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Currency and Exchange

Information on Sweden's currency (SEK), exchange rates, and currency exchange services.

Sections

1. Official Currency of Sweden

  • Currency Name: Swedish Krona (plural: kronor)
  • Currency Code: SEK
  • Symbol: kr
  • Subunit: 1 krona = 100 öre (though öre coins are no longer in circulation, prices may still be displayed in öre, e.g., 9.99 SEK).

The Swedish krona is a stable currency widely used across the country. While Sweden is part of the European Union, it has not adopted the euro (€) as its official currency.

2. Exchange Rates

  • Exchange rates for SEK fluctuate daily based on global currency markets.
  • As of recent years, 1 USD is typically equivalent to around 10–11 SEK, and 1 EUR is around 11–12 SEK. However, always check the current rate before exchanging money.
  • You can find up-to-date exchange rates on financial websites, currency converter apps, or through Swedish banks.

3. Where and How to Exchange Money

Sweden is a highly cashless society, and most transactions are conducted electronically. However, if you need to exchange foreign currency for Swedish kronor, here are your options:

a. Banks

  • Major Swedish banks like Swedbank, SEB, Handelsbanken, and Nordea offer currency exchange services.
  • Banks typically provide competitive exchange rates but may charge a service fee.
  • Note: Many bank branches no longer handle cash directly, so check in advance if the branch offers currency exchange services.

b. Currency Exchange Offices

  • Specialized currency exchange offices, such as Forex Bank and X-change, are common in major cities and airports.
  • These offices often have extended hours and are convenient for travelers.
  • Exchange rates at these offices may include a margin, and some may charge a service fee.

c. ATMs

  • ATMs (locally called Bankomat) are widely available and allow you to withdraw SEK directly using your foreign debit or credit card.
  • ATMs typically offer competitive exchange rates, but your home bank may charge a foreign transaction fee or ATM withdrawal fee.
  • Look for ATMs that display the Visa or Mastercard logo, as these are widely accepted.

d. Airports

  • Currency exchange services are available at major Swedish airports like Stockholm Arlanda Airport and Gothenburg Landvetter Airport.
  • While convenient, airport exchange rates are often less favorable, and fees may be higher.

e. Hotels

  • Some hotels may offer currency exchange services, but rates are usually less competitive than banks or exchange offices.

4. National Regulations and Restrictions

  • There are no restrictions on bringing foreign currency into Sweden, but amounts exceeding 10,000 EUR (or equivalent) must be declared to Swedish Customs upon entry or exit.
  • Sweden does not impose restrictions on exchanging foreign currency, but you may be required to show identification (e.g., passport) for larger transactions.

5. Costs Associated with Currency Exchange

  • Exchange Rate Margins: Currency exchange providers often add a margin to the exchange rate, which can vary between 1–5%.
  • Service Fees: Some banks and exchange offices charge a flat fee (e.g., 50–100 SEK) or a percentage of the transaction amount.
  • ATM Fees: Your home bank may charge a foreign transaction fee (typically 1–3%) and/or an ATM withdrawal fee. Some Swedish ATMs may also charge a small fee.

6. Country-Specific Considerations and Tips

a. Sweden’s Cashless Society

  • Sweden is one of the most cashless countries in the world. Credit and debit cards are accepted almost everywhere, even for small purchases.
  • Mobile payment apps like Swish are widely used by locals, but these require a Swedish bank account.
  • Many businesses, including some restaurants and shops, no longer accept cash. Always check in advance if you plan to pay with cash.

b. Preferred Payment Methods

  • Visa and Mastercard are the most commonly accepted cards. American Express and Diners Club are less widely accepted.
  • Contactless payments are standard, and most card terminals support tap-to-pay.

c. Avoid Excessive Cash

  • Carrying large amounts of cash is unnecessary and may be inconvenient, as many places do not accept it.
  • If you do need cash, withdraw small amounts from ATMs as needed.

d. Currency Exchange Scams

  • Avoid exchanging money with unauthorized street vendors or unofficial exchange services, as they may offer poor rates or counterfeit currency.

e. Keep Small Denominations

  • If you use cash, try to carry smaller denominations (e.g., 20, 50, or 100 SEK notes), as some businesses may not accept larger bills (e.g., 500 or 1,000 SEK).

f. Tipping Culture

  • Tipping is not mandatory in Sweden, and service charges are usually included in the bill. If you wish to tip, rounding up the bill or leaving 5–10% is sufficient. This can be done via card payment, so cash tips are rarely necessary.

7. Practical Steps for Visitors and Immigrants

  1. Before Arrival:

    • Check the current exchange rate for SEK.
    • Notify your bank of your travel plans to avoid issues with card transactions.
    • Consider bringing a small amount of SEK for emergencies, but rely primarily on cards.

  2. Upon Arrival:

    • Use ATMs or exchange offices at the airport for initial cash needs.
    • Set up a Swedish bank account if you’re an immigrant planning to stay long-term. This will make payments and transfers easier.

  3. Long-Term Stay:

    • Apply for a Swedish personnummer (personal identity number) to open a local bank account.
    • Use Swedish banking apps like Swish for seamless payments.

8. Summary

  • The official currency of Sweden is the Swedish krona (SEK).
  • Sweden is a cashless society, so prioritize using credit/debit cards or mobile payments.
  • Currency exchange is available at banks, exchange offices, and ATMs, but fees and rates vary.
  • Avoid carrying large amounts of cash, and be aware of Sweden’s minimal reliance on physical currency.
  • For long-term immigrants, opening a Swedish bank account is essential for financial convenience.

By following these guidelines, you can navigate Sweden’s currency and exchange systems with ease, whether you’re visiting for a short trip or settling in for the long term.