Banking in Sweden is very easy if you have already received your personal number. For those who are in the process there may be some limitations until you receive your personal number so please be aware to plan for this delay.
Currency & Credit Cards in Sweden
Although Sweden is an EU member it has not adopted the Euro currency and uses Swedish Krona (SEK). Literally, krona means crown in Sweden and one krona is subdivided into 100 öre.
Credit cards such as American Express, Diners Card, MasterCard and Visa are widely accepted, while cash is being used less frequently. Checks are very rarely used in Sweden. Currency and traveler’s checks can be exchanged in banks and post offices.
Opening a bank account
We suggest you open a bank account once you are in possession of your personal number. Some banks will allow you to open an interim account but this has become more difficult over the years and limits the services available to you.
When you visit the bank you need to show a valid ID, (a Swedish ID card is optimal), tenancy agreement to prove where you live, an employment contract or from the university a letter of invitation showing that you are currently working. In some cases the bank will ask to see a copy of your residence permit and proof of your Swedish personal number ("personbevis") which you can be obtained from the Swedish Tax agency.
Banking companies, foreign banks, savings banks and co-operative banks are the four main categories on the Swedish banking market.
Many banks offer full internet banking facilities and many residents in Sweden use internet banking due to the country’s secure online banking system. It is how most residents pay their bills, buy and sell shares, and manage most of their finances.
When using online banking, one of the easiest ways to identify yourself is via BankID. Be sure to ask your bank how to enable this.
Swish is a popular smart phone app used in Sweden for sending money to friends and other companies or organizations. For Swish to work, you first need to have Mobile BankID enabled.
Some companies advertise by sending out invoices for services not agreed on yet. These invoices can be hard to tell apart from other regular invoices, as they look and work the same way. Always check you understand what the invoice is concerning before sending payment.
"Hallå konsument" is a national information service coordinated by The Swedish Consumer Agency. Read more about things to keep in mind when you are new in Sweden on their website: