In this guide, we will walk you through the process of getting a bank account in Sweden. This is an important step if you are moving to Sweden or doing business in the country as it will make your life a lot easier (and cheaper).
There are a few things that you will need to do in order to open an account, and we will go over all of them in this guide.
We will also talk about Online BankID, which is an essential service that makes it possible to sign transactions, documents etc virtually.
Let's get started!
Why Get A Swedish Bank Account?
Setting up a Swedish bank account can be extremely beneficial - both financially and time-wise. Something that a lot of foreigners are surprised by in Sweden, is the fact that almost all transactions are paid with a debit or credit card.
This often means that they are paying a small fee on every transaction if their non-Swedish bank applies any. This cost can add up over time, and getting a Swedish bank account solves the problem by eliminating these fees.
Another big advantage is that you will be able to use all of the Swedish online banking services (such as BankID) which can save you a lot of time.
For example, if you need to pay your rent or bills, it can all be done quickly and easily online by utilizing BankID. This is not always possible with a foreign bank account.
So, now that we've talked about some of the advantages, let's move on to how you can actually open a bank account in Sweden. It's not as hard as you might think.
Prerequisites To Opening A Bank Account In Sweden
Before we touch on how to actually acquire a bank account in Sweden, we first need to lay down the minimum requirements for opening a bank account in Sweden:
- You are 18 years or older.
- Own a EU passport.
- Has a Swedish address.
- Non-EU nationals need a residence permit.
Note that these are the minimum requirements legally whereas most Swedish banks will also ask for a Swedish Personal Identity Number (personnummer) as well as some proof of employment or studies.
With that said, there might be different requirements for opening an account at different banks and the best way to be prepared is to have all of the following documentation ready:
- A Swedish personal identity number - You can apply for one through the Swedish Tax Agency (Skatteverket).
- A Swedish ID, or EU passport, or a non-EU passport with a Swedish residence permit.
- A proof of address (could be in the form of a contract or utility bill.)
- Proof of employment or studies
How To Open A Bank Account In Sweden
The first step is finding a bank that suits your needs. In Sweden, there are four big traditional banks that most people use: Nordea, SEB, Swedbank, and Handelsbanken.
Other than that there are many online alternatives for Swedish banks that might suit your needs better. But keep in mind that you eventually will want to get BankID or Swish mobile payments which are essential for signing online documents. In order to get this, you'll need to book an appointment at a physical bank.
How To Open A Traditional Bank Account In Sweden
- Make sure you have all of the mentioned documents required.
- Identify the traditional bank you want to open an account with and make an appointment at a local bank branch.
- Bring the documents to the appointment and answer some questions as well as verify your identity.
- Wait for the confirmation, bank card and PIN to arrive in the post.
- Activate your account and online banking with BankID.
How To Open A Online Bank Account In Sweden
- Make sure you have all of the mentioned documents required.
- Identify the online bank you want to open an account with and register online or through their app.
- Complete the verification process.
- Create a PIN and wait for the card to arrive by mail, if ordered.
How To Get Mobile BankID As A Foreigner Or Expat
Mobile BankID (called just BankID in Sweden) is a service that makes your life a lot simpler, by allowing you to sing most things virtually.
This includes signing contracts, sending invoices, applying for loans and credit cards, as well as identifying yourself when using online banking. You will also need online BankID in order to get online services such as a Swedish mobile data plan, internet service provider (ISP) or even a Swedish credit card.
There are two types of BankID, one application that you can download to your computer, and one that you can get straight to your phone as an app.
In order to get a mobile BankID in Sweden, you'll need to ask your local bank for help, as it is not possible to get online in any way.
Internet Banking in Sweden
Having internet banking set up will make your life a whole lot easier in Sweden as it will allow you to do many things quickly and easily.
For example, you can:
- Pay bills
- Transfer money
- Check your balance
- Receive notifications about your account activity
- And much more!
All of the traditional banks in Sweden offer internet banking and all of the online-only banks do as well. Make sure to ask your representative for help.
In Conclusion
You're now ready to start using your new bank account in Sweden!
Remember to take advantage of all of the online services available to you - it can save you a lot of time and money in the long run.
Thanks for reading and good luck!