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Finland

Sending Money to Finland: an overview

By | Banking, Money transfer

Due to the advancement in technology, sending money to Finland is now a piece of cake. Finland is a northern European country that shares its borders with Sweden, Norway and Russia. There are numerous ways through which people can transfer money to Finland and they are discussed below.

Sending Money to Finland with SWIFT

SWIFT stands for “Society for Interbank Financial Telecommunication”. SWIFT facilitates the easy relocation of money from one place to another not by actually moving the money, but by sending and receiving financial messages between the buyer and the seller. Then, the actual relocation of money takes place through wire transfer. Finland is a strong advocate and user of the SWIFT system for the relocation of money. To facilitate the process of sending money to Finland or to receive from there via the SWIFT money transfer, the first thing to do is to determine the SWIFT code. This is a typical format of Bank Identifier Codes (BIC) and it is an exclusive code for a specific bank. A Swift code usually contains 8 to 11 digits. A typical SWIFT code looks like:

AAAA BB CC DDD

E.g.

JSAS KX F1 A41

Sending Money to Finland with SEPA

The usage of the SEPA method is based on the fulfilment of certain conditions. To transfer the money, it is necessary to enter the recipient’s account number in the IBAN format, it is done to route to the correct country without any failure. “Nordea”, a financial service company, offers several alternatives for SEPA payments. Solutions centered on file transmissions allow payments to be entirely computerized, when the amount of payments is extraordinary.

B2B money transfers to Finland

Western Europe is one of the most advanced places when it comes to the use of electronics and computers for financial matters. Especially in Finland, where the government has made it mandatory to transfer all procurement efforts online. Basware, a mega conglomerate for B2B payments has just signed an agreement with an unnamed company to facilitate the process of sending money to Finland. This has created a window of opportunity for many Finns living in foreign countries to send money to their families and loved ones with great ease.

Holvi: banking for small EU businesses

Holvi: online banking for small businesses in EU

By | Banking

Banking can be quite annoying for small businesses. Setting up a bank account can valuable take time and banks usually charge a lot more to their business account holders than to private clients. The Finnish Holvi plans to change this and profiles itself as the bank for small businesses inside the EU. It’s ready to accept new accounts in Germany, Austria and Finland.  Businesses in other countries can sign up as well but have to accept incomplete translations. Holvi means vault in Finnish.

Vision: online banking for small businesses

The vision is quite extended. Here’s a significant part of it:

There are around 40 million small business owners in Europe. The micro business segment is the fastest growing macro segment in Europe.  Holvi is built from the ground up for these customers –  Europe’s largest underserved sector. One thing they all have in common is that every small business needs a bank account, and financial tools to take care of their business. This is what traditional banks are not offering and we are  enabling the bank account to solve the financial administration and integration seamlessly for them.

 

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