How to open a bank account in Sweden
Are you a resident of Sweden or intend to travel to Sweden and are wondering about procedures How to open a bank or bank account in Sweden?
Surely many similar questions are coming to your mind now, but first let me tell you something important. Managing your finances in an expensive country like Sweden is one of the first concerns you should take into account.
Also, Sweden is currently in the midst of a technological revolution through which it is trying to convert cash transactions on the ground into digital, so it is important to open a bank account.
Therefore, if you are looking for answers to all the questions that come to your mind about this topic or similar topics, follow us in this article on the website money to get to know her.
Advantages of creating a bank account in Sweden
In fact, there are advantages that you can benefit from if you create a Swedish bank account, as the bank account in Sweden is called “Bankkonto”. ,We can say that when you create a bank account in Sweden for deposits and withdrawals called “Bankkonto” you will get an international bank account number “IBAN”.
What does this number do? An IBAN gives you permission to transfer funds for free between SEPA accounts.
As for opening accounts online, not all accounts are automatically set up for online banking transactions, so you will need what is called “BankID.” While it won’t cost you to open a bank account, most Swedish pokers charge around €20 annually for maintenance.
note: Even if you have an account in another country, consider opening an account in Sweden, as most employers there will send your salary to your bank account.
Read also: Investing in Sweden, its advantages and conditions
Procedures and how to open a bank account in Sweden for residents
If you want to know the procedures and how to open a bank account in Sweden for residents because you are a resident or want to reside there, you must first follow some simple procedures.
In general, each bank has different requirements for opening a bank account, so it is best to have all of the following paper documents:
- A Swedish personal identity card, an EU passport, or an ordinary passport with permission to reside in the country.
- Personal identification number (national number).
- Proof of address (utility bill or rental contract).
- Work permit or proof of school enrollment.
note: A personal identification number is not a legal requirement to open a bank account in Sweden. However, it is essential for many banking foundations, such as subscribing to BankdID and Swish for example.
Read also: Steps to open a bank account in Turkey for foreigners
How to get a personal number
To find out how to obtain a personal number, you will need to register an application for obtaining it, and in order to register, you will need to fill out the “Moving to Sweden” form. It is recommended to fill out this application before moving to Sweden, as it saves you time in addition to knowing the documents required to submit them there.
Then after that you have an idea about the documents You need when you arrive Visit an IRS office to complete your registration. These documents are as follows:
- A passport, or if you are a citizen of the European Union, you can present your national identity card.
- If you are traveling to study, you will need an acceptance letter stating that you will be studying for at least one year.
- An enrollment document, i.e. that you are enrolled in a program of study recognized in Sweden for example.
- Proof of your address, in addition to your residence permit, which is a requirement if you are a non-EU citizen.
You also need additional documents, depending on your situation, such as documents showing your civil status, or the birth certificate of your children if your children are with you, or your health insurance, and others.
Due to the restrictions imposed by Covid, you will have to wait up to a week before you go to a Tax Agency office to register as a resident of Sweden. So, to stay updated on the latest restrictions imposed by COVID-19, click here over here.
Read also: Successful small business ideas in Sweden
How to open a bank account for non-residents
How to open a bank account in Sweden is not difficult, but they will be restricted to the type of account opened until they register with interest taxes.
And as a non-resident it is important for you to know how it works tax system in the country. If you are from the European Union or European Economic Area or not, the law allows you to open a bank account in the country.
For expats who are wondering how to open a bank account for non-residents will find it a bit easy. Where it is considered easy as other official transactions that require the submission of documents, but the problem is that they do not obtain a personal number.
The requirements also differ if you do not have a personal number, whether or not you are a citizen of the European Union or European Economic Area.
If you are a resident of the European Union or the region Economic You are entitled to reside in Sweden, and therefore you are allowed to open an account without a personal number. The documents required in this case are as follows:
- Residence permit.
- Employment contract.
- Swedish identity card.
In addition to the above, there is doc A major additional required of non-residents, which is the Swedish National Identity Number (personnummer). Without this number, non-residents will only be allowed to open a conditional basic bank account. These terms or restrictions include the following:
- Not being able to have a bank card.
- In addition to the inability to access services banking Online.
Therefore, you will have to visit a bank branch to complete your banking transactions manually. You will also have to call the bank first to make sure that you can open a non-resident account in order to avoid any difficulties in that.
Opening a bank account in Sweden from abroad
If you are planning to move to Sweden but have not arrived yet, you may be wondering about the possibility of opening a bank account from abroad as a non-resident.
Unfortunately, Sweden has very strict laws regarding opening a bank account from abroad. Some banks offer a Mobile Bank ID to use for phone banking, but to register it you have to visit a bank branch in person.
Therefore, due to the above, it is not possible to create a bank or bank account in Sweden from abroad via the Internet.
Also read: How to get a visa to buy online without a bank account
Bank fees for opening an account in Sweden
While most Swedish banks do not charge minimum deposits, it is difficult to find a bank account that does not require any fees at all. Therefore, there are some bank fees for opening a bank account in Sweden, which are mostly administrative, and are collected annually.
For ATMs, you will find that most banks do not charge a regular fee for them, but most include an annual maintenance fee. Where the bank will deduct an amount of 250 Swedish kronor or its equivalent in dollars (25 US dollars), in addition to the rareness of dealing with checks and the fees incurred in deposit operations.
The best Swedish banks
There are currently approximately 115 banks across Sweden, so we have prepared a list showing you the best Swedish banks, as follows:
- (SEB)Skandinaviska Enskilda Banken.
In addition to the above, expats from abroad will find that most Swedish banks have online platforms or Apps on mobile. Therefore, we prepared for you a list of the best online banks, which are as follows:
- Nordea Bank.
- SEB Bank.
- Forex Bank AB.
Finally, in our article about How to open a sweden bank account We talked about all the procedures involved in creating a bank account for residents and non-residents. We also explained the possibility of opening an account from abroad and account fees, in addition to a list of the best Swedish banks to deal with.
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