Banking

Having access to a Swedish bank account during your stay in Sweden can be a convenient way to pay bills and receive income. However, if you are staying in Sweden for less than one year and have access to internet banking and a credit card, it will be more convenient to stay with your home bank.

Cashless society

Sweden is a cashless society: payments, even small purchases, are done by card and many stores only accept payments by card. All major debit and credit cards, such as VISA and Mastercard, are widely accepted in Sweden (some restrictions may still apply, for example to American Express, so check that your card provider is accepted).

Swish

Swish is also a widely used payment method in Sweden. It is an app which is a cooperation between the largest banks in Sweden and each bank is responsible for offers, terms and eventual charges for the service provided to their customers. You’ll need a Swedish bank account and Swedish personal identity number to get Swish. You may also need a Swedish mobile number, depending on which bank you open an account at. For information regarding the terms and conditions of Swish, visit your bank’s website.

Opening a bank account

It may take some time to open a bank account in Sweden. Banks are required to check the identity of their customers, and some banks have more strict criteria than others. Furthermore, which services are available to you will depend heavily on whether or not you have a Swedish personal identity number.

In general, the banks do not provide international students with credit/debit cards for online payments. You can only use the card for payments in physical stores or cash withdrawals.

Make sure that you have enough money to cover your expenses for the first few months of your stay. Do not, however, bring large amounts of cash to the bank. Money laundering legislation requires the bank to ask questions about large cash transactions. If a customer does not present identification or provide a satisfactory explanation as to why the customer wants the bank to perform a certain service, the bank is not permitted to perform the requested service under the risk of criminal penalties and sanctions. Cheques are not accepted. We strongly advise that you bring a VISA/Mastercard with sufficient funds in your existing bank account.

In Sweden, banks are generally open Monday to Friday from 10:00 to 15:00. However, it is common that you need to book an appointment in advance.

You are welcome to contact any bank. Certain banks, such as SEB, have been more willing to accept international students without a Swedish personal identity number as customers.

Information for international students in Sweden from SEB

Guide to opening an account at SEB

Below you will find an indication of the documents you will need to bring to open an account. For more information visit the bank's website.

Students from an EU/EEA member country

• Letter of acceptance that shows duration of studies
• Passport
• Address information (e.g. rental contract)

Students from a non EU/EEA country and Swiss citizens

• Letter of acceptance that shows duration of studies
• Residence permit
• Passport
• Address information (e.g.rental contract)

BankID

BankID is a digital verification system used by authorities and companies in Sweden. You can get BankID through any bank in Sweden. Note that you need to have a Swedish Personal Identity Number in order to be able to get a BankID. The most common way to use BankID is through the app on your phone. You use it to identify yourself (often used to log in to various services) as well as authorise payments.

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