Finland’s Currency: Currency Guide for Travel & Banking

Finland’s currency is the euro. In fact, the euro has been the official currency of Finland since 1999. However, Finland’s previous currency (FIM) continued circulating in banknotes and coins until 2002.

In this article, we’re going to answer common questions we receive about transactions in Finland, including both currency conversion and card payments.

This article is part of our free series on opening a foreign currency account which you can access here.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Finland’s Currency
  2. How to Exchange Currency Before Traveling to Finland?
  3. How to Send Money to Finland?
  4. Frequently Asked Questions
  5. Do You Want Help Opening Bank Accounts?

Finland’s Currency

Finland’s currency is the euro with the currency symbol € and ISO 4217 code EUR. The euro has been the official currency of Finland since the euro adoption on January 1 1999. At the time of adoption, the EUR to Finnish Markka (FIM) exchange rate was fixed permanently at 1 EUR to 5.94573 FIM.

That said, FIM banknotes and coins were not completely replaced by the Central Bank of Finland (the Bank of Finland) until March 1 2002. This marked the end of 142 years of the Finnish Markka, and a major transition in Finland’s financial history.

After joining the Eurozone, the European Central Bank (ECB) was effectively responsible for the monetary policy and foreign exchange considerations of Finland. In other words, currency conversion rates are now longer impacted directly by the Bank of Finland.

Of course, the Bank of Finland still plays a major role in the Future of Finland’s financial services market and economy. Not the least of which is pushing for totally cashless payments, aiming for a cash free society by 2029.

How to Exchange Currency Before Traveling to Finland?

There are several ways to exchange currency before traveling to Finland. However, the options available to you will depend on where you are traveling from. That said, because the euro is a major global currency, most commercial banks in developed countries will offer the option to purchase euros directly.

On the other hand, if you are traveling from the United Kingdom you can order euros from the post office. In other countries, you may be able to purchase euros from reputable foreign exchange providers.

What’s the Best Way to Get Euros in Finland?

If you are already in Finland, the best way to get euros is by withdrawing them directly at an ATM or by visiting a commercial bank. On the other hand, if you have physical currency that you want to exchange, you can also choose to visit one of the local exchange counters in order to purchase euros directly.

Alternative to Exchange Your Money For Euros

That said, you may not need to exchange currency before traveling to Finland. Finland is one of the most advanced payment countries in the world. This means that paying for transactions with a payment card is almost always possible.  With  this in mind, most foreigners can use payment cards instead of cash when traveling to Finland.

This is particularly interesting for anyone with an international credit card that does not charge foreign transaction fees or premiums on the spot foreign exchange rate. Plus, there’s the added benefit of earning points on your purchases if you do have an international credit card that offers travel rewards.

How to Send Money to Finland?

In order to send money to Finland, individuals and businesses can choose from a wide range of options, including conventional transfer methods and more obscure options to send their currency to Finland.

Not surprisingly, the first option that most people consider is sending a bank transfer. If you are sending currency from outside of Finland or the Single Euro Payments Area (SEPA) more broadly, bank transfers involve sending a transfer through the SWIFT network.

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, which is a network of international banks that facilitate international transfers across the globe.

Alternatively, if you are sending funds from within the Single Euro Payments Area, you will likely be sending a SEPA transfer.

The main difference between a SWIFT transfer and a SEPA transfer is the cost of sending, SWIFT is often an expensive transfer option when compared to the low-cost option of sending SEPA transfers. However, SEPA transfers are only available between banks within SEPA countries.

That said, there are a wide range of alternative transfer methods to choose from as well, including the following.

Options for Sending Money to Finland

  • International transfer services
  • Money order services
  • Paypal or other peer-to-peer transfer services
  • Cryptocurrency transfers
  • Sending physical checks

Here is a closer look at a few of the most popular options in great detail.

International Transfer Services

There are a wide range of international transfer services to choose from when sending money to Finland. In most cases, these services are delivered through digital platforms and mobile applications.

In addition to offering convenience, international transfer services are also one of the lowest cost options available. Additionally, if you choose to use one of the larger transfer services, your transfers will be secure with large licensed financial institutions.

Money Order Services

International money orders are available in most countries. However, it’s important to note that they are often more expensive than some of the other options available.

That said, money orders are secure and offer an immediate solution to sending funds. When using a large money order service provider, you can also arrange for money to be picked up in cash or to have it deposited directly into a bank account.

Peer-to-Peer Transfer Services

Peer-to-peer transfer services are another option for sending money to Finland. In fact, they are one of the fastest and most affordable ways to transfer funds.

However, peer-to-peer transfer services do require both parties to have accounts with the same platform. Additionally, they can often be more challenging to fund and withdraw funds from than traditional bank accounts.

How to Choose a Method for Sending Money to Finland?

As you can see, each of the options above have different pros and cons. So, it’s important to consider your specific objectives and situation when selecting a method to send money to Finland.

Additionally, you should consider all of the options available. When doing so, consider the security, cost, and delay in your funds arriving to the intended recipient.

Frequently Asked Questions

Below are three of the most common questions that we receive from people looking into Finland’s currency. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Does Finland Have its Own Currency?

No, Finland does not have its own currency. Instead, Finland is one of the European Union. In line with the commitments made when joining the European Union, Finland was one of the first countries to adopt the euro. The euro has been the official currency of Finland since January 1, 1999. However, it was not until March 1, 2002 that the euro completely replaced Finland’s previous currency for all cash transactions.

What Was Finland’s Currency Before the Euro?

Before the euro, Finland’s currency was the Finnish Markka with currency symbol Mk and ISO 4217 code FIM. The Finnish Markka was the official currency in Finland for 139 years, from 1860 until 1999. The Finnish Markka was originally introduced as a replacement to the Russian ruble, though the Swedish riksdaler was also used in circulation.

What Is the Main Currency in Finland?

The main currency in Finland is the euro. In fact, the euro has been the only currency in Finland since the Finnish Markka was completely phased out from cash transactions on March 1, 2002. Though the euro has been the official currency of Finland since January 1, 1999 and was used in electronic transactions from that point forward.

What Is the Currency Exchange Rate?

Over the last five years, the value of $100 US dollars in Finland has ranged from a low of EUR 81.30 to a high of EUR 103.93. That said, in recent years, the value of $100 United States dollar in Finland typically ranges between EUR 90.00 and EUR 93.00.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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