with a permanent job). So that rules out any kind of account there for me.
I think that's pretty common. Now days, everybody has to show a valid ID-card or driver's license. Why don't you get the ID-card? You will be saving yourself from lots of trouble.

I Wonder how the situation differs if one does not have citizenship or permanently live in Finland and only, for example, owns a small summer place in the North O.o

Rip · Post by **Rip** » Mon Feb 10, 2014 5:41 pm

Correct me if I'm wrong, but if one needs English language online banking, aren't the options restricted still to Nordea, Danske and OP?

SuomenKenraali · Post by **SuomenKenraali** » Mon Feb 10, 2014 5:45 pm

Rip wrote:Correct me if I'm wrong, but if one needs English language online banking, aren't the options restricted still to Nordea, Danske and OP?

I believe Aktia offers English internet banking as well. Unfortunately, I believe there are far fewer branches in the north than for example, Nordea.

Rip · Post by **Rip** » Mon Feb 10, 2014 6:41 pm

SuomenKenraali wrote:
Rip wrote:Correct me if I'm wrong, but if one needs English language online banking, aren't the options restricted still to Nordea, Danske and OP?
I believe Aktia offers English internet banking as well.

If so, it is well hidden on their web page.

Unfortunately, I believe there are far fewer branches in the north than for example, Nordea.

Or in east. Northernmost branch is in Oulu, but the Tampere is the only location outside coastal areas.

SuomenKenraali · Post by **SuomenKenraali** » Mon Feb 10, 2014 7:47 pm

Actually, after a little research.. that appears to be the biggest complaint about Aktia. That they do not offer English internet banking.

cors187 · Post by **cors187** » Mon Feb 10, 2014 8:19 pm

I think the first priority is to get online banking in your own language. Who cares if its nordea, they do a perfect job at the online part.
Once your established just make more bank accounts with the "others".
I loaded some cash into my s panki and its still in there, internet bank is never used because i couldn't figure out how to log in by myself

Nordea card is good for everyday shopping and when i opened it years ago i selected English as the language.The card uses English when its in any card swipe machine.

riku2 · Post by **riku2** » Mon Feb 10, 2014 9:46 pm

Brent wrote:if she does not speak Finnish or English, the internet banking cannot be opened for her.

The bank doesn't want any legal trouble if the friend can't understand the terms and conditions while doing banking then she might transfer money to the wrong place or open an account with terms she doesn't like and then try to tell the bank she didn't know what she was doing. so the bank wants customers to understand what they are doing - or be able to claim damages from an official translator who mis-translated the pages.

about s bank and finnish id. I gave up with them. Why should I spend money on a finnish ID card just to get an s bank credit card. I'll survive with the other 10 credit cards I've got (s bank credit card would make it nicer to show just one card while shopping at s chain).

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