If you find yourself in a situation where you need to transfer money internationally - either to or from Sweden - an international money transfer will most likely be the quickest and safest way to change money between two separate countries.
There are a number of different ways to do this, and some methods are better than others depending on the amount of money you're transferring, the destination and currency, as well as some other factors.
However, this process might not always be as easy as they seem, and in this guide, we'll walk you through exactly how to make a money transfer to and from Sweden, as well as what your best options are.
WorldRemit
WorldRemit is another great money transfer service with extensive customer support.
XE
XE is the ideal choice for anyone looking ot make a money transfer to a smaller country.
The goal of this guide is to give you the necessary understanding of how to send and recieve money in Sweden, as well as comparing the best services for your situation in order to give you the best service and price.
So let's get started.
The 5 Best Money Transfer Service In Sweden
1. Wise
Best Transfer Service Overall
Wise is our #1 choice of online money transfer service with some of the best customer support available, as well as generous fees.
Best For:
Low-cost international money transfer
Supported Currencies:
53
80
Exchange Rate Markup:
No
Wise, formerly TransferWise, offers an affordable way to send money to and from Sweden to 80 countries globally. What really makes Wise stand out is their exchange rates, as they are one of the few companies that does not have an exchange rate markup on their transactions. This means that a larger sum of what you want to send will actually end up at the end point.
The interface and usability of the site is also great, making it very straightforward to setup a transaction within minutes, as well as displaying the exact fee which you'll pay upfront. This transparency is greatly appreciated, as indicated by their glowing customer reviews on both Google and TrustPilot.
Key Features:
Transfer Methods & Options:
Sending channels: Through Wise’s website and mobile app.
Payment options: Bank account (ACH, SWIFT or wire transfer), debit card, credit card, Apple Pay or Google Pay.
Delivery options: Bank account only. Note that other providers have cash pickup locations abroad that make it possible to send money to those who don’t have bank accounts.
Get started with Wise today.
2. WorldRemit
Best Transfer Service Overall
WorldRemit is our #2 pick for the best money transfer service in Sweden because of their high authority and trust within the industry.
Best For:
Customer Support
Supported Currencies:
150
56
Exchange Rate Markup:
Yes
WorldRemit is another reputable money transfer service based in the UK but active in 56 countries globally with over four million clients. One of their main strenghts lie in their customer support which has gotten overwhelmingly positive reviews.
The major downside to WorldRemit however, is their fees and exchange rates. They aren't the most transparent when it comes to fees, making it hard to understand exactly how much you're paying for the service. It's not the cheapest option out there, but if you value great customer support, WorldRemit might be for you.
Key Features:
Transfer Methods & Options:
Sending channels: Through Wise’s website and mobile app.
Payment options: Bank account (ACH, SWIFT or wire transfer), debit card, credit card.
Delivery options: Bank Deposit, Cash Pick-up, Home Delivery & Mobile Wallet Deposit.
Get started with WorldRemit today.
3. XE
Best Country/Currency Support
XE comes in at our #3 spot as another great international transfer service with good prices and a large amount of supported countries and currencies.
Best For:
Smaller country support
Supported Currencies:
98
130+
Exchange Rate Markup:
Yes
XE Money Transfer is a well-establish international foreign exhange provider offering their service all around the world with one of the largest scopes of supported coutnries and currencies, making it the ideal choice for anyone sending or recieving money in smaller countries around the world.
Unfortunately, XE isn't the most transparent about their fees, making it hard to understand exactly how much you're paying in fees. Even though their exhange rates are very competetive, they are not the cheapest option on the market.
Key Features:
Transfer Methods & Options:
Sending channels: Through Wise’s website and mobile app.
Payment options: Bank account (ACH, SWIFT or wire transfer), debit card, credit card..
Delivery options: Bank account only.
Get started with XE today.
Best Transfer Service For Cash
Wise is our #1 choice of online money transfer service with some of the best customer support available, as well as generous fees.
Best For:
Cash Transfer
Supported Currencies:
53
80
Exchange Rate Markup:
Yes
Western Union is probably the largest international money transfer service in the world, primarily active in the USA. They are very reputable and have been in the industry for a very long time.
They are however one of the more expensive choices for money transfers but are ideal for anyone looking to make in-person cash transfers.
Key Features:
Transfer Methods & Options:
Sending channels: Website, mobile app, by phone and in person at U.S locations.
Payment options: Bank account (ACH, SWIFT or wire transfer), debit card, credit card, and cash at in-person locations only.
Delivery options: Bank deposits into a bank account and cash for pickup at a location such as a retail store or bank.
Get started with Western Union today.
5. Xoom
Best PayPal MoneyTransfer
Xoom is the in #5 place as a great way to send funds internationally in an instant.
Best For:
Fast money transfers
Supported Currencies:
20
160
Exchange Rate Markup:
Yes
Xoom, owned and operated by Paypal, is the best choice for international money transfers when speed is important as most transfers are completed within minutes.
They are also very transparent in regards to their fees, making it easy to understand upfront what you are actually paying in order to use their service.
Key Features:
Transfer Methods & Options:
Sending channels: Xoom’s website and mobile app.
Payment options: Bank account, debit card or credit card — standard for many online providers. You can also pay using your PayPal balance.
Delivery options: Bank deposit at the recipient's bank, cash pickup at a location such as a bank or retail store in many countries and delivery straight to a recipient’s home in a few countries.
Get started with Xoom today.
How To Send Money To Someone In Sweden
Sending money to Sweden might seem like a daunting and complicated task. But let's take a closer look at the main ways you can do this.
How to Send Money To Sweden Through a Bank
The most common way to send money internationally is by using a traditional bank. This might be the simplest option, as you can usually do it online or in person at your local branch. However, there are a few things to keep in mind with this method.
First of all, banks typically have high fees for international money transfers. They will also likely use a less favourable exchange rate, which means you'll end up losing out on some money in the process. If you are sending larger amounts, or frequently, this cost might add up to a large amount.
On top of that, banks can take a few days to process the transfer - so if you're looking to send money urgently, this might not be the best option.
All in all, sending money through your bank should only be used if you're looking to send a small amount of money and don't mind paying the extra fees.
How to Send Money To Sweden Through a Transfer Service
If you want to avoid the high fees that come with bank transfers, you can use an international money transfer service instead.
There are a number of different companies that offer this service, and they will typically have lower fees and better exchange rates than traditional banks. This means you'll end up paying less in total, and more of your money will reach its final destination.
Another benefit of using a transfer service is that they can process your transaction much faster - sometimes in just a few hours. So if you need to send money urgently, this is definitely the way to go.
Just make sure to do your research and compare a few different companies before you decide on one, as they can vary quite a bit in terms of fees and rates.
How to Send Money To Sweden Through PayPal
If you're looking for an even easier way to send money, you can use PayPal.
PayPal is a popular online payment service that allows you to send and receive money with just an email address. It's available in over 200 countries, making it a great option for international money transfers.
One of the best things about PayPal is that it's very fast - most transactions are processed immediately. And if you're sending money to someone who also has a PayPal account, they can receive it almost instantly.
However, there are a few downsides to using PayPal. For one, you'll need to create an account and link it to your bank account or debit card. And while fees are typically low, they can vary depending on the country you're sending money to.
So if you're looking for a fast and easy way to send money, PayPal is a great option. Just keep in mind that there are a few downsides to using this service.
How to Send Cash To Sweden
If you're sending a smaller amount of money, or just want the peace of mind that comes with meeting in person, you can always send money in person.
There are a few different ways to do this, but the most common is to use a service like Western Union or MoneyGram.
With these services, you can bring cash to your local agent and they will then send it to your recipient in Sweden. The process is typically very quick, and you can usually track your money to make sure it arrives safely.
However, there are a few downsides to using this method. First of all, it's not available in all countries. And second, the fees can be quite high - sometimes up to 15% of the total amount you're sending.
How To Send Money Internationally From Sweden
Just like sending money to Sweden, there are a few different ways to make an international money transfer from Sweden, but the most common and popular method is to use an online money transfer service.
These services have become increasingly popular in recent years as they offer a convenient and quick way to send money internationally, without having to go through a bank. This way, you can save both time and money.
There are a number of different online money transfer services available, but the most popular ones are TransferWise, Skrill and Western Union. Simply sign up for their service and place an order.
How Much Does It Cost To Transfer Money To Sweden?
While the cost of sending and receiving money in Sweden has been steadily decreasing over the past few years, most international money transfers using traditional banks will still cost you 21% on average. By utilizing web-based options, the average price is closer to 9%, making this the ideal choice.
By comparing the different choices, you'll be able to find the best deals for you - both in terms of service and price. And if you're looking for the most convenient option, you can't go wrong with an online money transfer service.
What Is The Cheapest Way To Send Money To Sweden?
The cheapest way to send money to Sweden will always be through an online money transfer service such as TransferWise, where the fees are kept to a minimum. By comparing the different services, you'll be able to find the cheapest option for you.
How Long Does a Money Transfer To Sweden Take?
The specific time a money transfer to Sweden might take will largely depend on the option you choose, as well as the origin country of the funds.
Most international transfers are completed within a few days, while you can use services such as Paypal to send funds instantly. In general, any international money transfer should take between 0-5 business days to complete.
Wrapping Up
So there you have it - a complete guide to making an international money transfer from Sweden. Just remember to do your research and compare the different options before you make your final decision.
Thanks for reading!