How to open a Swedish bank account as a foreigner?

Sweden is a popular destination for UK expats, and it’s easy to see why. The country is famous for its high standards of living, and for being one of the happiest, most tolerant nations. Whether you’re starting a new career, furthering your education or just visiting, you’ll find a thriving community of expats in Sweden.

But how easy is it to open a Swedish bank account as a foreigner? Find out everything you need to know in our essential guide. We’ll look at everything from expat-friendly Swedish banks to what documents you’ll need to apply for an account.

We’ll also show you a smart alternative to a bank account from the money services provider Wise - the Wise account. It lets you manage your money in 40+ currencies in Sweden, the UK and worldwide.

Moving to Sweden and want to take your savings with you? With Wise, you can send secure and trackable large amount transfers to Sweden and 160+ countries worldwide for low fees* and mid-market exchange rates.

Learn more about the Wise account 💰

Table of contents

Do you need a bank account in Sweden? Can you use your UK bank account in Sweden? Can you open a bank account in Sweden as a British expat? Can you open an account as an international student? What documents do you need to open a bank account in Sweden? Photo ID Proof of address Personnummer (Swedish personal identification number) How to open a Swedish bank account as a non-resident? Can you open a Swedish bank account online as an expat from the UK? Best Swedish bank accounts for expats Handelsbanken Swedbank Nordea SEB (Skandinaviska Enskilda Banken) Digital banks and money management alternatives worth looking into What are the banking fees and costs in Sweden? Is there a free Swedish bank account for non-residents? Wise – An international alternative to a bank account

Do you need a bank account in Sweden?

It isn’t absolutely essential to have a Swedish bank account in order to move there, nor is it a legal requirement. You may be able to manage without one for some things, and you can always make use of multi-currency solutions such as the Wise accountto send, spend and receive money.

But you might find that day-to-day life in Sweden is more difficult and complicated if you don’t have any kind of local current account. It’s largely a cashless country,¹ which means that you might struggle without a debit card or account.

Can you use your UK bank account in Sweden?

You might be thinking it’d be easier to just keep using your UK bank account after you move to Sweden, rather than opening a new one when you arrive. But is it actually possible?

The short answer is - it all depends on your bank.

Major UK banks such as Barclays have closed the accounts of British people living overseas in Europe.² It’s all to do with Brexit, with regulations requiring banks to have separate authorisation in every EEA country they operate in.

There are some exceptions, such as for UK Crown employees and people who are only planning to live abroad for less than 6 months.²

Other banks aren’t affected by the change in regulations after Brexit. For example, international bank Santander says it will continue to service accounts when the holder moves abroad.³ So if you’re an existing customer, you should in theory be able to continue using your account in Sweden.

An important thing to bear in mind though is the currency. If you’re using a UK bank account, it’ll likely be denominated in GBP. You’ll be spending in SEK while in Sweden, so you could lose out when it comes to currency exchange.

So, it could be a better idea to close down your UK account and get a fresh start, opening a Swedish bank account when you arrive.

📚 Read more: Best debit card to use abroad: Top 6 UK picks

Can you open a bank account in Sweden as a British expat?

Yes, Sweden’s banking system is pretty welcoming to foreigners and expats. This makes it pretty straightforward to open an account as a new arrival from the UK.

However, there are some rules and documentation you need to provide which we’ll get into in a bit.

Can you open an account as an international student?

A number of banks in Sweden offer specialist accounts for students.

For example, Swedbank has its Key Student package, which offers a debit card, credit card and digital banking services free of charge for 18-21 year olds.⁴

What documents do you need to open a bank account in Sweden?

To open a bank account in Sweden, you’ll usually need the following documents:⁵

• Photo ID and residence permit
• Proof of address
• Personnummer (Swedish personal identification number).

You may also be asked to provide further documentation, such as an employment contract, so it’s best to check with the bank you’re intending to apply with ahead of time.

Photo ID

To verify your identity, you’ll need to provide your passport or another form of acceptable photo ID such as a Swedish national ID. If you don’t have an EU passport, you’ll also need to provide your residence permit.

Proof of address

A recent utility bill or rental contract should be acceptable to prove that you have a Swedish residential address. You can also provide mortgage documents if you’ve bought property in Sweden.

Personnummer (Swedish personal identification number)

It’s usually a requirement for foreign citizens to have a Swedish personal identification number (otherwise known as a personnummer) in order to open a local bank account. You can get one by registering with the Swedish Population Register through Skatteverket, the government tax agency.

You may be able to open a basic bank account without a personnummer. However, you’ll need one for many other things, such as working, accessing healthcare and getting a driver’s licence, so it could be worth getting one.

How to open a Swedish bank account as a non-resident?

You’ll find it difficult to open a Swedish bank account unless you’re actually living there, especially as a non-EU citizen.

This is because most banks will ask for proof of address in Sweden, as well as a personnummer and a residence permit.

Can you open a Swedish bank account online as an expat from the UK?

Want to get a headstart on things before your move? If you’re super organised, you can try to get your new Swedish bank account open while you’re still packing boxes here in the UK.

Whether this is possible depends on the bank and its processes for non-resident applicants. You might find that you still need proof of a Swedish residential address, as well as a personnummer to access online banking (which is required in order to open an account).

Some banks may also require at least one in-person visit to a branch to hand over your documents and verify your ID.

You may have more luck with an international bank, one which has a presence in both the UK and Sweden. Or you can try digital or mobile banks, which may have less strict requirements for new customers.

Best Swedish bank accounts for expats

Now, let’s focus on finding you a suitable bank account.

Sweden’s top banks are Handelsbanken, Swedbank, Nordea and SEB. All of these banks are set up to offer services to UK expats, so you’re likely to find what you need with one of them.

Handelsbanken

A major bank in Sweden, Handelsbanken also operates internationally, with extensive branch networks across its home markets. It offers both current and savings accounts, to help you with everyday and long term finances.

The bank’s basic offering package includes the Allkonto current account, a debit card and online and mobile banking services.

You can also access Swish, a service for sending and receiving money via your mobile number.

Swedbank

One of the largest banks in Sweden in terms of customers, Swedbank has a full range of bank accounts and packages. A popular choice for everyday money management is the Private Account, designed for receiving your salary, paying bills and making withdrawals.

Nordea

Finnish-bank Nordea operates across Scandinavia and internationally. It offers personal and savings accounts, debit and credit cards and digital banking services.

A good account at Nordea for day-to-day banking is its Personal Account. It’s a fairly basic account, but should offer everything you need to deposit, withdraw and manage your money. This includes linked bank cards, access to Swish for mobile payments, and online banking.

SEB (Skandinaviska Enskilda Banken)

A leading banking group in Northern Europe, SEB is well known for its innovative digital banking technology, including banking apps.

A decent option for expats is the SEB Private Account, which you can use to pay, withdraw, deposit and spend. It pays interest on your balance, and you can link a debit card to the account.

SEB also has a student package, offering a fee-free account and a wide range of other useful financial services like insurance.

The bank even hasa useful document for non-EU citizens moving to Sweden looking to access their services.

Digital banks and money management alternatives worth looking into

Along with high-street banks, Sweden also has some digital banks you can choose from. This includes:

• N26 - a mobile bank with no physical branches that values secure and convenient transactions. There’s a couple of account options, including a free basic one.
• Lunar - a Danish 100% digital bank with an app, accounts and cards for both personal and business customers.
• Northmill - a local Swedish fintech that offers digital banking services, savings accounts and consumer loans.
• Revolut - an all-in-one finance app with a debit card and banking services.

You can also check out non-bank alternatives, which don’t have a banking licence but offer services such as accounts, payments and cards.

This includes the money services provider Wise, which has a multi-currency account, international debit card, transfer services and app available to use in Sweden.

📚 Read more: Best online bank accounts in the UK

What are the banking fees and costs in Sweden?

Just like in the UK, there are some fees to look out for when banking in Sweden. This includes fees for transfers, maintaining the account and getting a debit card.

These vary between banks, and you should check the small print before signing up for an account.

But here’s a roundup of what kinds of charges to expect:

Transaction/fee type	Typical fee
Current account - annual fee	Around 250 SEK a year⁶
ATM cash withdrawal	Usually free at your own bank’s ATM
Getting a debit card	Around 300 to 360 SEK⁷
Domestic payments (i.e. within Sweden)	Usually free
International payments (i.e. to the UK from Sweden)	0 to 450 SEK depending on speed, destination and payment type⁸

📚 Read more: The best UK banks for sending money abroad

Is there a free Swedish bank account for non-residents?

Unfortunately, most bank accounts in Sweden require you to have a local residential address, and even then they come with fees. These are around 250 SEK a year, with additional fees for debit cards.

Wise – An international alternative to a bank account

Need to manage your money in multiple currencies or send transfers back home to the UK? There are alternatives to using a bank, such as Wise.

Open a Wise account and you’ll only pay a small, transparent fee* to send money in 40+ currencies (including SEK, EUR and GBP). Better still, you’ll get the mid-market exchange rate for every foreign currency transaction and your transfers are always secured and trackable.

Here are the main benefits for using Wise to send money:
Fast and easy setup with no physical paperwork Low, upfront, transparent fees Fully trackable transfers Fast transfer times Two-factor authentication and real-time notifications Dedicated support for large transfers

You can also get a Wise card for a one-time fee of just £7 and use it to spend like a local in Sweden and 150+ countries worldwide. There are no hidden fees*, and you can even connect your Wise card to Google Pay or Apple Pay.

Importantly, you can open a Wise account in advance of your move to Sweden. This means you’re not left without a payment method while you’re waiting for your new bank account to be opened.

Sign up with Wise today 💰

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And that’s it - our complete guide on how to open a Swedish bank account as a UK expat. You should be all set to start researching banks and applying for your new account.

To help you get ready for your new life in Scandinavia, read our guides to money and banks in Sweden and the cost of living there.

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Sources used:

1. Visit Sweden - Currency, credit cards and money in Sweden
2. Barclays - Living outside the UK
3. Santander - Brexit and Santander
4. Swedbank - Key Student package
5. N26 - How to open a bank account in Sweden
6. LawyersSweden - Open a Bank Account in Sweden
7. Handelsbanken – Debit and credit cards
8. Handelsbanken - Cross border payments

Sources last checked on date: 30-May-2024