How to open a Finnish business bank account

Finnish business accounts compared

Every figure below is read from the provider’s own pricing page rather than a comparison site, and re-checked quarterly. Where a provider quotes prices excluding VAT, the table follows the provider.

The local account number column is the one that separates these three: one issues a Finnish IBAN, the other two issue euro-area IBANs from elsewhere. All three are equally valid for SEPA payments.

Providers that accept Finnish companies · Prices checked 5 September 2026.

The providers worth applying to

Three providers cover almost every realistic Finnish case. They are priced on different models — a subscription, a one-off charge, and a tier ladder that starts with no monthly fee — so compare them against your own year of activity rather than on the headline number.

Do you actually need a business account?

Legally, an Oy is not required to hold one. What is required is that the company’s money is the company’s: an Oy is a separate legal person, and an owner who runs company income through a private account is not keeping a clean line between the two. Bookkeeping law does not name an account, but it does demand that every transaction is traceable to a document, and mixing the two makes that harder than it needs to be.

A toiminimi — a sole trader — is in a looser position again, because the money genuinely is yours. Even so, most Finnish banks reserve private accounts for private use in their terms, and business turnover on a personal account is grounds for closing it.

The practical case is the one that decides it. An accountant charges by the hour, and an account that contains only business transactions is measurably fewer hours than one that also contains the weekly shop. The account is cheaper than the reconciliation.

What a Finnish IBAN is still worth

Not much for ordinary payments. Finland moved to IBAN-only domestic transfers years ago, so a Finnish customer paying an LT or BE IBAN goes through exactly the same flow, at the same speed, for the same price. There is no Finnish equivalent of the Danish reg. number or the Swedish bankgiro to be locked out of.

Where it matters: collecting by SEPA direct debit through Finnish arrangements, depositing cash, and dealing with the occasional purchase-ledger system or public body whose form assumes an FI prefix. Add e-invoicing, which is close to universal in Finnish B2B — the account does not provide it, but a local provider’s tooling tends to assume it and a foreign one does not.

One genuine gap: Finnish online-banking credentials double as the standard way to identify yourself to public services, so an owner with no Finnish bank relationship has to authenticate to Suomi.fi and OmaVero by another route. There is one: the Finnish Authenticator Identification Service, which means registering a foreigner’s identifier with the population data authority and verifying yourself before the app will work. For a Finnish resident this is already solved by the bank credentials. For a foreign owner of a Finnish company it is a separate errand, and worth doing before it becomes urgent.

What the Finnish banks charge, and why

The incumbents — OP, Nordea, Danske, Aktia — sell a business account as a monthly package: the account, online banking credentials, a card, and a bundle of payments, with everything outside the bundle priced per item. None of the four publishes a permanently free tier for a small company. What they publish instead is introductory offers — a package free for the first months, at Nordea conditional on being a personal customer of a certain standing as well — and those end, at which point the entry package is priced for a company with real turnover rather than one issuing three invoices a month.

S-Pankki is the one to strike off the shortlist rather than compare. It states that it serves large companies and housing companies, and that it is not currently taking on new small-business, farm or association customers at all — so for a new Oy or toiminimi the question of price does not arise.

The reason is the same everywhere in the Nordics. Every business customer is a permanent anti-money-laundering monitoring obligation, and that obligation costs about the same to carry whatever the company turns over. Personal accounts are subsidised by the rest of the relationship. A new company brings no such relationship, so it is charged the actual cost.

What Finland does not have is the Danish or Swedish problem of simply not being accepted. Onboarding a small Oy is normal business here, and a refusal is more likely to be about the specific industry than about the size of the company.