When sending money to Sweden, you get to choose from a number of banks and overseas money transfer companies. However, choosing the right service provider is not always easy. Banks continue to lose out on their share of the international remittance pie because most still falter when it comes to cost effectiveness and speed. So, how you do select the right overseas money transfer company to send money to Sweden?
Transfer Money to Sweden
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
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.
|Skandinaviska Enskilda Banken||Stockholm||ESSESSCLS|
Popular Currency Corridors
Money transfers to and from Sweden take place regularly, and in considerable volumes. In 2016, more than U.S. $2.85 billion was sent as remittances from other countries to Sweden. In the same year, over U.S. $3.5 billion was sent as remittances from Sweden to other parts of the world.
Look at the corresponding tables to get an indication of the inflow and outflow of money across different currency corridors in 2016. The numbers are listed in American dollars.
How Do I Compare Companies When Sending Money to Sweden?
No matter whether you want to send money to or from Sweden, the factors that require your consideration when comparing different companies remain the same.
- Cost effectiveness. Consider this – you want to convert American dollars to Swedish krona for your next transfer. How much the transfer costs depends on the exchange rate you get and the fees you have to pay, both of which may vary depending on the company you select. An easy way to arrive at most cost effective option is to look at how much money will get to the recipient once the transfer is complete.
- Processing time. Sending money to a Swedish bank account may take two to five working days. This depends on the country of the transfer’s origin, the company you work with, and the recipient’s bank. To transfer money to Sweden quickly, you may want to work with a company that has cash pickup centers in the country, because these transfers tend to process almost immediately.
- Ways to pay. You can choose practically any company if you want to pay for your transfer using your bank account. Credit and debit card payments are not accepted as commonly. On the other hand, you can even find companies that accept payments via region-specific methods such as POLi, SOFORT, and iDEAL.
- Customer service. If you need to transfer money to Sweden more than once, look for a company that performs well on this front. To find out what previous customers of these companies have to say, turn to review-based websites such as Feefo and Trustpilot. Phone support is offered by only the top players, although you can find way more alternatives when it comes to online support.
How to Transfer Money to Sweden?
When sending money to Sweden, you get to initiate the process in different ways.
- Online. Most banks that let you send money to Sweden give you the ability to get started online. However, specialist money transfer companies tend to offer better value for money while also processing transfers more quickly.
- Over the phone. Some money transfer companies let you initiate the process of sending money to Sweden over the phone, with some even giving you access to a dedicated currency broker.
- In-person. You may walk into your local bank to send money to Sweden in person. However, you may be better off looking for money transfer companies that have offices or agent locations in your vicinity.
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.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = SEK 10.9130||GBP 1 = SEK 11.7455|
|Transfer fee||GBP 15||GBP 0|
|Amount received for GBP 1,000||SEK 10,746.31||SEK 11,745.50|
|Transfer time||2 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||SEK 996.19|
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.
|Western Union in Sweden|
|Stockholm Dream Bow Travel Vattugatan 7 Stockholm||Forex Bank Hamngatan 37 Stockholm|
|Gothenburg Forex Bank Centralstation Goteborg||Lilians Guld and Smycken Sodra Hamngatan 61 Goteborg|
|Stockholm Folk Kiosk Malarhojdens T-Bana Stockholm||Nybohov Livs Nybohovsbacken 45 Stockholm|
|Gothenburg Anadolu Resor Kopmansgatan 27 Loc Goteborg||Diamex 1 Goteborg AB Odinsgatan 24 B Goteborg|
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.
The next time you want to send money to Sweden, either to a bank account or a cash pickup location, make sure you compare your options well. Look for ongoing promotions too as they can lead to even more savings.
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