Bank account and bank transfers in Swedish krona (SEK)

How to open an account in a Swedish bank

Although the procedure for opening an account in each bank is almost identical in general, depending on the company, customers may have individual requirements. When choosing a bank, you should pay attention to how it allows you to work with accounts, whether it allows non-residents to open an account, and on what terms.

It is equally important to pay attention to the ways in which bank users can deposit and withdraw their funds: through ATMs, third-party payment systems, transfers to other banks' cards, and so on.

The process of account opening itself usually looks as follows:

1. Customer identification. If available, the bank representative will ask to see an identification document, which may be a Swedish passport or passport, a national identity card, or a BankID profile. The bank may also ask for additional documents. For example, the bank may ask for another ID document with a photograph and nationality information as an alternative to a passport.
2. Reasons for opening an account. A national feature of Swedish banks when opening an account is the classic question to customers: "What do you need it for?". Each potential client should indicate to the bank the purpose of opening an account, for example, to receive a salary, keep savings, pay rent, buy goods and services, or something else.

It should be noted that non-residents also have the right to open an account in a Swedish bank, but the list of personal identification documents may differ significantly depending on the user's citizenship. Swedish banks may require not only a passport but also a residence permit, tax number, and other documents.

After completing the two stages, the user can access the bank's essential services, such as issuing cards, deposits, loans, and money transfers in Swedish kroner. However, there are cases in which the bank may refuse to open an account:

1. Insufficient or inaccurate data to verify identity;
2. There is a probability of violation of any legal provision;
3. Suspicious actions of the client with bank accounts in the past.

Direct bank transfers in SEK

This is the easiest way to transfer funds in Swedish krona. If the bank's application supports it, you can make a transfer by account number, card, and other details. As a rule, money transfers in Swedish banks are executed instantly or on the same day.

You can make transfers in SEK through such Swedish banks as:

• Swedbank;
• Nordea;
• Handelsbanken;
• Avanza;
• Ikano Bank;
• Danske Bank;
• Forex Bank;
• ICA Banken and others.

Cross-border payments in Swedish krona

Users can freely transfer funds to foreign banks (provided that the receiving bank supports transactions in kroner) — such transactions are called international payment orders. The exception is countries from the sub-sanctioned lists. To transfer to such countries, you must look for alternatives like payment systems or online exchanges.

International payment orders are generally executed on the day of sending funds but can take up to 2-3 business days, depending on the bank and type of transfer (there are both simple and urgent payment orders, which differ in terms of conditions).