Bank Account in Sweden

Until recently, Sweden was not among those countries experiencing mass migrations from Eastern Europe and Central Asia. But things have changed. In spring 2022, the Uzbek authorities announced the forthcoming opening of an embassy in Stockholm-the first representative office of this republic in Scandinavia-before then, the nearest diplomatic mission had been the embassy in Latvia. That means the interest in moving to Sweden from Uzbekistan and neighboring countries will grow. In the following article, we are going to talk about one of the necessary procedures on the way to legalization in the country: opening a bank account in Sweden.

How to Open a Swedish Bank Account as an Individual

Opening an account in any Swedish bank for an individual requires two basic fulfillments: identification and an explicit answer to the question “Why do you need this?” Let us discuss each of them.

Identification

Identification is a special demand for each customer who applied to open an account in banks of Sweden – documentary evidence of identity. The following is at choice:

• To present a valid Swedish identity document: passport, national identity card, or profile via BankID. A driver’s license issued in this country is acceptable.
• Submit a foreign passport or other photo document with the data about citizenship, issued by the government agency or other authorized entity. Please, be aware that employees may ask for documents from you in addition to this list.

Reasons for Opening a Bank Account in Sweden

Now consider the second requirement. Opening of the account should be accompanied by an explanation of your reasons—what for you will use it: transfer of salary or other monetary compensation, payment of rent, storage of savings, etc. The bank may ask other questions to get to know you better as a customer. We recommend answering honestly and openly.

If both conditions for opening a bank account are satisfied, the customer gets access to basic services: card issuance, deposits, mortgage lending, etc.

But it is also not a rare case when banks refuse not only to foreigners but also to citizens of the European Union.

The Bank May Refuse If:

• The ability to prove the identity of the applicant in a sufficiently reliable way.
• The information provided about the reasons for opening an account is considered insufficient.
• There is a possibility of violating any legally established norm or regulation.
• The bank may also refuse to open an account if the applicant’s “dishonest behavior” has been revealed in the past.

How to Open a Swedish Bank Account for a Student

Foreign students, in addition to an identity card, will need:

• Residence permit or visa, with the exception of EU citizens;
• Notification of admission from university—antagningsbesked—indicating the duration of study.

It is required, in order to open a bank account for a non-resident, that one provides not only a passport, residence permit, etc., but also a tax identification number with which it is possible to track the receipt of income and the payment of tax fees. It is issued by any local tax office.

A list of documents, which are required for a non-resident to open an account, is compiled individually because it depends on a citizen’s country and the goal of being in the country.

Even a non-resident without official income in the country is entitled to open a bank account in Sweden; his opportunities, however, will be limited: there will be no Internet banking and overdraft.

Memo to the Non-Resident

• Remember that during the visit to the bank: explain in your terms and be able to answer them;
• If necessary, invite an interpreter with you;
• They will ask where you took the money from, prepare answers in advance;
• Other persons have no right to use your account and other services in the absence of an agreement with the bank;
• You may be asked more questions or have other requirements.

Bank services are available in Swedish and English, but still somehow you manage to find services in Russian as well. The opening of accounts for non-residents is not part of any additional charges, but a commission is drawn on the processing of a transaction.

Bank Comparison

PTP хорощо изучите существующие на данный момент предложения, прежде чем обращаться в банк. By default, the banking service includes the issue of a debit card, the option to use telephone and Internet banking. As a rule, telephone support services work from 9:00 am to 21:00-23:00 pm.

• SEB – Skandinaviska Enskilda Banken: One of the most substantial financial groups in northern Europe. Annual maintenance costs 420 SEK. Free service for up to 18 years or 21 years, depending on the account type.
• Handelsbanken: A big bank with a high rating of long-term lending. It has branches all over the country and also in the UK, Denmark, Finland, Norway, and the Netherlands. Free service for children and youth till 21 years old and students till 27 years old. Service — 25 CZK per month except those who have Mastercard, Allkort, Platinum Bank Card.
• Nordea Bank: A financial group operating 1,500 branches in 19 countries worldwide. Monthly maintenance — 39 CZK. Free for children, youth under 22, and students.
• Swedbank: A credit institution founded in 1820. It serves 10 million private and corporate clients in Sweden, Estonia, Denmark, and Lithuania. Maintenance — 39 CZK/month. Free for children, youth under 21 and students.

How to Open a Company Account

It is quite predictable that obtaining a bank account by legal entities will require more documents. So, in order to register a company, it will be necessary to provide personal documents of all founders and official representatives.

Banks may ask for a certificate of registration of securities of the company and certificates from the tax service. To open a company account, one will have to provide a certificate of registration – the so-called certificate of incorporation, thanks to which one can work in the country.

Opening an Account for an Offshore Company

It is not possible to open an offshore account in Sweden, but it is theoretically possible to register a bank account for an offshore company. Yet financial experts don’t recommend taking such a step. The reason is scrupulous inspections of the companies by banks, as well as requirements to disclose the identity of beneficiaries. Besides, the Swedish tax system does not provide levers for business to minimize their tax burden.

How to Close an Account

Closing a bank account is a very usual procedure. The user comes to the branch, fills out the application, and the operator, after checking the condition of the stored finances and the existing obligations, closes the account if everything is alright.

If we speak about closing independently opened accounts—for example, in a mobile application—they can be deleted by yourself.

If you’re looking to open a bank account in Sweden, our staff here at Regulated United Europe will be more than happy to guide you through the process. Drawing on eight years of experience helping clients open bank accounts across Europe, we are connected with a wide network of trusted associates in the European financial services sector able to offer suitable, cost-effective solutions to help optimize the businesses we serve.

Business Bank Account in Sweden

Opening a corporate bank account in Sweden is an important step for companies desirous of beginning business operations in this highly industrialized country with a very innovative business environment. Renowned for providing quality banking services that are very innovative in the use of financial technology, Sweden enjoys a high level of confidence in the financial sector. The paper will briefly discuss the important steps in opening a corporate bank account in Sweden and some of the benefits from the process accruable to business.

Advantages of Opening a Corporate Bank Account in Sweden

• Stability and Reliability: Swedish banks hold very high ratings for their stability and reliability, hence customers feel secure and have full confidence that their money is safe.
• Innovative Technologies: Banks in Sweden are among the most active in implementing innovative technologies in financial services, allowing customers to enjoy modern and convenient tools for financial management.
• Wide Choice of Financial Products: Corporate clients in Sweden have been widely offered a great deal of different kinds of accounts, loans, deposits, and trading.
• Ecological Focus: Many Swedish banks are very active in supporting different environmental and social initiatives, which can become an important factor for sustainability-minded companies.

Steps of Opening a Corporate Bank Account in Sweden

By opening a corporate bank account in Sweden, enterprises can access high-quality financial services and tools that will be necessary for maintaining successful business activity. When choosing a bank, the optimum variant for your business will depend on the bank’s reputation, terms of service, and services offered. Such decisions need to be made with much scrutiny, considering even future changes that may occur within an enterprise.

Personal Bank Account in Sweden

It is, therefore, very important to open a personal account in Sweden whether you intend to live, work, or invest in it. Many services are offered by Swedish banks, and with innovative financial management solutions, managing one’s personal finances has been made easy and convenient. The steps involved in and advantages of opening a personal bank account in Sweden are discussed below.

Advantages of Opening a Personal Bank Account in Sweden

• Stability and Reliability: Swedish banks are proud of their stability and reliability. This ensures the protection and security of customer funds at the highest level possible.
• Innovative Technology: The banks in Sweden offer modern technological solutions to manage personal finances with online banking and mobile applications, making such a process more handy and efficient.
• Application Variety: Private accounts in Sweden provide a good selection of financial services, including different types of debit and credit cards, savings accounts, loans, and investment options.
• High Level of Service: Customers receive a high level of service with Swedish banks assigning each customer a personal manager, possibly offering them financial counseling as well, and responding promptly to any questions that arise.

Steps to Open a Personal Bank Account in Sweden

By opening a personal bank account in Sweden, customers can be guaranteed innovative financial solutions and high-quality service. Reputation, terms of service, and services provided are some of the key issues to consider when selecting banks for a perfect match in managing one’s finances.