Open a Bank Account in Sweden: Set Up & International Transfer
Opening a bank account in Sweden is a fundamental necessity for anyone planning to live, work, or conduct business in the country. Sweden’s progressive financial ecosystem and technological infrastructure make a local bank account essential for day-to-day transactions and long-term financial planning.
Why You Need a Bank Account in Sweden
Key Benefits for Residents, Expats, and Entrepreneurs
A Swedish bank account provides numerous advantages for residents, expatriates, and entrepreneurs alike. Foreign citizens can also open bank accounts in Sweden in 2025, provided that they have residence permits and they have turned the legal age of 18. For individuals, having a Swedish bank account is crucial for receiving salaries, as many employers exclusively transfer wages to Swedish accounts. The account also facilitates tax payments, bill settlements, and everyday purchases throughout the country.
International entrepreneurs establishing branches or limited companies in Sweden find a local bank account indispensable for business operations. It enables seamless handling of company finances, payroll management, and regulatory compliance. The account also provides access to business banking services, including merchant facilities, corporate loans, and investment opportunities that are essential for business growth in the Swedish market.
Sweden’s Cashless Economy and Digital Payment Systems
Sweden has emerged as one of the world’s most cashless societies, with the majority of transactions conducted electronically. Most stores, restaurants, and service providers accept payments exclusively via bank cards or mobile payment applications, with some establishments refusing cash entirely. This digital-first approach makes having a Swedish bank account with associated payment cards and mobile banking capabilities essential for daily life.
The country’s advanced digital payment infrastructure encompasses comprehensive internet and mobile banking services. Swedish banks provide sophisticated online platforms that facilitate fund transfers, investment management, loan applications, bill payments, and budgeting tools. This technological emphasis means that managing finances without a Swedish bank account becomes practically impossible for residents and businesses operating in the country.
Importance of IBAN and SEPA for International Transfers
Swedish bank accounts come with International Bank Account Numbers (IBANs) that facilitate efficient international money transfers. The IBAN system enables commission-free transfers between accounts within the Single Euro Payments Area (SEPA), significantly reducing costs for individuals and businesses dealing with European transactions. For transactions in SEK or EUR to another EU country, the money typically arrives the next banking day or on the very same day. This is referred to as a SEPA transaction.
For international entrepreneurs and expatriates, this integration with SEPA provides substantial savings on international transfer fees while ensuring faster processing times. The system also enhances financial transparency and security, making it easier to track and manage cross-border transactions for both personal and business purposes.
Who Can Open a Bank Account in Sweden?
Eligibility for Foreigners, Non-Residents, and Entrepreneurs
Generally, anyone aged 18 or older can open a bank account in Sweden, including foreigners and non-residents. Swedish banks welcome international customers, though specific requirements may vary between institutions. The process is designed to accommodate the diverse needs of Sweden’s global community, from students and temporary workers to permanent residents and business owners.
For foreign entrepreneurs, Swedish banks offer specialised business banking services tailored to international companies. These services include support for branch offices, subsidiary companies, and holding companies established in Sweden. The banking sector recognises the importance of international business to Sweden’s economy and provides dedicated services to facilitate smooth business operations.
What Non-EU/EEA Citizens Need to Know
Non-EU/EEA citizens face additional requirements when opening Swedish bank accounts. A valid residence permit is mandatory for citizens from outside the European Economic Area. This permit must be current and valid for the intended duration of stay in Sweden. Banks may also require additional documentation to verify the legitimacy of the applicant’s presence in Sweden.
Proof of employment or school enrollment is often required for non-EU/EEA citizens to demonstrate their purpose for residing in Sweden. This documentation helps banks assess the applicant’s financial stability and compliance with Swedish immigration regulations. Some banks may also require a minimum deposit or proof of regular income to qualify for account opening.
Documents Required to Open a Swedish Bank Account
Identification and Personal Number (Personnummer)
Valid identification is the cornerstone of opening any Swedish bank account. Banks accept Swedish identification documents such as passports, national identity cards, or driving licenses. Foreign applicants must provide valid foreign passports or other photographic identification documents that clearly show citizenship and are issued by recognised authorities.
The Swedish personal identity number (Personnummer) is obtained from the Swedish Tax Agency (Skatteverket) and is often required by most banks, even though it’s not legally mandatory for account opening. To open a bank account in Sweden, you must have a Personnummer, a unique personal identification number issued by the Swedish Tax Agency (Skatteverket). This number is essential for accessing online banking services, BankID, and Swish mobile payments. Without a Personnummer, banks may impose restrictions on account operations, limiting access to full banking services.
Proof of Address and Income
Banks require proof of address to verify the applicant’s residential status. For Swedish residents, this typically includes utility bills, rental agreements, or official correspondence showing the Swedish address. Non-residents may need to provide proof of address from their home country, along with documentation explaining their connection to Sweden.
Therefore, we encourage you to bring additional documentation, such as a residence permit, an employment contract, a salary statement or a financial overview or account statement from your current bank. Income verification helps banks assess the applicant’s financial capacity and determine appropriate account types and credit limits. Employment contracts, salary statements, or business registration documents serve as acceptable proof of income.
Explaining the Purpose of the Account
Banks require applicants to clearly articulate why they need a Swedish bank account and how they intend to use it. This includes explaining the source of funds that will be deposited and the types of transactions expected. Common purposes include salary receipt, rent payments, business operations, or personal savings management.
Anti-money laundering (AML) and Know Your Customer (KYC) regulations mandate that banks understand their customers’ financial activities. Applicants should be prepared to provide detailed information about their financial situation, business activities, and expected account usage patterns. This transparency helps banks ensure compliance with regulatory requirements while delivering appropriate services.
Types of Bank Accounts in Sweden
Personal, Student, and Youth Accounts
Swedish banks offer various personal account types to meet different customer needs. Standard personal accounts (Lönekonto) are designed for salary receipt and everyday transactions, providing comprehensive banking services including debit cards, online banking, and mobile payment access. These accounts typically include overdraft facilities and integration with Swedish payment systems.
Student accounts (Studentkonto) are specifically designed for enrolled students, offering reduced fees and specialised services. These accounts often include benefits such as lower maintenance costs, student loan integration, and educational financial tools. Youth accounts (Ungdomskonto) cater to younger customers under 18 or young adults, providing supervised banking services with parental oversight capabilities and financial education resources.
Business and Corporate Bank Accounts
Business accounts (Företagskonto) are essential for entrepreneurs and companies operating in Sweden. These accounts provide comprehensive commercial banking services, including merchant facilities, payroll management, business loans, and investment services. Swedish law requires companies to maintain business accounts for depositing share capital and conducting official business transactions.
Corporate accounts offer advanced features such as multi-user access, detailed transaction reporting, and integration with accounting software. International businesses benefit from specialised services including foreign currency accounts, international wire transfers, and trade finance facilities. Banks also provide dedicated relationship managers for corporate clients, ensuring personalised service and expert financial advice.
Joint, Premium, and Foreign Currency Accounts
Joint accounts (Gemensamt Konto) allow multiple account holders to share financial resources, making them ideal for couples, families, or business partners. These accounts provide equal access to funds while maintaining individual transaction tracking and responsibility sharing. Premium accounts offer enhanced services including higher transaction limits, priority customer support, and exclusive banking benefits.
Foreign currency accounts (Valutakonto) are particularly valuable for international residents and businesses dealing with multiple currencies. These accounts allow holding and transacting in various currencies while minimising exchange rate risks. They provide efficient currency conversion services and international payment capabilities that are essential for global business operations.
Online and Mobile-Only Banks
Digital banks such as N26 and Revolut operate in Sweden, offering comprehensive banking services through mobile applications. These banks provide competitive fees, real-time transaction notifications, and innovative financial management tools. While they offer convenience and technological sophistication, customers may still need to visit traditional banks for certain services like BankID activation.
Online banking has become the standard in Sweden, with all major banks offering comprehensive digital services. These platforms provide 24/7 access to account management, bill payments, fund transfers, and investment services. The integration of mobile banking with Sweden’s digital infrastructure makes these services particularly valuable for tech-savvy customers.
Major Banks and Financial Institutions in Sweden
Swedish High-Street Banks (Swedbank, SEB, Nordea, Handelsbanken)
Sweden’s banking landscape is dominated by four major institutions that provide comprehensive financial services. Swedbank is one of the largest banks, offering extensive personal and business banking services with a strong presence throughout Sweden. The bank offers specialised services for international customers and maintains a robust digital banking platform.
SEB (Skandinaviska Enskilda Banken) focuses on corporate banking and wealth management while also serving individual customers. Nordea operates as one of the largest Nordic banks, providing cross-border banking services that are particularly valuable for customers with connections to other Nordic countries. Handelsbanken emphasises personalised service and local decision-making, offering tailored banking solutions for both personal and business customers.
International Banks Operating in Sweden
Several international banks maintain operations in Sweden, offering specialised services to multinational corporations and high-net-worth individuals. These institutions include HSBC, Citibank, and Danske Bank, which provide global banking capabilities and expertise in international finance. They offer services such as international trade finance, foreign exchange, and cross-border investment management.
International banks often cater to specific market segments, such as multinational corporations requiring sophisticated treasury management services or wealthy individuals needing private banking services. These institutions leverage their global networks to provide seamless banking services across multiple countries, making them attractive to international businesses and expatriates.
Digital Banks: N26, Revolut, and Others
Digital banking has gained significant traction in Sweden, with international fintech companies providing innovative banking solutions. N26 offers a fully digital banking experience with competitive fees and advanced mobile banking features. Revolut provides multi-currency accounts and global payment services that appeal to frequent travellers and international businesses.
These digital banks often provide faster account opening processes and lower fees compared to traditional banks. However, they may have limitations in terms of cash handling, physical branch access, and integration with certain Swedish-specific services. Customers should carefully consider their banking needs when choosing between digital and traditional banking options.
The Role of BankID in Swedish Banking
What Is BankID and Why Do You Need It
BankID is Sweden’s national electronic identification system that has become the standard method for secure digital authentication and electronic signatures. Swish (Swedish pronunciation: [swɪʂː] or [svɪʂː]) is a mobile payment system in Sweden. The service was launched in 2012 by six large Swedish banks, and BankID is essential for accessing these services. The system provides secure access to online banking, government services, and various digital platforms throughout Sweden.
BankID serves as the digital equivalent of a physical ID card, enabling secure online transactions and identity verification. It’s used for everything from filing tax returns and accessing healthcare services to signing contracts and making online purchases. Without BankID, individuals cannot access many essential services in Sweden’s digital society.
How to Obtain and Activate BankID
Obtaining BankID typically requires visiting a bank branch in person, even if the bank account was opened online. Banks need to verify the applicant’s identity through face-to-face interaction before issuing BankID credentials. The process involves presenting valid identification documents and completing security procedures to ensure the applicant’s identity.
Once issued, BankID activation requires downloading the official BankID app and completing the setup process. This includes creating security codes and establishing authentication methods. The system uses advanced security features, including biometric authentication and encrypted communications, to protect user identities and prevent fraud.
BankID and Mobile Payments via Swish
Swish payment integration: Sweden’s top mobile payment app with 86% market share. 8.5M users, 39% checkout preference. BankID is essential for accessing Swish, Sweden’s dominant mobile payment system. Swish enables instant money transfers using only mobile phone numbers, making it the preferred payment method for many Swedes.
With Swish, you can quickly and securely send and receive money via your mobile phone. When you get Swish, your limit is set at SEK 3,000 per week. The service connects users’ phone numbers to their bank accounts, enabling real-time money transfers that are confirmed within seconds. This integration of BankID and Swish creates a seamless digital payment ecosystem that is fundamental to daily life in Sweden.
How to Open a Bank Account in Sweden
Visiting a Bank Branch vs. Online Application
The most efficient way to open a Swedish bank account is often through a personal visit to a bank branch. Some banks may also require at least one in-person visit to a branch to hand over your documents and verify your ID. Booking an appointment in advance is highly recommended, as it ensures dedicated time with banking professionals who can guide you through the process and answer specific questions.
While some banks offer online application processes, particularly digital banks, a physical visit may still be required for document verification and BankID activation. Online applications can be convenient for initial account setup, but the complete banking experience often requires in-person interaction to access all available services.
Timeline and Approval Process
The typical timeline for opening a Swedish bank account ranges from 2-4 weeks, depending on the bank and the complexity of the application. For individuals visiting bank branches in person with complete documentation, accounts can be opened on the same day. However, receiving physical cards and accessing certain services may take additional time.
Corporate account opening typically takes longer due to enhanced background checks and regulatory compliance requirements. Companies should expect extended processing times, particularly for international businesses or complex corporate structures. The approval process includes verification of company registration, beneficial ownership information, and compliance with anti-money laundering regulations.
Tips for Non-Swedish Speakers
For applicants who don’t speak Swedish fluently, bringing a friend or colleague who speaks Swedish can be invaluable. This ensures clear communication with bank staff and proper understanding of terms and conditions. Many banks have English-speaking staff, particularly in major cities, but having translation support can help navigate complex banking terminology.
Preparing documents in advance and understanding the banking terminology can significantly streamline the process. Many banks provide information in English, and online resources can help applicants understand Swedish banking concepts before visiting the bank. It’s also helpful to research specific bank requirements and services beforehand to make informed decisions.
Why Banks Might Refuse to Open an Account
Banks may refuse to open accounts for several reasons, primarily related to security and regulatory compliance. If banks cannot adequately verify an applicant’s identity or if the provided documentation is insufficient, they may decline the application. Inadequate explanation of the account’s intended use or suspicious financial activity can also lead to rejection.
Previous dishonest behaviour toward banks, regulatory violations, or failure to meet specific bank requirements can result in account rejection. Banks must comply with strict anti-money laundering and know-your-customer regulations, which may lead to rejection if applicants cannot provide sufficient documentation or explanations about their financial activities.
Opening a Corporate Bank Account in Sweden
Requirements for Foreign-Owned Companies
Foreign-owned companies face additional requirements when opening Swedish business accounts. Banks require comprehensive documentation about the company’s structure, ownership, and business activities. This includes detailed information about beneficial owners, corporate governance structures, and the company’s connection to Sweden.
International companies must demonstrate legitimate business purposes and comply with Swedish corporate regulations. Banks may require additional due diligence for companies from certain jurisdictions or those engaged in high-risk business activities. The process involves extensive background checks and regulatory compliance verification.
Key Company Documents Needed
Essential documents for corporate account opening include company registration certificates, tax registry information, and beneficial ownership details. Banks require articles of association, bylaws, and corporate governance documents that clearly outline the company’s structure and operations. Recent financial statements and business plans may also be requested to assess the company’s financial stability.
For international companies, additional documentation may include apostilled documents, translated materials, and proof of regulatory compliance in home jurisdictions. Banks may also require detailed information about the company’s business model, expected transaction volumes, and international connections.
Appointment of a Swedish Resident Board Member
Many Swedish banks require companies to have representation by a Swedish resident, often in the form of a board member. This requirement ensures local accountability and compliance with Swedish regulations. The appointed representative must be a Swedish resident with proper documentation and the authority to act on behalf of the company.
Professional services companies like Skattepunkten provide board representation services for international companies. These services ensure compliance with banking requirements while providing ongoing support for corporate governance and regulatory obligations. However, this arrangement requires the service provider to remain a board member for the duration of the banking relationship.
Banking Fees, Regulations, and Consumer Protection
Maintenance Fees and Typical Costs
While opening a bank account in Sweden is typically free, most banks charge annual maintenance fees of approximately €20 (250 SEK). These fees cover account maintenance, basic banking services, and access to digital banking platforms. Premium accounts may have higher fees but offer enhanced services and benefits.
Additional costs may include debit card fees, international transfer charges, and currency conversion fees. Business accounts generally have higher fees reflecting the additional services and regulatory compliance requirements. Customers should carefully review fee structures and compare offerings from different banks to find the most cost-effective solution.
KYC, AML, and Regulatory Compliance
Swedish banks operate under strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations enforced by the Swedish Financial Supervisory Authority and the European Central Bank. These regulations require banks to verify customer identities, understand business activities, and monitor transactions for suspicious activity.
The regulatory framework ensures the integrity of the financial system and protects customers from fraud and financial crime. Banks must maintain detailed records of customer interactions and transactions, while implementing robust security measures to protect customer data and prevent unauthorised access.
Deposit Protection Under EU Rules
Swedish banks provide deposit protection up to €100,000 under EU-wide deposit guarantee schemes. This protection covers individual and business deposits, ensuring that customers’ funds are secure even if the bank experiences financial difficulties. The guarantee scheme provides confidence in the Swedish banking system and protects customers’ financial interests.
The Swedish National Debt Office manages the deposit protection system and complies with European Union directives. This protection applies to all licensed banks operating in Sweden, including foreign banks with Swedish operations. Customers should verify that their chosen bank participates in the deposit guarantee scheme.
Registering Your Bank Account with Skatteverket
How to Register a Bank Account for Tax Refunds
Registering a bank account with Skatteverket (Swedish Tax Agency) is the most efficient way to receive tax refunds and other government payments. The registration process can be completed online using Swedish e-identification through the “Skattekonto” (Tax account) service or “Mina sidor” (My pages) platform.
The registration ensures that tax refunds are automatically transferred to the designated bank account, eliminating the need for manual processing or check payments. This system streamlines interactions with Swedish tax authorities, ensuring the timely receipt of refunds and other government payments.
Using Skatteverket E-Services or Bankgirot
For individuals without Swedish e-identification, bank account registration can be completed through the Bankgirot website. This alternative method allows non-residents and individuals without BankID to register their Swedish bank accounts for tax purposes. The process requires providing accurate bank account details and personal information.
The e-services platform offers comprehensive tax management capabilities, including income tax filing, payment scheduling, and communication with tax authorities. Integration with bank accounts enables the automatic processing of tax-related transactions, simplifying compliance with Swedish tax obligations.
Registering Non-Swedish Bank Accounts (Requirements & Process)
In certain circumstances, tax refunds can be paid to non-Swedish bank accounts, though this requires additional documentation and processing. Applicants must submit original documents (not photocopies) directly to Skatteverket, including signed refund requests with complete IBAN and BIC information.
For individuals, the process requires bank documents confirming account holder details and account authenticity. Legal entities, on the other hand, need additional documentation from registration authorities or notary publics, showing authorised signatories. This process is more complex and time-consuming than registering Swedish accounts, but it provides flexibility for non-residents.
Specialised Support for Foreign Entrepreneurs
Skattepunkten’s Banking Assistance Services
Skattepunkten provides specialised assistance to international entrepreneurs and foreign companies navigating Swedish banking requirements. Their services include documentation preparation, bank selection guidance, client representation during bank meetings, and ongoing compliance support. The company focuses on helping legitimate businesses establish banking relationships in Sweden.
The service addresses common challenges faced by international companies, including language barriers, regulatory complexity, and unfamiliarity with Swedish banking practices. Skattepunkten’s expertise in Swedish business regulations and banking requirements significantly increases the likelihood of successful account opening for foreign companies.
Board Representation and Legal Compliance
A key aspect of Skattepunkten’s service is providing Swedish resident board representation, which many banks require for international companies. This service ensures compliance with banking requirements while providing ongoing corporate governance support. The board member remains with the company throughout the banking relationship, ensuring continued compliance with relevant regulations.
The service includes assistance with corporate governance, regulatory compliance, and ongoing banking support. Skattepunkten works with accountants, business lawyers, and insurance brokers to provide comprehensive support for international businesses establishing operations in Sweden.
Limits and Guarantees of Their Services
Skattepunkten emphasises that they cannot guarantee successful bank account opening, as the final decision rests with the bank. However, their expertise and local knowledge significantly improve the chances of success. The company only works with legitimate, ethical businesses that have responsible business models.
As a member of ETL European Tax and Law, Skattepunkten benefits from expertise across 48 countries, providing comprehensive support for international businesses. Their services are designed to increase success rates while ensuring full compliance with Swedish banking and corporate regulations.
Final Tips for a Smooth Swedish Banking Experience
Choosing the Right Bank and Account Type
Selecting the appropriate bank and account type is crucial for a successful banking experience in Sweden. Consider factors such as fees, services offered, digital banking capabilities, and international features. Central Swedish banks offer comprehensive services but may have higher fees, while digital banks provide convenience and competitive pricing with potential limitations.
Evaluate your specific needs, including transaction volumes, international transfers, business requirements, and access to physical branches. Consider the bank’s reputation, customer service quality, and integration with Swedish payment systems like Swish and BankID. Research multiple options and compare offerings before making a decision.
Preparing Documents in Advance
Thorough preparation of required documents significantly streamlines the account opening process. Ensure all identification documents are current and valid, and obtain certified translations if necessary. Prepare multiple forms of address verification and income documentation to meet various bank requirements.
For business accounts, compile comprehensive corporate documentation including registration certificates, bylaws, and beneficial ownership information. Having complete documentation ready demonstrates professionalism and expedites the approval process. Consider having documents apostilled or notarised if required for international recognition.
Understanding Your Digital and Tax Responsibilities
Familiarise yourself with Sweden’s digital banking environment and tax obligations before opening an account. Understand the importance of BankID and Swish for daily banking activities and ensure you can access these services. Learn about Swedish tax reporting requirements and how your bank account integrates with tax obligations.
Stay informed about regulatory changes and banking requirements that may affect your account. Maintain accurate records of international transactions and ensure compliance with both Swedish and home country regulations. Consider consulting with tax professionals or legal advisors to ensure full compliance with all applicable requirements.