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Banking in Sweden

On this page, you will find some useful information regarding opening a bank account in Sweden and other related information.

Do not bring a large amount of cash or personal checks

Money laundering legislation has made Sweden a mainly cashless society and requires banks to ask questions about cash transactions. Banks will only accept cash deposits to some extent and are reluctant to accept foreign currency and large amounts of money. Do not bring personal checks, they will not be accepted.

Banking options

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. 

Most Swedish banks’ regular opening hours are weekdays between 10.00 and 15.00, but check with the bank for extended opening hours.

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.

  • Valid passport/Swedish ID card
  • 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.

Learn more at the Swedish Bankers' Association website

Long term students

If you plan to study for more than two semesters (longer than 12 months) in Sweden, you can apply for a Swedish personal identity number, which will make it easier for you to open a bank account. With your personal identity number you can get a Mobile BankID, which is a digital ID widely used in society, and also access internet banking services.

Read more about the Swedish personal identity number and ID card

Once you have a personal identity number, we recommend you to apply for a Swedish ID card, which will help with identification at the bank and more.

Short term students

If you study for one or two semesters (less than 12 months) in Sweden, you cannot receive a Swedish personal identity number. You will only be offered limited banking services at Swedish banks, for example no internet banking. Therefore, the recommendation is to make arrangements with your home bank before coming to Sweden.

Remember to inform your bank

As a bank customer, always remember to inform your bank about changes in your contact information such as; your address, e-mail or telephone number. Also, make sure to close your Swedish bank account before you leave Sweden. Make sure you plan this in advance in order to avoid accumulating unnecessary fees.

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. 

How to pay rent - if you have housing through KTH

You receive the invoice by email and you pay the rent directly in your workflow in Mobility Online. If your card cannot make online transactions and you can therefore not make the payment in Mobility Online you need to contact  for further information. Do not make any bank transfers before contacting .

For more information on how to pay your rent (KTH Accomodation)