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Banking in Sweden

Banking in Sweden

In Sweden, banks are generally open Monday to Friday 10:00 to 15:00 (3 p.m.). Some banks have extended opening hours on Thursdays. There are several different banks available in Lund, Helsingborg and Malmö. There is no specific bank connected to Lund University.

The different bank branches require different documentation from you as an international customer. Requirements for opening a Swedish bank account normally include a minimum stay of 12 months as well as a Swedish personal identity number (for some or all services).

A Swedish personal identity number can only be obtained if you have a residence permit valid in Sweden for 12 months or longer. You apply for the Swedish personal identity number through the Swedish tax office (Skatteverket) once you arrive in Sweden. You may also need to have a Swedish identity card when opening a bank account.

Exchange students

It is strongly recommended that exchange students make banking arrangements from their home bank. Students staying in Sweden for less than six months will experience difficulties to open a bank account.

Opening an account

When you plan to open a Swedish bank account, please note the following:

  • In most cases you will need a Swedish personal identity number and a Swedish Tax Agency (Skatteverket) identity card to open an account. Contact the bank of your choice to find out what is required.
  • Most Swedish banks will charge you fees for different services. Ask about fees before choosing your bank.
  • In general, the banks do not provide international students with credit/debit cards for online payments.
  • Most credit cards are accepted in Sweden. If you have a credit card from home you can use it in Sweden.
  • Do not 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.
  • Do not use traveler’s or bank cheques.

When opening a Swedish account you will get an IBAN nr and SWIFT nr, which enables you or your family to easily transfer money from your home account to your Swedish account.

Becoming a bank customer in Sweden

If you are staying in Sweden for a longer period of time it will be much easier for you to manage your day-to-day financial matters, such as paying you rent and other bills, if you become a bank customer of a Swedish bank.

Becoming a bank customer in Sweden – Swedish Bankers' Association website