How to send money to Sweden using a money transfer service or foreign exchange broker to a Swedish bank account.
Transferring Money to Sweden
When transferring money to Sweden to relocate or pay for a visa, there are several ways to help your chances of getting a Swedish kroner (SEK) exchange rate, improved service and guarantee you send money to Sweden safely.
Ways to Send Money to Sweden
- Debit Card – when paying for items on Swedish websites or via an E-tailer, you might be offered the ability to pay using an overseas debit card. It’s doubtful to be offered a competitive foreign exchange rate when sending money to Sweden or paying for things on a foreign debit card. You are likely to be charged an admin fee from your bank to process the retailer’s bank’s payment and processing fee. Those needing to send money to Sweden to invest in a property or pay a legal bill might be compelled to transfer money to Sweden, meaning they will need transfer Kroner via their bank or, ideally, a foreign exchange provider. Many foreign exchange brokers accept debit cards as payment, leaving you to enjoy the convenience, avoid being charged a transfer fee, and benefit from a better Swedish Kroner rate.
- Bank transfer – Many will choose to transfer money directly to Sweden from their international bank account. Typically, the foreign exchange rate to transfer money to Sweden won’t be as competitive as the foreign exchange broker’s offer. You might have to drop by your bank to transfer a significant amount to Sweden. When sending money to Sweden via an overseas bank, you will have to pay a transfer fee or charge equating to £10-30 or foreign currency equivalent.
- Credit Card – Ideal for renting accommodation before you arrive in Sweden, credit cards offer recourse and potential reimbursement from your card provider if all isn’t as it seems. Credit cards offer uncompetitive exchange rates and will charge, but this can be offset by air miles or points earned where transferring.
- Swift /SEPA– Swift payments are relevant to money transfers outside to or from outside the EU. Within the EU, SEPA payments are applicable when transferring money to Sweden from Europe. Meaning kroner transfers are faster and cheaper when being sent to Sweden.
Required Bank Details to Transfer Money
Identification – when you send out money using a banking establishment, you will require 1-2 kinds of photo ID. You will need to have your bank card nearby. Transfers to Sweden normally will have to be made in your local branch. If you have the option to send money to Sweden using your online current account, you might need your debit card reader to hand, as well as relevant bank logins, etc., to access the account.
When choosing to use a foreign exchange specialist, your papers will all have been kept when you opened up the account; your currency account manager will ask you a few straightforward questions to confirm the account over the phone. Their online platforms are similar to those of retail banks, just with much better online currency exchange rates.
IBAN – A Swedish IBAN will start with SE and be complied with by 22 additional characters. You’ll also need the name of the individual or Swedish company you send the cash to complete a transfer to their bank account.
Time taken to send money to Sweden
- Typical time – for a currency broker to obtain your international money, convert to Swedish Kroner, and send your money transfer to a Swedish account or beneficiary, you should allow between 1-2 working days. Sometimes the beneficiary bank may take some time to appoint funds moved from abroad. If using a retail bank to transfer funds, you should enable 1-2 days a lot more as there processing is normally slower.
- Same-day transfer – if funds are in your foreign exchange transfer account, you have a good chance of transferring your SEK money to Sweden and the kroner arriving the same day. A currency exchange broker will usually quote 1-2 days. It could take the recipient bank account 1 day or more to allot funds. Financial institutions will take much longer, usually 2-4 working days.
Cost of Making a Money Transfer Sweden
- Commission – Foreign exchange commission taken by worldwide banks varies from one organisation to another. Nonetheless, one shared similarity is they remain uncompetitive when compared to foreign exchange brokers. A Foreign exchange specialist will normally be able to save their clients between 1-4% when sending money to Sweden.
- Transfer Fees – An overseas financial institution will commonly charge anywhere between ₤ 10 -₤ 40, or local currency equivalent to move your money to Sweden. The majority of forex brokers do not charge fees. None featured on Foreign Exchange Live do.
- Exchange Rate – A bank will function using a ‘daily FX rate’, which will be established when the branch opens. To mitigate any money market volatility in SEK, a margin or spread will be included to cover any daytime kroner volatility. Foreign exchange providers and brokers contrarily work from live SEK exchange rates, allowing you to take advantage of favourable trends and obtain support if the price fluctuates against you.
Fees for Receive Money in Sweden
Sweden belongs to the SEPA payments service. If you are sending cash from Europe, you are unlikely to be charged an intermediary fee. However, if money is removed, this will have been taken by your Swedish bank account; you can normally address this with them directly. It is nonetheless highly unusual.
Limits on Money Transfers to Sweden
You shouldn’t be limited on just how much you can move to Sweden, providing you or your business can legitimise the transfer. If your foreign exchange broker is happy to make the transfer, there is no written constraint on how much you can trade.
Normally if a transfer goes beyond ₤ 500,000+ or currency equivalent, your foreign currency broker can request a duplicate of a bank statement to prove your ability to fulfil any currency contract. They may also request paperwork to prove the reason for the transfer (e.g., Swedish company acquisition).
Transfer a Deposit to Open a Swedish Bank Account
An overseas bank or foreign exchange specialist will assist with transferring funds to a new Swedish account. Ensure any required documentation and your Swedish account info is to hand; your bank or broker can assist with your bank down payment transfer to Sweden.
Swedish banks will expect you to credit your account promptly; however, there is no minimum deposit. Once the account is opened, you will be billed roughly 250 SEK per year to preserve the account. This yearly fee normally depends upon the account and also the bank you choose.
Do Foreign Exchange Brokers Transfer Money to all Swedish Banks?
As long as your Swedish bank is on the approved list, there will be no issue transferring Swedish krona to accounts of your choice.
Safely Transferring Money to Sweden
When taking transferring money to Sweden, you are right to be sensible and study the safest options. Fortunately, foreign exchange brokers and money transfer businesses are exceptionally mindful of transfer fraud. In addition to being diligent on your behalf, they will cross-check doubtful beneficiaries through their systems and flag any suspect transfers.
- FCA – Always verify your foreign exchange broker is financial conduct authority (FCA) authorised. A forex broker should never be reluctant to share their FCA number or send a web link to its reference on the FCA’s register. They should also publicise details of their regulation on their website.
- Guarantees – Whilst no trusted foreign exchange specialist will have the capacity to provide guarantees. Their accounts have to be held with tier 1 institutions. All customer funds moved to these ringfenced accounts need to be distinguished from their resources. If something was to occur to the international money broker, you could retrieve the funds directly from the tier 1 bank.
- Protection – Trustworthy foreign exchange businesses follow rigorous anti-money laundering protocol to ensure they only take care of legitimate customers and businesses. This is continued when they exchange and transfer funds to Sweden. Currency exchange brokers may ask for extra information on transfers whose recipients look dubious. Currency broker’s currency trading systems are electronically secured. Also, they use high degrees of internet safety to prevent the possibility of their information being corrupted.
- Fraud – Despite these precautions, fraudulent scams can take place within the international payments sector. You can, however, take some simple measures to substantially minimise your possibilities of coming to be a victim. Never send your safety and security login over e-mail or be pressurised to make a global transfer by a foreign exchange specialist. Make certain communication with your broker is from an appropriate company e-mail address. If you contacted by an unknown member of the team or new currency account supervisor, agree to call them back to ensure they are an employee of the currency exchange broker you are a client of.
Reasons to send money to Sweden
- Bills – Your Swedish rental home or company will have recurring expenses. These could consist of property tax, renovation costs, or energy bills. A forex broker will be happy to set up repayments to cover your Swedish account and handle these ongoing money transfers.
- Loans – If you have been lent cash from a relative in Sweden, you might want to clear the debt if SEK rates are in your favour. Besides, if the Kroner rate remains in your favour, you might consider sending money to Sweden to settle part of your home mortgage.
- Family – Birthday celebrations and various other seasonal vacations are constantly just around the corner. Your foreign exchange specialist can be utilised to send monetary presents to members of the family in Sweden.
- Property – When the SEK currency exchange rate switches to your benefit, you could think about capitalising and making property improvements.
- Inheritance – Unfortunately, many encounters loved ones dying overseas. You might, at some stage, require to transfer inheritance proceeds back to Sweden. A broker can sensitively handle the procedure.
- Car – If relocating to Sweden, you may desire to lease or purchase a car to commute or travel around the countryside
- Holiday – If leasing an apartment or condo for a holiday, your foreign exchange broker will supply a better rate than your financial institution or bank card.
- International wholesalers: When acquiring overseas items or stock from Sweden, you can enlist a foreign exchange broker’s services to take care of FX risks associated with dealers’ buying items.
Foreign Exchange Brokers
Considering the services of a credible foreign exchange broker is the best way to save money when sending money abroad. Savings between 1-4% are feasible, significant on regular transfers and Swedish property purchase money transfers. They can also provide you with several solutions to maximise the amount of currency you receive in Sweden.
Finding a reputable Foreign Exchange Broker
Clients can compare the offerings of transfer services and foreign exchange specialists in many ways when they need to transfer money to Sweden.
- Regulation – always ensure the foreign exchange specialist you use is regulated. In Sweden, for example, brokers must be authorised by the FCA (financial conduct authority)
- Length of time in business – typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to Sweden and have dealt with many different scenarios.
- Transfer fee or no transfer fee – especially worth considering when the payments being transferred to Sweden are small. A transfer fee can typically outweigh the advantages of sending the money to Sweden via a bank or broker, even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.
- Online transfer, telephone transfers or both – online Apps are great for small transfers to Sweden. Recourse can be slow if the money goes astray. Customer service, when dealing solely online, can vary. Much of this service is via a chat/text box or e-mail. An established foreign exchange provider will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.
Find The Right Broker To Transfer Money To Sweden
Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients all over the globe and saving them thousands of pounds in the process.
- Customer Service – Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments but don’t offer prompt customer support if an issue arises. Foreign exchange brokers offer a consistent service. All clients receive a personal account manager with a direct e-mail address and phone number to enable easy contact and customer service if required.
- Safety and Security – All top foreign exchange brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines. We strongly advise checking with your broker on the exact details.
- No Expensive Fees or Charges – Depending on the bank, for each transaction, it could cost anywhere from £10 to £4o or local currency equivalent. A foreign exchange provider will process your transfer to Sweden with no transfer fees and a smaller margin (or spread).
- Better Exchange Rates – A bank will, as a rule, be making a spread of between 2-6%, whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be provided with a deal notification showing clearly the base currency amount and the number of Euros purchased.
Foreign Exchange Contracts
A foreign exchange broker offers several supplementary services not available in banks or on many money transfer apps. These include:
- Spot contracts – Arranging a transfer and agreeing on a rate, and sending the money to Sweden shortly after
- Forward contracts – fix today’s SEK exchange rate for payment up to 2 years in the future. Guaranteeing the cost of your purchase and avoiding foreign exchange volatility.
- Stop-loss – If your currency pair is trending lower, a stop-loss protects your currency from depreciating too much. The currency is traded automatically when it hits the agreed level.
- Firm order – Target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased automatically day or night.
- Option contract – As with the forward contract and having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.
- Regular international transfers – A payment plan to send money to Sweden regularly.
Documents needed for a foreign exchange broker account
An application to open your foreign exchange account can be completed within minutes. The first step is to apply online, giving personal details and a brief overview of transfer needs. Once complete, you will typically need to supply the following to get your account approved
- A valid form of photo ID
- Recent utility bill or address proof (less than 3 months old)
List of Foreign Exchange Brokers
- Boutique brokerages such as Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their FX risk.
- Midsize brokerages such as Rational FX operate both corporate and private client operations, focusing on key markets such as France and Spain.
- Large multi-Geographic operations such as Moneycorp operate in multiple jurisdictions. They have many local offices to serve their global clientele best.
Arranging a transfer to Sweden
Once you have chosen the foreign exchange specialist, you wish to make your Swedish krona transfer. You will then need to agree to a Swedish kroner exchange rate. Once a rate is agreed, the broker will provide you with their segregated account details and request your Krona account details and final beneficiary.
Large Money Transfer to Sweden
When making large money transfers to Sweden, the timing of the transfer can be vital. For example, when exchanging £1000, a market movement of 3% represents an exchange rate change of roughly £30. However, on larger transfers, for example of £100,000, an exchange rate change of 3% represents a difference of £3000, meaning you’ll receive much fewer Swedish Kronas.
Instant Money Transfers to Sweden
A few money service businesses will be able to assist with instant money transfers. Those who need to make instant money transfers to Sweden should only consider doing so when all other options have been explored. The fees involved are similar to those taken by banks, and the rates are similar to Bureaux at train stations and airports.
When should I use an Instant Money Transfer Service?
An instant money transfer service should only be considered when funds are needed immediately, and there is no other option. For example, if a family or friend is pickpocketed in Sweden and desperately needs money.
Banks in Sweden
Leading Swedish banks for expats and foreigners include the following institutions
- Danske Bank
Suppose you require a general bank account in Sweden. SEB is probably to be the most prominent among foreigners, as it has the fastest authorisation times; however, there are other points you need to consider when selecting which bank to use in Sweden. The majority of banks will supply very similar solutions, consisting of online banking, telephone banking and contactless payment.
Some Swedish banks will charge a monthly fee for possessing an account with them. A few examples include Nordea and SEB. Handelsbanken has a one-off repayment of 300SEK for access to a Maestro debit card. Danske Financial institution provides free services to international students, including travel insurance. It is best to visit a branch and consult with a personnel bank advisor regarding what you would like from a bank account and exactly how their solutions can fit your needs. Most of the details are promoted online.
Opening a bank account in Sweden
Foreigners will find that establishing a bank account can be longwinded, but the process is clear and well laid out. Much like the country, the application is orderly and clear. Delays are typically encountered if the applicant hasn’t laid their hands on a personnummer or Swedish tax number. EU/EEA members have the right to a Swedish tax number. Those outside of the EEA/EU will have to apply.
The application can be made at the Swedish tax office in person. Applicants will have to register on the Swedish population register.
- Documents needed to apply for a Swedish bank account
- Valid passport
- Swedish visa or resident permit
- Swedish employment contract
- Swedish ID card
Occasionally banks will differ in their application criteria. Some other supporting paperwork might be requested.
Can I Send Money from a Swedish Bank Account to the UK?
A foreign exchange specialist will be delighted to convert Swedish krona to GBP and send it to a UK account. Once the Krona arrives in the segregated account, it will be exchanged a quickly sent to a UK bank account or chosen beneficiary.
Can I Send Money from a Swedish Bank Account to a US Bank Account?
A foreign exchange specialist will happily convert Krona to USD and place it in a USD account. All that is required is the US bank account details.
Swedish bank details
The regular structure for an IBAN for Sweden contains 24 digits. Below you will find a thorough break down of the IBAN structure in Sweden.
- SE 45 500 00000058399256674
- Country (2 Digits) -SE
- IBAN validation number – 45
- Bank Code -500
- Account Number – 00000058399256674
Relocating to Sweden
When relocating to Sweden, you’ll need to consider your options when you come to send money to Sweden. A foreign exchange broker can be a valuable asset when it comes to transferring money to Sweden.
Sweden has become a hub for expats seeking a great work-life balance. Stockholm, amongst the most popular locations for expatriates, made up of 24,000 islands. Expats enjoy the picturesque setting if not the sizzling hot weather.
Sweden boasts a healthy job market with opportunities for well qualified English-speaking expatriates readily available. A real focus is given to I.T and Media sectors meaning that well-qualified candidates often fill jobs.
Sending Bank Deposits to Sweden
Foreign exchange brokers will be able to help when sending a bank deposit to Sweden. All that’s required are your Swedish bank account details.