If you need to send money to Sweden but you are frightened by the big fees charged by banks, be sure to read this Sweden Money Transfer Guide.
We will show you how the Top Foreign Exchange companies reward their customers with zero fee transfers, great currency exchanges, quick delivery and an awesome customer support. Embrace the technology and forget about your local banks by making cheap and easy money transfers from the comfort of your own home.
The Guide’s Topics:
- Best Way to Send Money to Sweden
- Best Company to Transfer Money from the Sweden
- Today’s Swedish krona Rates
- Reasons to Move Funds into Sweden
- Regulation and Limitations
Best Company To Transfer Money To Sweden
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
Currencies Direct helps customers make cheap money transfers to Sweden by providing a great exchange rate for any currency you may have. More than that, they have a very low minimum of only 100 euros and have no restrictions as far as the maximum amount to be transferred goes.
WorldFirst is a company that has been focusing a lot on creating the best and easiest to use service by its clients. There are a few FX companies that tapped in to the mobile app sector but none comes close to the WorldFirst mobile app. It is very intuitive and easy to use and at the same time, provides all that is necessary in order to make international money transfers with just a few taps.
Best Company to Transfer Money from Sweden
|Min. Transfer: £ / € 50.|
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
Supported Regions & Currencies
There are no restrictions on inbound or outbound money transfers in Sweden and this means that any company that provides money transfer services can do so in every region of the country.
Currencies: MoneyCorp works with international clients everyday so having a big number of currencies is a must. Because they trade between many currencies, you can easily make transfers to European countries that are using Euro as their main currency like France, Spain, Germany, Cyprus, Austria, Belgium and many more.
Today’s Foreign Exchange Rates for SEK
Swedish krona behaviour
The primary currency influence is the domestic economic cycle. Given high exports and strong international trade links, global economic swings are also important for short-term krona trends.
Prior to 1993, the central bank was not independent and the government struggled to maintain financial stability with a severe banking crisis. There was a move to inflation targeting in 1993 and the Riksbank, granted independence in 1999, now has a mandate from the government to maintain price stability with an inflation target of around 2%. This is a similar target to most OECD central banks and provides underlying currency support and should underpin long-term stability.
The krona will tend to strengthen when the Riksbank is tightening policy to keep inflation low and tend to weaken when the central bank is cutting rates.
Although there is a floating exchange rate regime, the Riksbank does act to influence the exchange rate if currency trends are having a major impact on inflation through excessive weakness or strength.
The Swedish current account has been in surplus since 1993 which provides underlying currency support.
Sweden has a high ratio of exports to GDP with exports concentrated in the primary and engineering sectors. The economic performance and currency trends are, therefore, correlated strongly with overall trends in the global economy. Given close links to Norway, there is also some sensitivity to oil prices.
Sending Money To A Swedish Bank Account
Sweden is the seventh-richest country in the world in terms of GDP and offers a high standard of living for its citizens. The country has a export-oriented economy with the engineering sector accounting for 50% of output and exports.
Real Estate: In 2016 Sweden has seen an economic boom as a result of a cocktail of record central bank stimulus and unprecedented immigration. Low interest rates have boosted consumer spending and borrowing, with house prices rising to new all-time highs. Combined with the fact that the country is battling a severe housing shortage, Sweden is seen as one of the go-to countries for real estate investors in 2016 and beyond.
Startup Hub: The Telegraph named Sweden in 2015 as the “Startup Capital of Europe” because of the fact that it is the world’s second most prolific tech hub on a per capita basis, behind Silicon Valley. And with the like of Skype, Spotify, Candy Crush and Minecraft being started in this country, you might start to understand why it got this name.
This entrepreneurial medium is fueled in part by the government who provides free academic studies and keep the young people away from life-crippling debts like we see in the US. As Mattias Ward said for TechRadar:
Sweden has a lot of safety nets from an income perspective, which reduces the risk of starting your own company.
Relocating To Sweden?
Pay attention to the stats we provided below if you’re thinking to relocate to Sweden:
Advantages Of Moving To Sweden:
- Free education: Even the university studies are government subsidized.
- Work benefits: Five weeks paid vacation to start and 480 days of paid parental leave.
- Go green: Sweden is a very environmentally concious country and so are the people.
Disadvantages Of Moving To Sweden:
- Big taxes: Sweden has some of the biggest taxes on revenue.
- Climate: Most people are a little reluctant about the wintertime in Sweden as the temperatures can get pretty low in the northern part of the country.
- Immigration: Immigration can be quite hard and many boxes have to be checked before applying for a visa.
Best Way To Make A Cheap Transfer To Sweden
There are two primary reasons why using Foreign Exchange companies costs less than banks and even remittance companies. The first is that they don’t make their money through fees. Instead, they use their refined insight and knowledge of foreign currency exchange markets to make smart trades. The model is simple yet very effective – buying huge quantities of currency at a wholesale price and re-selling them for a profit margin.
Next, most foreign exchange companies do a large portion of their business online, which results in much lower overhead compared to banks and remittance companies that must maintain multiple branches.
The savings that foreign exchange companies enjoy is passed along to the customer. As a matter of fact, if you make international transfers that meet a certain threshold, you may even be able to send your money to The Netherlands for free.
What you need to send money to Sweden
- Account Holder’s Full Name
- Swift/BIC Code
- Your identity card
After you provide the details listed above the process is pretty straightforward:
- Create an account with one of the listed companies.
- Get a quote from one of the dealers.
- Add money to your account so you can fund the transfer.
- Get the confirmation from the company that the transaction is successfully completed.
Our Company Recommendation:
- Send Money to Sweden: Companies that provide international money transfers to Sweden.
- Send Money from Sweden: Companies that take on Swedish Customers.
Regulations and taxes when transferring money to and from Sweden
After joining the European Union (EU) in the early 1990s, Sweden has allowed for free movement of capital to and from the country. The only industries that are somewhat protected from foreign investments are fishing, insurance and air transport.
The Swedish krona is freely exchanged with any other currency, with the most often exchanged being the US dollar and the Euro.
The Central Bank of Sweden (Sveriges Riksbank) is the one who sets Sweden’s monetary policy and tries to keep inflation around 2% per year
The Finansinspektionen, maintains direct oversight and regulation of the financial system, including banks, insurance companies, payment institutions, and other financial service providers.
Sweden is very open to foreign investments and that’s why it is a popular location for investment.
No transfer restrictions are in place, nor do transfers need to be officially declared. Only transfers over EUR10,000 per person must be declared.
Taxation on foreign income
Swedish residents are taxed on any foreign income. Non-residents are taxed on any income originating in Sweden.
Biggest banks in Sweden
- Nordea Bank
- Skandinaviska Enskilda Banken
- Svenska Handelsbanken