Stockholm

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Currency Exchange

Information on how and where to exchange foreign currency into the Swedish Krona.

Sections

Currency in Sweden

  • The official currency of Sweden is the Swedish Krona (SEK), often abbreviated as "kr."
  • Banknotes are available in denominations of 20, 50, 100, 200, 500, and 1,000 SEK, while coins come in 1, 2, 5, and 10 SEK.

Best Places to Exchange Money in Stockholm

  1. Currency Exchange Offices

    • Forex Bank: One of the most popular and reliable currency exchange providers in Sweden. They have branches at Stockholm Arlanda Airport, Stockholm Central Station, and in various parts of the city. Forex Bank offers competitive rates and transparent fees.
    • X-Change: Another reputable currency exchange chain with locations in central Stockholm. They are known for offering good rates and clear pricing.
    • ChangeGroup: Found in tourist-heavy areas like Gamla Stan (Old Town) and near major train stations. While convenient, their rates may not always be the best.

  2. Banks

    • Major Swedish banks like SEB, Swedbank, Handelsbanken, and Nordea also offer currency exchange services. However, they may charge higher fees or require you to have an account with them.
    • Banks are generally open Monday to Friday, from 9:30 AM to 3:00 PM or 4:00 PM, with some branches offering extended hours.

  3. ATMs (Bankomats)

    • ATMs are widely available in Stockholm and are often the most convenient and cost-effective way to get Swedish Krona. Look for ATMs labeled Bankomat or Kontanten.
    • Most ATMs accept international debit and credit cards (Visa, Mastercard, etc.) and offer competitive exchange rates. However, your home bank may charge a foreign transaction fee or ATM withdrawal fee, so check with your bank beforehand.

  4. Stockholm Arlanda Airport

    • Currency exchange services are available at the airport, but the rates are typically less favorable than in the city. Use airport services only for small amounts or emergencies.

  5. Hotels and Tourist Areas

    • Some hotels and tourist shops may offer currency exchange, but their rates are often poor, and fees can be high. Avoid these unless absolutely necessary.

Typical Exchange Rates and Fees

  • Exchange rates fluctuate daily, so itโ€™s a good idea to check the current rate online before exchanging money. Websites like XE.com or apps like Revolut can provide real-time rates.
  • Currency exchange offices like Forex Bank and X-Change usually display their rates prominently. Look for the buy rate (the rate at which they buy your foreign currency) and compare it to the mid-market rate.
  • Fees:
    • Some exchange offices charge a flat fee (e.g., 30โ€“50 SEK per transaction) or a percentage of the amount exchanged (e.g., 1โ€“3%).
    • ATMs may charge a withdrawal fee (usually 20โ€“50 SEK) in addition to any fees from your home bank.

Procedures for Exchanging Money

  1. At Currency Exchange Offices

    • Bring a valid ID (passport or national ID card) as it may be required for larger transactions.
    • Check the displayed rates and ask about any additional fees before proceeding.
    • Count your money carefully before leaving the counter.

  2. At ATMs

    • Insert your card and select your preferred language.
    • Choose the amount you wish to withdraw in SEK.
    • Decline any "dynamic currency conversion" offers, as these often result in a worse exchange rate. Always choose to be charged in SEK.

  3. At Banks

    • Visit during business hours and bring your ID.
    • Be prepared for potentially longer wait times, as banks may prioritize account holders.

Local Tips and Considerations

  1. Cashless Society

    • Sweden is one of the most cashless societies in the world. Most businesses, including restaurants, shops, and public transport, accept credit and debit cards. Mobile payment apps like Swish are also widely used.
    • Consider whether you even need to exchange cash. For short visits, using a credit or debit card with no foreign transaction fees may be more convenient.

  2. Avoid Tourist Traps

    • Exchange offices in heavily touristed areas (e.g., Gamla Stan) may have less favorable rates. Walk a few blocks away to find better options.

  3. Use a Multi-Currency Card

    • For frequent travelers or long-term residents, consider using a multi-currency card like Revolut, Wise (formerly TransferWise), or N26. These cards allow you to hold and spend SEK at near mid-market rates with minimal fees.

  4. Check Your Bankโ€™s Policies

    • Before traveling, check with your home bank about international withdrawal fees and notify them of your trip to avoid any issues with your card.

  5. Receipts

    • Always keep your receipts from currency exchanges or ATM withdrawals. They may be required for refunds or disputes.

  6. Emergency Cash

    • While Stockholm is very safe, itโ€™s always a good idea to carry a small amount of cash (e.g., 200โ€“500 SEK) for emergencies or situations where cards are not accepted.

For Long-Term Residents

  • Open a Swedish bank account if you plan to stay for an extended period. This will allow you to receive payments, pay bills, and avoid foreign transaction fees.
  • Most banks require a Swedish personal identity number (personnummer) to open an account. Once you have this, you can also use Swish for instant payments.

Summary

  • Best Options: Use ATMs or reputable exchange offices like Forex Bank or X-Change for the best rates.
  • Avoid: Airport exchanges, hotels, and tourist shops unless necessary.
  • Cashless Society: Cards are widely accepted, so you may not need much cash.
  • Long-Term Residents: Open a Swedish bank account for convenience and savings.

By following these tips, you can navigate currency exchange in Stockholm efficiently and avoid unnecessary fees. Let me know if you need further assistance!