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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.

Sweden is a mainly cashless society

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. Most major debit and credit cards are widely accepted in Sweden. Still, some restrictions may apply, to, for example, American Express, so check that your card provider is accepted.

Banking options

Access to a bank account covered by the State's deposit guarantee scheme and 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 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 on the Swedish Banker's Association website. 

Becoming a bank customer

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, a digital ID widely used in society, and access Internet banking services.

Swedish personal identity number and ID card

Once you have a personal identity number, we recommend you 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, close your Swedish bank account before you leave Sweden. Ensure you plan this in advance 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 pay the rent directly in your workflow in Mobility Online. If your card cannot make online transactions and you can not pay in Mobility Online, contact rentinvoice@kth.se  for further information. Do not make any bank transfers before contacting rentinvoice@kth.se .

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