There are many reasons you may want to send money to Finland. It could be for school fees, business, as a gift or settlement of bills. Whichever way, your desire when this need arises would be to get your money to your desired person or location in Finland with little or no hassle. Also, you would want to ensure that there are no significant disparities between the amount you send and the amount your recipient receives. That is why reading this piece will be highly beneficial. You will learn how to transfer money to Finland here without encountering any problem
The Various Options Available
It is good to note that the Euro is the official currency spent in Finland. As such, whenever you are trying to send money to the country, you are also performing foreign exchange from your local currency to the Euro. But if you are from any of the European countries that spend the Euro, you need not bother about exchange rates. That said, below are some options you can consider to send money to Finland
1. Bank Wire
With this method, you will have to go to your local bank in your country and fill a request for an international money transfer. You need to have your recipient’s bank account details and SWIFT code to complete this process.
Pros
- Your transfer is secure, and you rarely experience any issue.
- Your money can get to the recipient within a short time.
Cons
- Exchange rates can be quite low. Wiring uses the lowest exchange rates
- Recipients may wait longer to access the funds even when it has appeared in their bank
- The charges are a bit high compared to other options.
2. PayPal
With PayPal, you can also transfer funds directly from your account to your recipient’s PayPal account. This means that both of you must operate a PayPal account for this to work. Once you link your credit card or bank account to PayPal, you can pretty much do the transfer to Finland or any other country with ease.
Pros
- Money arrives in the recipient’s PayPal account in seconds.
- There is the option of dispute resolution in which case; you can get your money back
- PayPal security for payment is top-notch
Cons
- PayPal charges fees from both the sender and receivers. This amount can be significant
- Some countries cannot own a PayPal account that can receive funds.
3. Transferwise
This is about the best and fastest method you can use to send funds to Finland. As with PayPal, your receiver must also open a Transferwise account, which is free, to receive funds. You can first add money to your transferwise accounts before sending it to your recipient account.
Pros
- Transferwise uses real-time and accurate exchange rates.
- It is available to a broader audience than PayPal
- You can request a debit card from transfer for free
Cons
- Transfers can take up to 48 hours in some cases to reach the recipient
- Customer service needs improvement, especially with a phone line
Final Analysis
Since Finland is your destination, the best option to transfer your money with little fee and more significant security is transferwise. The process is simple once you sign up.
