27 Jan 2025
Settling in an exciting country like Finland has its perks, but let’s be honest; it can be a bit complex, especially when managing your resources. The rhetoric around a foreign land endorses the émigrés to send money back home, invest, or save; hence, getting the right products is vital. But don’t worry; Finland has various options to keep you in the right financial position. So, let’s begin to understand how the best decisions can be taken in such a situation.
Consider the following tips and guide to manage your finances effectively while living in Finland as a foreigner.
As an immigrant, one of the main tasks you must accomplish is opening a resident account. Consider it your ‘first step in the relocation process.’ With that in place, paying bills or moving cash will be hard. Banks in Finland have primary checking accounts and secondary accounts with higher deposits.
One primary objective of your bank selection is to ease your activities and processes, such as remittances. Some banks have great international money remittance facilities that are both mobile and internet-based. It is all very simple. Picture making any payments with a few swipes on your phone!
Now that you have a place to call home and your bank account is rolling, it's time to start thinking about saving. An emergency fund may be as grandiose as a house or a business, but a savings plan is essential. Finland offers a range of savings products. A basic savings account will do the job if you are after a safe and straightforward option. Additionally, ensuring a reliable online money transfer method can help you manage your finances efficiently and send funds when needed.
But if you’re thinking long-term, why not explore investment funds or stocks? Savings accounts are very secure, but investments will make your money grow quickly. The secret is picking what works for your goals.
If you are considering a long-term stay in Finland, you might be keen to invest in something more sophisticated, such as pension funds or stocks. For something simple, you can bank into a regular savings account. If you are looking towards the future back home, you can wire money into a foreign savings account.
One of the biggest financial priorities you would probably have is sending money back home if you are a migrant for family assistance, investment in real estate, or some kind of emergency expenses. However, having an excellent global money transfer service is very important.
Here's a word about credit and loans—because one day or another, you might need one. Credit history in Finland doesn't start so easily for a migrant. It would be impossible or tough to get a loan on a car or house without a local credit score. Not to worry, though it's not impossible.
The bright side is that you can increase your credit score over time by wisely managing a credit card. Make little purchases, pay them off on time, and avoid maxing out your card. That will get you better loan offers and keep your finances in check.
You will have worked to settle down in Finland so that you are well set to keep yourself and your assets safe. The public health system in Finland is perfect, but for that added security, you might want private health insurance. Then, there are property, car, and travel insurance, depending on how much traveling is done or just in terms of dollars being remitted back home.
Well, unexpected things do happen. The right insurance saves from the hassle and dollars, whether a medical emergency or a traveling delay. You can compare providers on the internet to find one that suits your needs and budget. Many companies also offer international coverage, especially for those constantly moving, such as migrants.
But, at the same time, there is an orientation guide to Finland's financial system for a migrant. Be it opening an account, saving for the future, or the need to send money online, you need smart choices to ease your mind. It is all about getting the right products and doing some research work to be assured of getting the best deal.
Opening a local bank account is necessary to manage daily expenses and access the financial services network with options for money transfers.
You can use fast, affordable global money transfers through online services: Wise or PayPal.
Use your credit card responsibly: shop around and buy small items, and remember to pay them off in time.
Finland offers basic savings accounts for secure, low-risk saving options and more advanced savings products like investment funds and stocks for those looking to grow their money more rapidly.
While Finland has an excellent public health system, private health insurance can provide additional coverage and peace of mind, especially for services not fully covered by the public system. This can be particularly useful for migrants who want extra security for themselves and their families.
