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How to Open a Bank Account in Sweden as a Foreigner

21 Jan 2025


Sweden, known for its innovation, high standard of living, and welcoming environment for expatriates, is one of the most popular destinations for people seeking to live, work, or study abroad. As a foreigner in Sweden, one of the first tasks you must accomplish is opening a Swedish bank account. Whether planning to work, study, or simply live in the country, having a Swedish bank account is essential for managing day-to-day finances. It allows you to easily receive salary payments, make local purchases, pay bills, and even send money online.

In this guide, we will explain everything you need to know about opening a bank account in Sweden as a foreigner, including the types of accounts available, the required documentation, and tips for choosing the right bank for your needs. It will also discuss the ease of a money transfer to Sweden and how to send and receive money within and internationally.

Why Open a Swedish Bank Account?

Opening a bank account in Sweden offers several advantages, including easy access to digital banking services, secure transactions, and efficient payment systems like Swish. It simplifies managing finances, receiving salaries, and paying bills. Sweden’s banking system is also reliable, transparent, and well-regulated, ensuring consumer protection and trust. 

Financial Integration

A Swedish bank account is necessary for receiving payments, such as your salary or benefits, and making purchases in Sweden, including online shopping, paying bills, and managing savings. It also facilitates easy transfers between accounts, supports direct deposits, and provides access to Swedish financial services like loans or credit cards.

Ease of Making Remittances

Having a Swedish bank account makes it easier to send money to Sweden and receive money both locally and internationally. Sweden has a highly developed banking system that supports both traditional and digital payment methods, offering fast, secure transfers, low fees, and seamless integration with global financial platforms and international wire transfers.

Access to Services

Many services, such as rental contracts, utilities, and subscriptions, require a Swedish bank account. Having an account also allows you to benefit from Sweden's advanced digital banking services, including mobile banking apps, contactless payments, and automatic bill payments, which make managing everyday expenses more convenient and efficient.

Convenience

Sweden is a cashless society, with many stores, restaurants, and public transport relying on bank cards or mobile payments for transactions. A Swedish bank account ensures you are not left out of the financial mainstream, enabling easy, seamless payments via mobile apps like Swish and guaranteeing access to convenient digital services.

Types of Bank Accounts Available for Foreigners in Sweden

When opening a bank account in Sweden, you will generally have two types of accounts to choose from:

Current Accounts (Privatkonto)

The most popular kind of account for people is this one. You may use a debit card to make purchases, transfer money, and deposit and withdraw money. It is usually the account foreigners open when they move to Sweden for work or study.

Savings Accounts (Sparkonto)

This account type is specifically for saving money. It offers a higher interest rate but has limitations, such as limited withdrawals. Savings accounts are generally used for longer-term savings goals.

Joint Accounts

If you plan to share an account with a partner or another person, you can opt for a joint account. This allows multiple people to access the same account for mutual expenses or savings goals.

Required Documents to Open a Bank Account in Sweden

As a foreigner, the documentation required to open a bank account in Sweden is fairly straightforward but may vary slightly depending on the bank. In general, the following documents are required:

Proof of Identity

To prove your identity, you need a valid passport, EU/EEA ID card, or residence permit. Swedish banks are stringent about verifying identities to prevent fraud and comply with anti-money laundering regulations.

Swedish Personal Identification Number (Personnummer)

What do you need to have a bank account in Sweden? To open a bank account in Sweden, you must have a Personnummer, a unique personal identification number issued by the Swedish Tax Agency (Skatteverket). The Personnummer is necessary for tax purposes, registering with social services, and opening a bank account.

If you are a resident of Sweden, you should have already obtained this number. However, if you're a short-term visitor (e.g., a tourist or someone on a student visa), you may not need a Personnummer immediately, but you must check with your bank for specific requirements.

Proof of Address

Swedish banks often require proof of address within Sweden, such as a rental agreement or a utility bill in your name. This ensures that you are a resident of Sweden and helps the bank verify your details.

Employment or Student Status

Depending on your visa or permit, you may need to show proof of employment (such as a contract or pay slip) or proof of enrollment at a Swedish educational institution. This is particularly important when opening a current account (Privatkonto).

Residence Permit or Visa

If you are from a non-EU or EEA nation, a valid residency permit or visa proving your legal right to remain in Sweden is necessary. This document will help the bank determine whether you can open an account.

Bank Statement or Reference from Your Home Country (Optional)

Some banks may request a bank reference or statement from your home country to assess your financial situation.

Steps to Open a Bank Account in Sweden

Now that you know the required documents, let's walk through the general process of opening a bank account in Sweden.

Step 1: Choose a Bank

Sweden has a well-developed and competitive banking system, with several banks offering services to foreigners. Some of the most popular and best banks in Sweden include SEB, Swedbank, Nordea, and Handelsbanken. All of these provide a range of financial services, including digital banking, loans, savings accounts, and international transfers, catering to both residents and expatriates with seamless access to secure and efficient banking solutions.

Sweden has several banks. Here is a list  of banks in Sweden that offer the best services :

  • Swedbank
  • Nordea
  • SEB (Skandinaviska Enskilda Banke n)
  • Handelsbanken
  • Danske Bank

When choosing a bank, consider factors such as account fees, customer service, the availability of digital banking services, and the ease of transferring money online. You should also check if the bank offers English-language services, as not all branches may have English-speaking staff.

Step 2: Make an Appointment or Visit a Branch

Once you have chosen a bank, the next step is to make an appointment or visit a local branch to open your account. Many banks allow you to open an account online, but as a foreigner, you may still need to visit a branch for identity verification and to present your documents.

It’s advisable to call ahead to confirm the required documentation and the process, as some banks may have specific requirements for foreigners.

Step 3: Submit the Required Documents

When you visit the bank, you must submit the required documents, including your passport, residence permit, proof of address, and Personnummer. The bank will review your documents and process your application. You may also be asked to fill out an application form.

Step 4: Wait for Account Approval

Once the bank has reviewed your application and verified your documents, you will receive confirmation of your account approval. Depending on the bank, this process can take anywhere from a few hours to several days.

Step 5: Receive Your Debit Card and Online Banking Access

Once your account is approved, you will receive a Swedish debit card (often called a bank sort) that you can use for local purchases and ATM withdrawals. Most banks will also offer access to online banking services, which are essential for managing your account and making money transfers.

You can use “ Swish”  for Foreigner, a popular mobile payment system in Sweden, for fast payments or other online banking tools to send money online to Swedish bank accounts or to international recipients.

Online Remittances in Sweden

Once you get a Swedish bank account, sending money online, either locally or internationally, becomes quick and easy. Sweden has a well-established infrastructure for digital banking, and you can transfer money seamlessly between banks using various online services. 

Common Banks in Sweden for Foreigners

Several banks in Sweden cater particularly well to foreigners. Here are some of the most popular banks:

Swedbank

One of the largest banks in Sweden, Swedbank offers a range of services, including easy account opening for foreigners, mobile banking, and international money transfers. It also provides personal loans, mortgages, savings accounts, and investment options, ensuring comprehensive financial solutions. Swedbank’s secure digital platform and customer support make managing finances efficient, whether you're a resident or expatriate, with seamless access to Swedish and international banking services.

Nordea

Known for its excellent digital banking services, Nordea is one of the biggest banks in Sweden. It offers accounts for individuals and businesses and supports Swedish and international money transfers. Additionally, it provides a wide range of financial products, including loans, savings accounts, investments, and insurance, catering to diverse needs. Nordea’s user-friendly platform and mobile banking app make managing finances convenient and secure, whether for personal or business purposes, domestically or internationally.

Stockholms Enskilda Bank (SEB)

SEB is another major bank in Sweden with an international presence, catering to local and expatriate communities. SEB offers comprehensive digital banking services, including international transfers, investment solutions, mortgage products, and business services, ensuring convenience for individuals and companies. Its user-friendly platforms and robust security features make it one of the best banks in Sweden and a trusted choice for managing finances across borders.

Exploring Sweden’s Digital Banking Landscape

Online Swedish banks offer convenient, digital-first banking solutions, enabling users to manage accounts, make transfers, and access financial services remotely. Some of Sweden's most popular online banks, like Swedbank, SEB, and Nordea, provide secure mobile apps, easy international money transfers, loan applications, and investment management, making banking efficient and accessible for locals and expatriates.

Navigating the Bank Account Opening Process in Sweden for Foreigners 

Getting a Swedish bank account as a foreigner is relatively straightforward, provided you have the necessary documentation, such as your Personnummer, proof of address, and identity documents. Additionally, to make a bank account online, visit the bank's website, provide ID and proof of address, and complete verification. Once your account is open, you can use Sweden’s advanced banking system, including digital banking services, and make an easy online money transfer to Sweden domestically and internationally. Additionally, many banks offer personalized financial advice and a variety of banking products for different needs.

With a Swedish bank account, you can easily manage your finances, send money online to family or businesses, and enjoy the convenience of cashless payments throughout Sweden. Whether you're moving to Sweden for work, study, or simply to enjoy its quality of life, a Swedish bank account is an essential step toward full integration into Swedish society.

FAQs 

What documents do I need to open a bank account in Sweden?

To open a bank account in Sweden, you need a valid passport, proof of address (such as a rental agreement or utility bill), a Personnummer (Swedish personal ID number), and possibly proof of employment or enrollment if applicable. Non-EU nationals will also need a residence permit or visa.

Can I open a bank account in Sweden without a Personnummer?

It is generally challenging to open a bank account in Sweden without a Personnummer, as it is required for identification purposes. However, suppose you are not yet eligible for a Personnummer. In that case, some banks may allow you to open an account temporarily with a coordination number or other identification, depending on your status.

How long does it take to open a bank account in Sweden?

Opening a bank account in Sweden typically takes a few days to a week, depending on the bank and your documentation. If you apply in person, the process may be faster, while online applications could take longer due to identity verification.

Can I open a bank account in Sweden as a non-resident?

Yes, it is possible to open a bank account in Sweden as a non-resident, though the requirements may be stricter. You’ll typically need proof of your relationship to Sweden, such as a work contract, study permit, business activity, and the necessary identification.

Can I send money internationally from my Swedish bank account?

Yes, once you have a Swedish bank account, you can send money internationally through bank transfers or online money transfer services. Depending on the bank and the destination, fees may apply for international transfers.


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