In this paper, the mode shapes of an empty and oil-filled transformer experimental model tank are obtained using 3D finite element method (FEM) modal analysis. For verification of the FEM analysis results, experimental modal analysis (EMA) is carried out in both cases using appropriate impact hammers and accelerometers. Simulated and measured results are visualized and compared for mode shapes in a frequency range of interest for both empty and oil-filled tanks. In order to avoid overly stiff FEM models of transformer tanks, the welded joint modeling technique is presented and analyzed in detail. For an oil-filled tank, the most accurate results are calculated in the model where the welded joint is modeled as half the tank wall’s thickness. In that case, the mean absolute error for the given ten-mode shapes is 1.7 Hz. Also, mesh sensitivity analysis is performed. It is concluded that a 10 mm maximum element size is an optimal solid (3D) mesh. However, shell mesh can be used to reduce computing requirements.