Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £3 per month, your representative rate is 27.7% APR (variable).
Finland is a member state of the EU and has adopted the euro. Credit and debit cards are the most common form of payment in Finland, which is closer to becoming a cashless society than most other countries.
Visa and Mastercard are the most commonly-accepted credit cards, but there are plenty of retailers, hotels and restaurants that will accept lesser-known brands too. Discover is one relatively major network that isn’t accepted at all.
It’s rare you’ll face a minimum purchase amount in order to use your card. Whether you’re buying salmiakki, Karelian pasties or something more extravagant, you’re likely to be fine using plastic. However, it’s common to be asked to present some form of photo ID in order for your transaction to be accepted.
Bank branches are on the decline in Finland and so are ATMs. It’s not a big deal because card payments are so widely accepted, but if you want to spend cash, it’s probably best to withdraw plenty before you start your journey.
All ATMs are run by the same network, Otto. These ATMs have single withdrawal limits of €1,000 but charge no withdrawal fees.
Although Otto won’t charge a fee for ATM usage, there are a few potential fees to watch out for when you’re paying with plastic in Finland.
Be aware that when it comes to cash advances and non-sterling transactions, many card issuers will start charging interest on the day your account is debited, rather than the customary “up to 55 days interest-free” that usually applies provided you clear your balance in full each month.
In January 2018 the EU required member states to adopt the Payment Service Directive 2 (PSD2), which is a ban on card payment surcharges (that’s when a retailer adds a fee because you’re paying using a credit card). It’s important to note there are limitations and exceptions to this directive, and there are other fees that may apply when you pay by credit card. If your card is from a non-EU bank, uses a network other than Visa or Mastercard or is a business/corporate card, then the merchant may still levy a surcharge.
Consider taking out a credit card offering commission-free currency conversion (see table below), even if you only use it when you’re out of the country. Once you have one of these cards, if a merchant offers to take payment in pounds, say you’re happy to pay in euros, since you know your own bank won’t add a margin.
Generally speaking, it’s not a great idea to use credit cards to withdraw cash, but some travel credit cards won’t penalise you for this either.
Merchants may levy a surcharge for Amex payments.
Finnish retailers were quick to adopt the contactless payment trend and the majority of consumers are happy to use it too. The Finnish banks are reportedly in talks to double the maximum contactless spend from €25 to €50.
Most Finnish retailers will allow you to pay via contactless or chip-and-PIN.
Crime rates are low in Finland compared to most other European countries. However, ATM scams are one form of crime that is relatively common. Here are some precautions you can take for increased security:
Taxis in Finland have accepted credit cars for many years. It shouldn’t be too difficult to find one that does.
If you travel to Finland, you can safely use your credit card to make payments and withdraw cash. You’ll just have to be careful to not incur fees you can otherwise avoid. With a decent travel credit card, you’ll avoid paying foreign transaction fees. By simply declining the DCC when offered, you’ll also avoid a poor exchange rate or commission.
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