Students: Opening A Bank Account In Sweden
Opening a bank account in Sweden should be top of your list once you've arrived. There are many different banks to choose from in Sweden, including SEB, Nordea, Swedbank, Danske Bank and Handelsbanken. Read on for more information on opening a bank account in Sweden as a student.
Applying for a Swedish bank account should be one of the first things you do, if you are staying in Sweden to study - check out the top five to find out which one suits you. Photo by Barrons
Understanding and organising finances can seem like an added worry when you're already a student in a foreign country. Opening a bank account in Sweden can actually make your time here much easier, and open many doors for you in terms of giving you access to certain payment apps and online facilities.
Opening a bank account is fairly straight forward if you follow the necessary steps. It will also save you from those pesky transaction fees when using your card in a foreign country, not to mention the added security risks. Below, we'll guide you through the four steps to opening a bank account in Sweden.
1. Get A Personal Number In Sweden
Every Swede is given a Personnummer at birth. If you are migrating to Sweden or staying here for a period of more than 12 months, then obtaining one is a necessity and will open many doors for you. Photo by Hus Langford
Your first step to obtaining a Swedish bank account is obtaining a Personal Number. A Personal Number, or Personnummer, is a unique combination of numbers, including your date of birth, that you will need for anything from getting a bonus card a the local supermarket, to downloading payment apps.
To obtain a Personal Number, you should either visit Skatteverket with your visa, which you obtain from Migrationsverket, a passport as well as other additional documents of relevance. To qualify for a Personal Number you have to prove you will be staying in Sweden for at least 12 months.
Read more about obtaining a Personal Number here.
2. Choose A Bank In Sweden
If you are studying in Sweden, then you may need to receive student loans to your bank account. Transferring money abroad can be complicated and costly. Photo by Sveriges Radio
SEB, Nordea, Handelsbanken, Danske Bank and Swedbank are your top five options if you want a general account in Sweden. SEB is said to be the most popular among foreign students, as it has the fastest approval times, but there are other factors you should consider when deciding on which bank to use. Most banks will offer all the same services, including online banking, telephone banking and contactless payment.
Some banks charge a monthly fee for holding an account with them, such as Nordea and SEB. Handelsbanken has a one-off payment of 300SEK for access to a Maestro card. Danske Bank offers free services to international students, as well as travel insurance. It is best to visit a branch and speak with staff about what you would like from a bank account and how their services can suit you, but most of the information is offered online.
Read more about how to do your tax declaration in Sweden.
3. Bring Your ID To The Bank In Sweden
It's important to bring your passport, or driving license, to your bank so they can verify your ID. Having all neccessary documents with you will minimise waiting times when applying for a Swedish bank account. Photo by Pixabay
Don't forget your Swedish ID when visiting your bank of choice! If you don't have Swedish ID, bring your passport, visa (if applicable), and any other documents that you think might be relevant to your application. Banks tend to have limited opening hours, generally being open only between 10:00 - 15:00.
If you can't get a Personal Number, some banks may accept a co-ordination number, but this will limit your options in terms of online banking and app utilisation. Additionally, if you are legally a resident of an EU country, then you are entitled to open a basic payment account regardless of co-ordination or Personal Number.
Read more about banking information in Sweden as a student.
4. Using Online Banking In Sweden
Sweden is almost a completely cash-free country. A lot of banks don't even handle cash anymore, so it's important to set up online banking so you can keep track of your finances digitally. Photo by Google
Since Sweden is a very digitalised country, the majority of people use online or internet banking to manage their accounts. After you get your account set up at your chosen bank, you should confirm that you are able to set up online banking and keep track of your finances. Having a Mobile BankID is vital when getting registered for services like Arbetsförmedlingen and Swish.
It's uncommon in Sweden to use cash as most people make payments using their contactless cards or payment apps. If you haven't already heard of Swish, it is a mobile payment app that lets you transfer money to individuals using only their phone number. Simple, right? It might be some hassle registering for a bank account and Bank ID, but once you've done it, it's totally worth it.
Read more about digital banking tools if you live in Sweden.
Opening a bank account in Sweden, as an international student, will make your life a lot easier. You'll be able to utilise apps like Swish and BankID, that will make managing your day-to-day finances a breeze. I hope you've found this guide informative and it's given you a good basis in the search for your ideal bank account.
If you already have a bank account in Sweden, which bank did you choose and why? Let us know down below in the comments section!
