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Banking and payments

Here you will find information on what to keep in mind if you want to open a bank account in Sweden and some useful links.

Don't bring personal checks or large amounts of cash

Never bring personal checks or large amounts of cash to Sweden! Personal checks will not be accepted, and the bank will only accept cash deposits to some extent. Also, banks are reluctant to accept foreign currency.

General information - cash, checks and credit cards

Regardless of how long you will be studying in Sweden, you should ensure that you have enough money to cover your expenses for the first months of your stay. International debit and credit cards are widely accepted as payment methods in Sweden. We strongly recommend you bring a VISA or Mastercard to access funds in your existing bank account. You can withdraw cash from all ATMs and make your purchases with your card. An ATM cash machine is referred to as Bankomat in Swedish.

The best way to send money to Sweden is via online money transfer from your home country to your bank account in Sweden. Discuss this with your current bank before you come to Sweden.

In most cases, cash as a means of payment is not an option in Sweden. Instead, payment by card and other digital alternatives are the most common options.

Paying bills

The cheapest and most convenient way to pay your bills is by transfer through your Swedish or home country’s online banking payment service. If you are staying with KTH Accommodation, please use the paysite: . If online payment is unavailable to you via your bank’s services, check with them about what alternative payment services are available for you, and at what cost.

Banking options

Short term students

If you study for one or two semesters (less than 12 months) in Sweden, you cannot get a Swedish personal identity number. You will only be offered limited banking services at Swedish banks ( for example no internet banking).

Consider using your national bank account and bank card for money transactions and withdraw cash at ATMs if necessary, even if this means that your transactions will result in currency exchanges.

Long term students

If you plan to study in Sweden for more than two semesters (longer than 12 months), you can apply for a Swedish personal identity number. This will make it easier for you to open a bank account and access banking services at a Swedish bank of your choice.

Once you have a personal identity number, you can also apply for a Swedish ID card which will simplify identification at the bank.

Having access to a Swedish bank account during your stay in Sweden can be convenient for paying bills and receiving income. However, depending on the agreement with your national bank, the fees of money exchange in Sweden might be less than the costs of a bank account, bank cards and payment fees. Please note that the offers from banks vary depending on how long you're staying and whether you have a Swedish personal identity number.

The ability to have access to a bank account covered by the State's deposit guarantee scheme and to basic payment services, is open to everyone. This applies regardless of your citizenship and whether or not you have a Swedish personal identity number. You have to be able to identify yourself and answer questions about why you need a bank account.

There are many banks to choose from in Sweden. Here are some of the largest banks in Sweden. 

What do I need to open a bank account?

Read the checklist below to see what documents you need to prepare to open a bank account. Also, Swedish banks are generally open only on weekdays between 10.00 and 15.00, but they usually have one evening a week with extended opening hours.

  • Valid passport (Your passport must have a valid international standard for Swedish banks to accept it as an ID)
  • Your residence permit (if applicable)
  • Proof of admission showing the duration of studies

Please note that the bank may request that you also present other documents.

To prepare yourself for which documents are required and questions the bank might ask, you can read the information on their website (the Swedish Bankers' Association) 

Swedish Bankers' Association website

As a bank customer, always remember to:

  • Inform the bank about changes in your contact information such as; your address, e-mail or telephone number.
  • Close your Swedish bank account before you leave Sweden. This should be done at the branch office where you opened your bank account. Note: A single cash withdrawal from your account may have a limit, so you should plan the withdrawal.