Banking, Money and Taxes in Sweden

Banking, money, and taxes in Sweden are easily manageable thanks to the country's efficient and highly sophisticated financial systems. Nevertheless, there are several distinct features of dealing with money in Sweden that, combined with the language difference, could be challenging for expats living in the country.

Depending on how long you stay in the country, you may be expected to pay tax in Sweden. The Skatteverket, the Swedish tax agency, plays a larger role in Swedish society than you may be used to – it is responsible for everything from population registration to issuing burial certificates. That said, it is highly efficient, trusted and even popular with the general population.

Money in Sweden

The currency in Sweden is the Swedish krona (SEK). One krona is equal to 100 öre, and the plural for krona is kronor. While prices in Sweden might be quoted using öre, they are usually rounded up as öre coins are no longer in circulation.

• Notes: 20 SEK, 50 SEK, 100 SEK, 500 SEK and 1,000 SEK
• Coins: 1 SEK, 5 SEK and 10 SEK

Banking in Sweden

Opening a bank account at one of the local commercial banks such as Handelsbanken, Föreningssparbanken, Nordbanken and Skandinaviska Enskilda Banken (SEB) should be simple. These banks offer full internet banking services, but systems are only available in Swedish. 

Swedbank is one of the most popular banks that offer services in both Swedish and English, making them a viable option for expats. Regular banking hours in Sweden are 9am or 10am to 3pm or 4pm, Monday to Friday.

Opening a bank account 

When opening a bank account in Sweden, you will need various documents, including proof of address, passport, employment details, and a personal tax number (personnummer). You can obtain your personnummer from your local tax office, and it allows you to do everything from opening a bank account to getting a mobile phone contract.

Although there may not be a minimum deposit requirement, some banks may charge an annual account maintenance fee. Digital banks are also a great consideration if you are still outside the country and want to open an account remotely. 

ATMs and credit cards

Major credit and charge cards are accepted throughout the country, and in many cases are more commonly used than cash. That said, ATMs (bankomats) are prevalent and can be found outside all banks, as well as in most supermarkets and shopping centres. 

ATM charges will depend on whether you use an ATM associated with your bank or another bank. The latter will be pricier, so we recommend always using your bank's ATMs. 

Taxes in Sweden

Foreigners moving to Sweden are taxed depending on the length of their stay. To be considered a Swedish resident for tax purposes, you must either have a permanent home in Sweden or have stayed in the country for more than six months in a year.

Taxes in Sweden are paid according to a sliding scale. Residents are taxed on their worldwide income, whereas non-residents temporarily working in Sweden are usually taxed only on their income earned in the country.

You may also be eligible for tax relief under certain conditions. Those who benefit typically include specialists, qualified scientists or experts with scarce knowledge and skills, and key senior employees. Expat tax relief reduces salary tax and assists with expenses related to moving, returning to your home country and school fees.

To qualify for tax relief, you must apply in person at the Tax Committee (Forskarskattenämnden) within three months of starting employment in Sweden. This can be done once your personnummer is issued.

If you intend on staying in Sweden for less than a year, you will often receive a coordination number (samordningsnummer) instead of a personnummer. This is mainly for tax purposes and may not be accepted by local banks and businesses.

Given that the taxation system in Sweden is so different from that in many expats’ home countries, it's best to seek the help of a local registered tax professional.

Useful links

• Taxation of Research Workers Board (Forskarskattenämnden)
• The Swedish Tax Agency