If you recently moved to Sweden, navigating the banking system might seem like a daunting task. In this post, I’ll provide you with valuable insights and a step-by-step guide on how to open a Swedish bank account, making your transition to life in Sweden a breeze!
Having a local bank account is essential in this cashless society, offering convenience and numerous benefits, such as bill payments, online banking access, and seamless integration with Swish, the mobile payment system in Sweden.
Types of Bank Accounts in Sweden
There are two main types of bank accounts in Sweden:
- Payment Account (Betalkonto, Privatkonto, Lönekonto, Transaktionskonto, or Personkonto): This account has different names in each bank, but they are all the same. This is a basic account for everyday transactions, like paying bills and receiving your salary. It comes with a debit card and online banking access.
- Savings Account (Sparkonto): These accounts are designed for long-term savings and often offer higher interest rates.
Requirements to Open a Swedish Bank Account
Even without a Swedish personal number, you have the right to open a Swedish bank account (payment account) with basic functions as long as the bank can check your identity. This is also applicable if you’re a dependent of someone holding a work permit or student visa.
Basic functions mean
Here’s the list of the most common requirements for opening a bank account in Sweden:
* Find more details below on how to open a Swedish bank account, even without a personnummer or employment.
How to open a Swedish bank account
1. Research Swedish Banks
There are several banks in Sweden to choose from. When choosing, think about things like fees, types of accounts, and branch locations. I’ll highlight the banks where you can also get a bank ID.
I recommend opening a bank account with either Handelsbanken, Nordea Bank, or SEB. These are major banks in Sweden and they’ve proven to be helpful for first-time account openings.
- ICA Banken
- Danske Bank
- Sparbanken Syd
2. Gather the required documents
Each bank may require different documents. Generally, be ready with your Swedish personal number (personnummer), proof of residence, a valid ID or passport, and information about your work or studies.
3. Visit a local branch
In Sweden, banks require an appointment to open an account. Currently, it’s tough to open a Swedish bank account, and the next available slot might be a few months away.
Find your local branch and make an appointment as early as you can. During this process, the bank will ask why you want to open an account.
It’s a good idea to aim for a basic payment account (betalkonto) and state that you need it to receive your salary and pay bills in Sweden.
4. Complete the application process
The bank will guide you through the application process and may ask for additional information or documents. Once your account is approved, you’ll receive a debit card and online banking access.
You will get the bank’s decision within two weeks. If you are denied a bank account or unsatisfied with their decision, you can follow the steps I’ve outlined at the end of this post.
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What is a BankID in Sweden
A BankID in Sweden is used to securely identify yourself digitally. Since almost everything in Sweden is online, you can use your BankID to digitally sign your documents, pay online, pick up your package from a service point, or do almost every transaction that you do online.
There are three types of BankIDs:
- BankID på kort (BankID on the card)
- BankID på fil (BankID on file)
- Mobile BankID
You need to have a card reader that is connected to your computer in order to use the BankID on the card. While Mobile BankID is an app that you download on your phone.
How to get a Bank ID
A bank ID is used to securely identify yourself digitally and is essential for many online services in Sweden. You can get a Bank ID if
- You have a Swedish bank account from one of the banks that issue a Bank ID
- You have a Swedish personal number
Not every Swedish bank offers a Bank ID. Only the ten banks I listed above do. The process to obtain a Bank ID varies from bank to bank. However, in most cases, you can order your Bank ID online through your bank’s website.
FAQ on How to Open a Swedish Bank Account
In this section, I’ve compiled the most frequently asked questions and their answers! I want to share my own experience about opening a bank account without a personnummer, and how we handled it when my husband’s attempt to open a bank account was initially rejected.
I hope you will be able to open a Swedish bank account without any problems! Always know your rights and provide all the requirements the bank asked you for.
Anyway, you only need to go through this process once since once you get a mobile BankID, you can freely open an account online.
Not sure what else you should do after arriving in Sweden? Don’t miss out on the important things to do after moving to Sweden.
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