Banking in Sweden

Few essentials remain constant despite changing the place. Whether you are in your native land or have moved to a new country for either work purposes or in the hope of a better lifestyle, you would not be able to overlook the need for a bank account.

The financial structure in Sweden is stronger as compared to neighboring countries, and hence, it is a high probability of finding the right bank. Beginning as an expat in Sweden would require you to go through a number of procedures; one of them is getting on board with one of the best banks in Sweden. There are 125 banks in Sweden, and hence, surfing through to identify the best suitable financial institute could become tiresome.

How to find the best bank if you don’t speak Swedish? You can right-click anywhere on the page of the provider with your mouse (if you are using Google Chrome). A dropdown menu will appear with the text: “translate this page to English”. This will make it easier for you to make the right choice.

While withdrawing money from an Overseas Bank could appear as an option, we recommend getting associated with a local bank considering you would be in the country for a longer time and hence, a wise decision to save on some extra cost. Take a quick look at some of the most popular banks in Sweden with the minimal hassle of opening a brand new bank account.

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Company	Pro’s /Con’s	Rating
#1 -The best Swedish bank ★★★★★ Rating A bank made for expats and newcomers – low withdrawel fees, purely online bank –excellent conditions and a great app!	A bank made for expats and newcomers – low withdrawel fees, purely online bank –excellent conditions and a great app! ✓ N26 offers a free online bank account with no monthly fee. ✓ There is a free MasterCard debit card one would be receiving when registered with the bank. ✓ The bank offers a seamless experience, with no hidden costs or agenda, and allows you to track your expenses through ingrained Artificial Intelligence. ✓ An expat could save up to 6x more as compared to traditional banks, with their Transfer Wise inbuilt feature in the app that allows sending money internationally in 19 different currencies. ✓ Great customer service and offers service in different languages, English being one of them. ✘ Despite the language flexibility, customer service support is slower, and the app tends to lag at times.	9.0	Visit n26.se
#2 ★★★★★ Rating Revolut is a game-changer in the banking and money management market with a free mobile application, debit card, and fee-free international payment solutions.	Revolut is a game-changer in the banking and money management market with a free mobile application, debit card, and fee-free international payment solutions. ✓ Revolut Card: Thanks to the Revolut contactless cards that allow users to spend money abroad without any hiccups. You can select between a digital and physical Revolut card at your convenience. Additionally, this card allows more than 130 different currencies, cryptocurrencies, etc. ✓ Transfer money internationally: If you want to send money to someone who lives abroad, it is now possible with a legal Revolut account. The best is that Revolut does not charge any hidden fees or extra money for international money transfers. It does the job swiftly at the bank interchange fees with no extra cost. ✓ The bank offers a seamless experience, with no hidden costs or agenda, and allows you to track your expenses through ingrained Artificial Intelligence. ✓ Junior account: With the special Revolut junior account, you can teach your kids about healthy money habits from an early age.	8.4	Visit Revolut.se
#3 ★★★★★ Rating One of the largest banks in Sweden– used by most Swedish citizens – great online service and banking app is rated one of the best in the Sweden	One of the largest banks in Sweden– used by most Swedish citizens – great online service and banking app is rated one of the best in the Sweden ✓ Cash Points earnings on a purchase made by using Bank Norwegian Visa credit card is a fruitful way to utilize the earned cash points for flight tickets and travel. ✓ The savings account is entirely free from monthly fees and without any lock-in period. ✓ The bank offers a seamless experience, with no hidden costs or agenda, and allows you to track your expenses through ingrained Artificial Intelligence. ✓ If stuck in an emergency, you could take advantage of the bank’s amazing loan offers. There is no security required. ✓ Great digital services allow you to use their micro card for contactless payments. ✘ Cash point earnings are based on the net ticket price and exclude taxes and fees.	8.2	Visit banknorwegian.se
#4 ★★★★★ Rating Swedbank is a top 3 bank from Sweden – lots of brick and mortar offices throughout Sweden – relatively low fees	Swedbank is a top 3 bank from Sweden – lots of brick and mortar offices throughout Sweden – relatively low fees ✓ The bank is digitally strong and offers Internet banking, an app, mobile banking, and Swish to transfer or receive money through mobile numbers safely. ✓ With the automation enabled, one could easily track and manage finances using the mobile app. ✓ Swedbank is one of the leading banks and provides hassle-free local transactions. ✓ They have a dedicated customer service team for each kind of query or confusion. ✘ Unlike the other 2 banks, Swedbank charges a monthly fee for a savings bank account.	8.0	Visit Swedbank.se
#5 ★★★★☆ Rating Large bank in Sweden used by a lot of people in the countryside – great online experience and apps: almost everything can be arranged online	Large bank in Sweden used by a lot of people in the countryside – great online experience and apps: almost everything can be arranged online ✓ Under its sustainable fund’s policy, the bank encourages customers to invest in companies that are sustainable. That too, with utmost safety! ✓ By opting for their Simple Package, you get some brilliant services along with add-ons such as Travel Insurance included in both the bank and credit card. ✓ As a customer, you are eligible to receive a double bonus at ICA and Hjartat. ✓ Great customer service with a dedicated number to call on in case of any query ✘ A monthly fee for a savings bank account is applicable.	7.8	Visit Icabanken.se

The best bank account in Sweden

While there are plenty of banks in Sweden to register yourself with, as an expat, certain criteria go into identifying what bank suits you the best and which bank to choose in Sweden. As a human, it is our tendency to go for the best and hence, it is equally essential to know as soon as you arrive, the best bank in Sweden.

There are various offerings and the structure, both offline and online, that choose a bank for your requirements. As an expat, considering you are already on a budget, it would be ideal for comparing and settling on a bank that provides maximum offerings at the lowest cost. One such bank is N26; from offering a free bank account in Sweden to an absolutely free credit card in Sweden, the bank takes care of all essentials requirements.

About N26 The bank offers an entirely new era of banking through mobile. With the flexibility provided to the customers to be able to begin spending before a physical card arrives, it is gaining immense popularity across Europe. The bank is, in fact, backed by a strong European deposit scheme. N26 is an ideal bank for expats to save on ATM withdrawals and international transactions.

Top reasons N26 is trustworthy

The bank does not surprise you with hidden costs.
You get regular helpful insights on your spending habit; one could track and put daily spending limits.
Security is of top priority at N26; with advanced 3D secure technology and fingerprint identification, one could shop safely.
Amazing customer service in several languages so your queries get acknowledged and solved in the language of your choice.

Open a bank account in Sweden

Besides a phone connection and a house to live in, the other essential for an expat or anyone planning to reside in a new country would be a reliable bank account. As a newcomer, one faces specific difficulties with all the required documents and the stress to find a bank that does not charge a lot.

Another question that keeps giving you a nightmare while on the flight is how to open a bank account in Sweden? However, considering there are so many banks in Sweden with a slightly different structure to one another, the first thing that one would like to know is a list of things needed to open a bank account in Sweden.

What would you need to open a bank account in Sweden?

For savings:

Proof of address
Passport ID or Swedish ID card
A letter proving your employment
Swedish personal identification number

For Credit:
In most scenarios, you would require similar documents for your Savings account; however, we recommend reading through online on each bank’s website to clarify. With the digitalization, getting a bank account would seem easier, and most of the work could be done through a bank’s online website.

Most of the banks would have decent customer service to assist you with your questions. You might want to get associated with a bank that offers a free bank account in Sweden so that you end up saving on unnecessary costs.

Tips and Tricks

Whenever moving to a new company, regardless of the reason that could either be for work purposes or other personal reasons, it is critical to gather all relevant information as an expat. There are certain essentials one cannot imagine surviving in a foreign land. Hence, some research prior to arrival would come in handy to avoid unnecessary hassle. One such requirement is to open a bank account. Now, the foremost things to consider when opening a bank account are:

To be able to open a bank account at any bank whatsoever, you would require certain documents such as- Proof of address, Passport ID or Swedish ID card, A letter proving your employment, Swedish personal identification number.
Few banks in Sweden only accept Swedish ID cards; however, considering you are just moving to Sweden, you might only have the passport ID. Hence, we recommend opting for a bank that allows you to open a bank account based on passport ID.
For budget travelers, we recommend carefully studying each bank’s offerings. You do not want to spend money on opening an account, do you? There are banks that offer free bank account with zero monthly fees. Decent initial savings!
Besides that, opt for banks that also offer free Master Card (no cost applicable) for easy ATM withdrawals.
It often happens that the instructions online are misleading, and there are hidden costs that you do not see initially. We recommend carefully reading documents, so you do not end up paying more in the end.
Always compare! With 125 banks in Sweden, the selection of the right bank might come across as tiring. However, it is always better to compare the offerings and how much you might save in the long run. Choose wisely!

The above-mentioned tips and tricks are sure to come in handy upon your arrival in Sweden. Please read the instructions carefully and save yourself from any scams. Having said, the financial structure in Sweden is pretty strong, and the banks offer the safest transactions without compromising on your personal information. You might want to have a dedicated corner for all the necessary documents.

Advantages of online banking in Sweden

When you move to Sweden, the first thing you need is a sim card to get connected in the country, and another thing you need is a bank account to check your finances. What other way would be better than an online bank which you can open within minutes? When you move to a country, you should opt for an online bank since it will save you from several hassles. The following are the advantages of online banking in Sweden.

Assured Security: You will get a secure platform with online banking in Sweden. Banks use the encryption code to ensure that all the information is protected without any security breach. It will offer you Security from account hacking and online fraud.
Easy Access: even when it is the last bill payment day, you can still be saved from the penalty with online banking in Sweden. The streamlined process of online transactions can be performed anytime and anywhere you want to.