Many fun, exciting things can happen when moving to a new country. Opening a bank account is definitely not one of them. As an expat, opening an account in your new country, can save you from paying international withdrawal fees and enable you to deal directly with bank personnel and financial advisers who can help you secure loans and international mortgages.
Opening a bank account in Sweden can seem like a daunting task; banking information and account options are only offered in Swedish. Branch personnel provide conflicting information, and bank policies seem widely varied from company to company. Your Living City has done the research for you. This is part 1 of our 4-part series about opening a bank account in Sweden.
Opening an account at Swedbank:
Accurate Swedish banking information is hard to come by, so we have checked and double-checked our information with Swedbank experts. They told us the ins and outs of opening an account.
Starting a new Swedbank account requires only visiting a branch with 1) a Swedish ID card or a valid passport and 2) a Swedish social security number (personnummer). These documents will allow you to open a simple interest-free personal account. But you cannot get a bank card (Visa debit or Maestro card) until the bank sees that you have a regular source of income deposited into your account.
Getting a Visa debit or Maestro card:
A person, who holds a Swedbank account and who has received regular income for about three months, can apply to receive a debit card. A debit card allows you to directly withdrawal money from your account. There are two options, either a Maestro or a Visa Debit card.
You can use a Maestro card for cash machine withdrawals and debit payments in stores and restaurants. This card is accepted in fewer places than the Visa debit, but its annual fee is less, generally about SEK 150.
A Visa debit card works the same way as a Maestro card, but it allows you to make payments anywhere Visa is accepted. This can be handy when booking airlines tickets or making online purchases. The yearly fee varies depending on the type of account, but it is generally around SEK 250.
Withdrawals:
Until you get a Swedish bank card, you will have to see a bank clerk to withdraw cash. This service is free of charge, but keep in mind that banks in Sweden have limited opening hours usually between 10.00 and 16.00/18.00. If you’re coming from North America like me, you will be surprised to find out that Swedbank does not charge for cash machine withdrawals within Sweden. This applies to all Swedbank offices and any cash machine within the country.
Deposits:
Many Swedbank offices have automatic deposit machines that accept Swedish bills and coins. There is a daily deposit limit of SEK 10,000.
Online banking:
All accounts are set up with online banking. If you wish to pay bills online, expect to pay SEK 100 a year. I highly recommend this option because many Swedish companies send invoices that can only be paid either through your internet bank or at a branch office. Internet banking allows for free money transfer (with some restrictions).
For more information visit www.swedbank.se
Hello,
I have account in swedenbank, and I am student here. I should buy some thing that is only possible by VISA card. What can I do?
Tricky.. I believe that you must be a resident here for 2 years before you can get credit card or a debit card. Unfortunately in this case, if you cannot do a direct debit transfer through your bank account then I can only suggest you go in and speak to your bank personally. Lycka till!
Hi!
Do you know if its possible/how to open a second bank account (or a “child” account) from the website? (I already have a bank account and I just want to separate “holiday savings” from “bills”)
Thanks for the great info!
Hi Mike,
I’m not sure about this. Does anyone else know the answer?
I LIVE IN GREECE. I WANT TO OPEN AN ACCOUNT IN SWEDEN . PLEASE TELL ME WHAT CAN I DO WITHOUT COMING OVER THERE.
That’s a tough one. I think you need to get in touch directly with a bank in Sweden.
I am also Greek and have been living in Sweden for 1,5 years. I don’t think that it’s possible to open a bank account in Sweden without having a Swedish personal number and sometimes the personal number is not enough if you are from a foreign country. They are really serious here with who is allowed to create a bank account. Coming from an EU country makes things much easier, but in any case you must have a residence in Sweden.
Hi, I was just wondering, how much that regular income must be (is there any limit, it have to be above?) which have to arrive to your account for three month before you can apply for a VISA card.
Thanks
Aniko
hej, so what if i don’t have a person nummer? I am going to be going there but as a US citizen with an extension to my visa. Does this mean I cannot get a bank account?
Unfortunately yes. Swedish banks can be very difficult about that. You absolutely have to have a personnummer to open a Swedish bank account under your name.
Well, in fact it’s possible to open a bank account even if you don’t have a personnummer. You will just have a restricted account with a maestro card.
You won’t have access to internet banking or be able to pay online.
But it works fine in shops and you can withdraw money anywhere.
Even if the people at the bank says it’s not possible, ask to speak to someone else and it will be fine. I opened my bank account at the SEB bank.
So. I have been to Swedbank and SEB:
– Swedbank – you need to have Swedish ID to set up a bank account
– SEB – it took 10 minutes to set up an account. BUT – just an account without anything. No card, no inet banking. If I need to withdraw I should visit local office. Documents needed: Passport, Proof of residence, Study proof of enrollment.
I am cumming to Gothenberg university as research student.I had couple of questions like Which all bank offer the documentation and process in English and How is the money transfer system works at Swedbank and it it connected to university bank accounts of students ??
Is it possible to open an account in swedebank or any other bank. I applied and received Fskat bevise nummer for my painting business here on temporary work..I dont have persson nummer nor permanent residence in Sweden..also can I get Visa or Maestro card..I need this account so I can do business here
Is there any bank in Sweden who offers online account’s menu in English. I was in Finland and Nordea.fi had full menus in english but here its not the case. Atleast from web, Swedbank looks better. Damn you Nordea se..