Although Finland is part of the Nordic region, it’s a little off the beaten path compared to the other countries. The main currency in Finland is also very different from all of those other nations.
Of course, there are plenty of other differences between Finland and the other Nordic countries — such as its language. This, and various other reasons, is why the Finns often aren’t included in the conversation when discussing Scandinavia.
If you’re planning a trip to Finland or you’d like to move there, understanding how money works in the country is a good idea. This article will teach you everything you need to know about money in Finland, and we’ll primarily focus on the currency of Finland.
What is Finland’s main currency?
Does Finland use the Kron or the Euro? The answer to this question is simple, for the most part; some parts of Finland use both Kronor and Euros, but we’ll discuss that in more detail later.
Finland uses the Euro Despite being a relatively late joiner of the EU (it joined in 1995), it was actually one of the first countries to become part of the Eurozone — having joined in 1999.
Nowadays, you will pay for almost everything in Finland using Euros. And if you plan to travel to one of the Baltic countries during your trip, you will not need to exchange your currency — as all of these are also in the Eurozone.
Finland is different from the other Nordic countries in this respect; while Sweden and Denmark are both in the EU, neither uses the Euro. Iceland was thinking about joining the Eurozone at one point and even went as far as having accession talks to join the EU.
Norway is not in the EU, and despite being in the EEA, it does not use the Euro.
The Euro has coins going all the way up to €2; notes start from €5 and go up to €500. However, the €500 stopped being produced in 2019.
Finland is one of 19 countries in the Eurozone. Sweden is obliged to join in the future, but Denmark has an opt-out option that means it never has to adopt the Euro.
What was Finland’s main currency before the Euro?
Before adopting the Euro, Finland used the Markka as its main currency. The Markka had been the primary currency in Finland from 1860 until it was phased out; Finnish citizens could get reimbursements on their Markka money until 2012.
The Finnish Markka was used as an official currency with the Euro for three years before the Euro took full control in Finland. The Markka coin was divided into units of 100, with anything less than one mark being known as a “penni”.
Finnish Markka notes started at 10 and went all the way up to 1,000. A 5,000 Markka note was a backup but never had to come into effect. The 10 Markka note was replaced with a 20 Markka note in 1993.
Notes of the Finnish Markka included several prominent Finns, including Alvar Aalto — one of the world’s most renowned architects.
Before the Finnish Markka was introduced, Finland used the Ruble — which is the official currency in Russia today. This is because Finland was once part of the Russian Empire; it gained independence in 1917.
Is Finland’s currency pegged to other Nordic currencies?
Strictly speaking, no — the Euro isn’t pegged to anything. However, other currencies are pegged to the Euro — including the Danish Krone, which must stay within 2.25% of the Euro’s value.
The Bulgarian Lev, which is the official currency in Bulgaria, is also pegged to the Euro. Bulgaria is an EU member, as is Croatia; the Croatian Kuna is pegged to the Euro.
Some non-EU member states, namely Andorra, Monaco, the Vatican City, and San Marino, use the Euro as their currency.
Can you still use Finland’s old currency in the country?
After Finland introduced the Euro, Finnish banks reimbursed people owning Markka so that they could use the Euro to pay for items in the country. However, that scheme ended a long time ago. Since 2012, you have not been able to receive money from banks in Finland for your Markka coins.
You also cannot use the Markka to pay for anything in Finland today. You will likely be met with a sense of perplexion if you do, so it’s best to stick to the Euro instead.
What is the best currency to use in Finland?
Considering that many visitors to Finland also go to other parts of Europe, the most logical currency to use in the country is the Euro. When using the Euro, you know that it will be accepted everywhere — making things much easier when you pay for items.
Using other currencies in Finland is pretty rare; we’ll talk more about those in due course. You might be able to use some of the other Nordic currencies, but that is by no means the case everywhere — and it’s not a guarantee that you will be able to either.
Does Finland accept US Dollars?
No — Finland does not accept the US Dollar. However, you might be able to exchange your US Dollars for Euros in the country — and you’ll definitely be able to do so in other Eurozone countries more reliant on cash (i.e., Germany).
Before you travel, checking the exchange rate between the Euro and the US Dollar is a good idea. It fluctuates quite regularly, so you’ll want to ensure that you know roughly how much you’ll pay for goods and services during your trip.
The Finnish currency symbol is EUR on foreign exchange markets; it was Mk for the Markka.
What is a Finnish coin called?
If you’re from the US, you won’t need to worry too much about learning new words when you use the Finnish currency. Coins in Finland are known as cents if they have a monetary value of less than €1. Meanwhile, €1 and €2 coins are simply “one Euro” and “two Euros”.
Finnish coins go in valuations as follows:
- €0.01
- €0.02
- €0.05
- €0.10
- €0.25
- €0.50
- €1
- €2
One thing worth noting is you probably won’t need to use physical cash in Finland, as we’ll discuss in a little more detail later in this article.
What other currencies can I use in Finland?
While the Euro is the main currency used in Finland, you can occasionally use other forms of money. If you visit the bordering areas with Sweden, this is especially true. For example, the town of Tornio forms a twin town with Sweden’s Haparanda.
In Haparanda and Tornio, you can pay with both Swedish Kronor and Euros. If you pay with Swedish Kronor in Tornio, you will likely get Euros when the cashier hands your change over to you.
Finland is accessible from Sweden by ferry, and the Åland Islands — despite being Swedish-speaking — belong to Finland. On the boat from Stockholm to Åland, which continues to Turku, you can typically pay in both Euros and Swedish Kronor.
However, paying by card is more convenient; it’ll stop you from needing to exchange your money so much as well.
If you want to use the Danish or Norwegian Krone in Finland, you’ll probably find yourself out of luck. The only exception is in areas where Norway borders Finland, but these are pretty small. You won’t be able to use the Icelandic Króna in Finland, either.
Do I need cash when buying things in Finland?
Now that we’ve discussed what currency is used in Finland, we should start looking at how you can actually pay for items in the country. Regardless of whether you’re visiting or moving for an extended period of time, the chances of you needing physical cash are highly unlikely.
Finland is one of the world’s most cashless societies, and almost every store accepts card payments — even the smaller ones. You should be able to use Visa and Mastercard without issues, and if you run into problems, ATMs are plentiful.
Try to use one at one of the banks, however; you’ll get a better exchange rate in most cases.
If you live in Finland, you can also use MobilePay — which is also used in Denmark. With the service, you can pay for items via a QR code or your phone number.
Note that you will need a Finnish to sign up for the service in Finland, however, so this is only really an option if you buy a Finnish SIM for your visit — or if you’re moving to the country.
The main currency in Finland is different from other Nordic countries
Having read this article, you should have all of the information you need about the main currency in Finland and Finnish money. The country is a full member of the EU, and unlike Denmark and Sweden, it uses the Euro to pay for money.
When buying items in Finland, Euros should be your default choice. Even in areas where you may be able to use Swedish coins, you might find it easier to pay in EUR anyway.
Before you travel, make sure you’ve set up a bank account and received a card you can use in the country; a mobile banking service like N26 or Revolut is your best option.
Now that you know about the main currency in Finland, you’re ready to learn more about the country. The Scandinavian Peninsula consists partly of Finland, though admittedly, it’s not a huge chunk of the country. Nonetheless, you can learn everything you need to know about the Scandinavian Peninsula here.
Scandification: Discovering Scandinavia.
