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Banking while in Finland

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jo1102le

From: United States
9/14/2006 18:03 EST

Hi,

There is an expate who is currently on assignment in Finland for a year. She is having some diffuculties wiring funds from her US bank account to her Finland bank account with getting hit with such high fees. Does anyone have any suggestion of ways to save money on wire transfers. Does WellsFargo offer this? This is the current US bank that she has. Any tips would help.

Thanks!

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jdpenk

From: United States
10/20/2006 18:58 EST

This is always a problem, and there's no easy way to get around it. You can get charged by your bank in the US to send it, and then again by the bank in Finland to receive it. I typically expense these fees back to my company.

The way I have handled it in the past is to do fewer but larger transactions, or use a US issued debit card and make ATM withdrawels in Finland (but there is a EUR2 fee per transaction typically). That way you can pull a few hundred Euro's a day from your US account.

My prefered way to handle expenses in Finland is to use a US credit card to make all purchases, then have my US employer direct deposit my expense refund into my US account, then use the internet to pay off the credit card. There's no fees for any of this, but credit card can't be used in Finland for all expenses.

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problemmaths
5/17/2008 08:55 EST

check out xe.com. It takes a little while to sign up (you need to scan your passport and ID and they phone you) but it is a great service that allows you to transfer money internationally at really good rates with low fees.

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