Send Money To Sweden

Currency Symbol and Swift Codes

What currency do they use in Sweden? The Swedish krona (SEK) is official currency of Sweden, and it has been in use since 1873. One krona is subdivided into 100 öre. In April 2016, the krona was the ninth most traded currency in the world. There is currently no indication of when Sweden might adopt the euro.

If you plan to send money to a Swedish bank account, you will need the bank’s SWIFT code. The corresponding table lists SWIFT codes of some popular banks in Sweden.

Case Study

Oscar and his family moved from Sweden to the UK because he found a new job there. However, they did not want to sell their home in Sweden because they planned to return some time in the future. This meant Oscar had to keep making repayments from the UK toward his existing home loan in Sweden. While he could use a bank in the UK to make the monthly transfers, he felt he might get a better deal by comparing his options. The table below shows you the results of his comparison.

Using the services of the money transfer company as opposed to the bank benefited Oscar in different ways. Since he got better value for money, he was able to make larger than expected payments toward his loan. He was able to schedule his transfers so he did not have to remember making a repayment every month. In addition, he could also lock in exchange rates for up to six months.

Cash Pickup Locations in Sweden

If you want to send money to Sweden in a hurry or if the recipient does not have a bank account, you may use the services of companies that have cash pickup locations in the country. Some of the prominent companies with agent networks in Sweden include Western Union, MoneyGram, and Ria.

Safety Tips for Picking Up Cash in Sweden

Crime levels in Sweden are lower than most other European countries. However, instances of petty crime such as bag snatching and pickpocketing take place around tourist areas such as Stockholm’s Central Station and Old Town, on public transportation, and in restaurants. Criminals may work in teams, where while one distracts you the other relieves you of your valuables. Some well-dressed thieves are known to operate out of breakfast rooms and hotel lobbies.

What Information Do I Need to Transfer Money to Sweden?

When you send money to Sweden, the transfer method you choose has a bearing on the information you need to provide.

• Bank account. The service provider will need the recipient’s name, a bank account number, the receiving bank’s name, and the bank’s SWIFT code.
• Cash pickup location. You will need to identify a cash pickup location and also provide the recipient’s complete name. The recipient may collect the transferred money by presenting an acceptable form of identification document along with a transaction or reference number.

Regulations When Transferring Money To and From Sweden

After Sweden joined the European Union it has allowed free flow of money in and out of the country. Sveriges Riksbank (the Central Bank of Sweden)  sets the country’s monetary policy and tries to maintain inflation levels. The Finansinspektionen regulates and monitors the country’s financial systems.

You may freely exchange the Swedish krona with any other currency.  There are no restrictions on transfers and they do not need to be declared, unless they exceed EUR 10,000 per person.