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Regulation limits banking services for customers living abroad

Banking and financial services are heavily regulated across the world. Nordea’s products and services are designed to comply with Nordic regulation and taxation. For this reason, our full service selection is available to you only when your country of residence is Finland, Sweden, Denmark or Norway.

If you live outside the Nordic countries, you should be prepared for the possibility that you may not be able to open new banking services with us.

Moving abroad temporarily or permanently?

If you are moving abroad temporarily, you should make sure that your current banking services meet your needs and that your payment cards are valid. After moving abroad, opening new services may be complicated due to regulation that differs from the Nordic countries. 

If you are moving abroad for work, you may also want to consider opening an account with a local bank, for example for salary payments.

If you are settling permanently in your new country of residence, you can close any banking services in Finland that you no longer need.

Checklist for those planning a move abroad

  • Make sure your debit and credit cards are valid and work as expected.
  • Install the Nordea ID app on more than one device.
  • Make sure you remember your online banking credentials.
  • Update your contact details once you have settled in your new country of residence.

 

Lisätietoa

Unable to open new services in Nordea Mobile or Netbank?

If you see the message below in Nordea Mobile or Netbank, we have been informed that you have moved outside the European Economic Area (EEA). In such cases, we are generally unable to open new services for you.

Dom view in mobile - Small

Opening new services while living abroad

We are a Nordic bank, and our products and services are designed to comply with Nordic regulation and taxation. Regulation in other countries may differ significantly. For this reason, we generally do not open new services for customers who live outside the EU/EEA. 

You do not need to notify us of your move abroad. We verify your customer details in connection with your other banking or at regular intervals via the Digital and Population Data Services Agency, and we will contact you if needed.

Nordic countries
EEA
Other countries

In the other Nordic countries, you can open the same services as in Finland

Nordea is a Nordic bank, and our products and services are designed to comply with Nordic regulation and taxation. This means that our full service selection is available to you when your country of residence is Finland, Sweden, Denmark or Norway.

For example, if you live in Sweden but are planning to move to Finland within the next six months, we can grant you a home loan for buying a home in Finland even if your registered address is still in Sweden.

You can also open new accounts, credit cards and other daily banking services, as well as savings and investment services. If you need investment advice, we can provide it when you are visiting Finland.

Basic banking services are available to you within the EEA

If you live in a country within the European Economic Area (EEA), you have the right to open basic banking services. The basic banking services we offer include a current account, a debit card, Nordea Mobile and Netbank, and the Nordea ID app or device. 

If needed, we may also be able to open additional banking services for you following an overall assessment. Services subject to discretionary assessment include, for example, a home loan if you are returning to Finland within the next six months. Your country of residence and its risk classification will affect the overall assessment for loans and other services.

Read more about our basic banking services

Which countries belong to the EEA?

The European Economic Area (EEA) consists of the 27 Member States of the European Union as well as three EFTA countries: Norway, Iceland and Liechtenstein.

The EU Member States are: The Netherlands, Belgium, Bulgaria, Spain, Ireland, Italy, Austria, Greece, Croatia, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Portugal, Poland, France, Romania, Sweden, Germany, Slovakia, Slovenia, Finland, Denmark, Czechia, Hungary and Estonia.

Please note that countries such as the United Kingdom and Switzerland are not part of the EEA.

Outside the EEA, we can open services for you only in exceptional cases

If you live outside the European Economic Area (EEA), we are generally unable to open new services for you, even if you are already a customer. In such cases, opening new services is also blocked in Nordea Mobile and Netbank. However, we may continue your customer relationship if there are grounds for doing so. We will review your overall situation when updating your customer details or in connection with your other banking.

If you live outside the EEA, we are also generally unable to open a new customer relationship for you. We can open customer relationships or new services for customers living outside the EEA only in exceptional circumstances, based on an overall assessment. 

When we assess your situation, we look at things such as whether your stay abroad is temporary (for work or studies), whether you receive a salary or pension from Finland, and how strong your ties to Finland are. However, owning assets in Finland is not sufficient grounds by itself for approving a new customer relationship or new services. 

Countries outside the EEA include, for example, the United Kingdom, Switzerland, Turkey and Ukraine, as well as all countries outside Europe, such as Canada, Australia, Japan and the United States.

Frequently asked questions about banking from abroad

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