How to Pay for Property in Finland as a Non-Resident

Why Finland is predictable for cross-border buyers

Finland’s banking system operates inside the eurozone and the Single Euro Payments Area (SEPA), which means predictable formats, transparent fees, and strong bank-level controls. For non-residents, this translates into a straightforward payment journey—provided you make early choices about currency, payment rail, escrow, and documentation. Because screening is strict but clear, well-prepared files and accurate payment narratives tend to pass compliance and reach the beneficiary on schedule.

Who is involved in a Finnish property payment

A typical deal includes the buyer, seller or developer, a real estate agent or closing coordinator, a bank or escrow agent, and the authority that registers title after completion. On off-plan projects the developer usually operates through a client escrow account. On secondary purchases, a closing agent aligns payoff of any mortgage with your incoming funds. Your task is to make sure your money arrives into the right account, with the right references, and under the right documentation trail.

The payment rails: SEPA vs SWIFT

SEPA Credit Transfer is the default for euro-to-euro payments into Finnish IBANs. It offers predictable fees and fast reconciliation. If both banks support it, SEPA Instant can settle funds near-real-time—useful for tight completion windows. When your origin currency is not EUR or your bank is outside SEPA, use SWIFT. In that case, pre-convert to EUR or choose euro-clearing correspondents with strong coverage, include full beneficiary data (IBAN, BIC, legal name), and request shared or OUR charges depending on instructions in the contract.

Document package banks expect

Banks in Finland will check identity, residency, and money origin. Prepare a single PDF bundle with a short index. Include: passport and proof of address; reservation or purchase agreement; invoice or call-off letters for staged payments; clear source-of-funds evidence (salary slips and tax returns, company dividends with resolutions, or asset-sale agreements plus bank statements). If any documents are in another language, add certified translations. Consistent file names and a logical order accelerate screening.

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Step-by-step payment plan for non-residents

Step 1 — Reservation and due diligence. Once you sign a reservation, request written payment instructions early. Confirm whether funds must go to a supervised client escrow account and what triggers the release (milestone completion, signing, or registration). Ask for the exact legal names that must appear in the payment narrative.

Step 2 — KYC and source of funds. Submit identity and proof of address upfront together with your source-of-funds documents. The goal is to remove uncertainty before your first transfer. Where funds come from multiple accounts, add a short explanation of the path and attach statements that show movement. Keep the same email thread for all documents so the compliance team can track context.

Step 3 — Choose the rail. If you hold EUR, pick SEPA; it is predictable and low-cost. If your funds are in USD, GBP, or another currency, either convert to EUR in a multi-currency account and then use SEPA, or send via SWIFT with optimized correspondent routing. Pre-validate IBAN and BIC; small typos cause manual holds and returns.

Step 4 — FX planning. Completion dates are deadlines, not guidelines. Protect your budget by booking a forward for the completion date or converting in tranches ahead of time. Decide based on cash-flow: forwards add certainty; tranches average the rate when timing is flexible. Keep proof of conversion with your documents.

Step 5 — Staged versus single payment. New-builds in Finland typically use stage payments. Align each transfer to the developer’s milestones and reference the stage name, building, and unit ID in the remittance field. Secondary purchases tend to culminate in a single completion payment, sometimes with an earlier deposit. If SEPA Instant is available, it can be used for the final timing window; otherwise, value funds the previous business day and obtain an escrow confirmation.

Step 6 — Pre-completion checks. Three to five business days before payment, reconfirm the IBAN, exact beneficiary name, charges (SHA or OUR), and the narrative your bank should include (for example “Apartment 12B, Stage 2”). Ask about bank cut-off times for EUR and any holiday closures. Where a mortgage payoff is involved, ensure the closing agent has the payoff letter and understands who releases keys once funds value.

Step 7 — Completion day execution. Send the transfer in the morning to allow for screening time. Capture the payment confirmation with end-to-end ID and share it with the escrow agent and your agent in the same thread. If SEPA Instant is used, align a precise time slot for release and handover. Keep phone availability for any clarifications.

Step 8 — Post-completion and registration. After release, the closing agent or notary finalizes the deed and initiates title registration with the authority responsible for land information. You should keep all confirmations, escrow statements, and final invoices together for your records and potential tax filings.

How escrow works and why it helps

Escrow protects both sides by holding funds in a regulated account until contract conditions are met. Release instructions usually reference milestones (for example, shell completion, interior completion, or keys handover) or the signing and registration event. Ask the escrow agent to issue a short protocol of how releases will be confirmed and who must approve them. For large payments consider a pre-advice a day before value so the bank can pre-screen the transfer.

Costs, timing, and fee control

SEPA fees are typically modest and predictable. With SWIFT, total cost depends on the number of intermediaries and charge type. When the contract requires the seller to receive the full amount, choose OUR charges and budget accordingly. To control timing, ask about cut-offs and whether your bank batches SEPA at specific intervals. When using SEPA Instant, confirm both banks support it and any per-transfer limits.

Payment narrative and reconciliation

Your payment message should make reconciliation effortless. Include the contract number, building and unit identifier, and stage name if applicable. Do not use vague messages like “payment for property” when the counterparty expects a specific reference. Keep all versions of the agreement and call-off letters; if the developer sends a revised schedule, update your references to avoid mismatches.

FX strategy scenarios

Fixed completion date next month. Book a forward for the exact date to eliminate exposure and attach the confirmation to your document pack. You then pay from a EUR balance via SEPA on the day.

Moving timeline. Convert in two to four tranches over the expected window. This smooths the rate and reduces regret if dates slip. Maintain a simple spreadsheet of conversions for your records.

Pay-as-you-go staging. For four to six stage payments, pre-convert a portion into EUR for early milestones and hedge the rest with a forward ladder. This blends certainty and flexibility.

Common mistakes to avoid

Mismatched beneficiary names or incomplete IBANs trigger manual reviews. Sending funds just before cut-off creates overnight suspense and unnecessary stress. Relying on mid-route currency conversion invites extra charges. Mixing personal and business funds without a clear trail complicates source-of-funds checks. The cure is simple: pre-validate details, convert before dispatch, send early in the day, and keep documents in one indexed PDF.

Secondary vs new-build nuances

On secondary purchases, coordinate with the seller’s bank so that any existing encumbrances are cleared at completion. Funds may be timed to settle minutes before signatures, or the day prior into escrow with a release protocol. On new-builds, the developer’s bank monitors compliance against a standard schedule, so your task is to keep each transfer consistent with the call-off letters and to include the precise reference in every remittance.

Corporate buyers and gifting scenarios

When buying through a company, prepare corporate documents (register extract, beneficial ownership structure, board resolution). For gifts or family support used to purchase, provide notarized gift letters and the donor’s source-of-funds evidence. Clarify these paths early to avoid last-minute requests.

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Practical checklist before you wire

Confirm escrow or beneficiary account details; fix your currency and hedging plan; build a single PDF with ID, address proof, contract, invoices, and source-of-funds; prepare the payment narrative; learn cut-offs and holiday constraints; and schedule transfers with a buffer. Share confirmations in the same email thread so all parties see progress instantly.

How we support non-residents

We help you select the correct rail, prepare a bank-ready document pack, coordinate escrow instructions, optimize FX timing, and pre-validate beneficiary data to reduce screening delays. Our team maps your milestones and creates a payment timetable that aligns with your contract so completion day stays calm and predictable.

VelesClub Int., together with our partner UNIBROKER, supports clients with secure international payments and end-to-end property settlement workflows for Finland and other destinations.