Workforce Payments Guide Aland Islands
Last updated: Oct 17, 2025
Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.
Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.
3rd Party Payments and Regulatory Deadlines
| Authority | Payment Type | Frequency | Due Date | Payment Method |
|---|---|---|---|---|
| Finnish Tax Administration | Income Tax Withholding (PAYE) | Monthly | By the 12th of the following month | Online via MyTax |
| Finnish Centre for Pensions | Pension Contributions (TyEL) | Monthly | Typically by the 20th of the following month | Online/SEPA |
| Unemployment Insurance Fund | Unemployment contributions | Monthly | Varies | Online |
| Kela | Social security contributions | Monthly | Varies | Online |
Banking Requirements
- Employees and contractors should have a local or EU-area bank account for SEPA payments
- Required info includes:
IBAN
Check an IBAN
Type it in here and we will tell you if it is the right format.
Calculate an IBAN
Fill in the account details, and we will calculate the IBAN for you.
Payroll payment Frequency
Payroll is generally monthly.
KYC
Individuals: passport or national ID; proof of address.
Companies: registration/incorporation docs; beneficial ownership details.
Enhanced due diligence for foreign or high-risk clients.
Banking Regulation
Banks regulated by the Finnish Financial Supervisory Authority (FIN-FSA) under Finnish & EU law.
Åland banks follow Finnish banking standards (PSD2, AMLD, MiCA).
International Banks
| Bank Name | SWIFT Code |
| Nordea Bank Abp | NDEAFIHH |
| OP Corporate Bank | OKOYFIHH |
| Danske Bank A/S, Finland | DABAFIHH |
Major Local Banks
| Bank Name | SWIFT Code |
| Ålandsbanken Abp (Bank of Åland) | AABAFI22 |
| Andelsbanken för Åland (Co-operative Bank) |
Payment Methods
- Cash still used, especially in small retail.
- SEPA and SWIFT transfers standard for domestic and cross-border payments.
- Debit and credit cards widely accepted.
- Mobile wallets (e.g. MobilePay) and e-invoicing common.
Cryptocurrency
- Crypto not legal tender.
- Regulated under EU MiCA and Finnish AML/KYC laws.
- Providers must register with the FIN-FSA.
- Use for payments limited; profits taxed as capital gains.
Questions & Answers