Bank Account in Sweden
Previously, Sweden did not belong to those countries where migrants from Eastern Europe and Central Asia moved en masse. But the situation is changing. In the spring of 2022, the Uzbek authorities announced the imminent opening of an embassy in Stockholm — the first representative office of this republic in Scandinavia (before that, the nearest diplomatic mission was the embassy in Latvia). This means that interest in moving to Sweden from Uzbekistan and neighbouring countries will grow. In this article, we will 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 for an Individual
Opening an account in a Swedish bank for an individual implies the fulfilment of two basic requirements: identification and a clear answer to the question: “Why do you need this?” Let’s talk about each of them.
Identification
Identification, namely documentary confirmation of the client’s identity, is mandatory for everyone who has decided to open an account with a bank in Sweden. There are several options to do this:
- Present a valid Swedish identity document: passport, national identity card or profile via BankID. A driver’s license issued in the country is acceptable.
- Present a foreign passport or other document with a photo containing information about citizenship, which must be issued by a government agency or other authorized body. Please note that bank employees may request additional papers.
- If the listed identifying documents could not be presented, it is necessary to confirm the identity and citizenship with the help of other papers obtained from an independent and reliable source.
Reasons to Open a Bank Account in Sweden
Now consider the second requirement. When opening an account, you need to explain why you need it and how it will be used: for transferring salaries or other monetary remuneration, for paying rent, storing savings, etc. The bank may also ask other questions to get to know you better as a customer. We recommend answering honestly and openly.
If both requirements for the establishment of a bank account are satisfied, the client gets the opportunity to use basic services: card issuance, deposits, mortgage lending, etc.
But it is not uncommon for banks to refuse, not only to residents from abroad, but also to EU citizens.
The Bank has the right to refuse if:
- cannot establish the identity of the applicant in a sufficiently reliable way,
- considers the information provided about the reasons for opening an account 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 (exception — EU citizens),
- notification of admission from the university (antagningsbesked) indicating the duration of study.
How to Open a Swedish Bank Account for a Non-resident
To open a bank account for a non-resident, it is necessary to provide not only a passport, residence permit, etc., but also a tax identification number that allows you to track the receipt of income and payment of tax fees. It can be obtained from any local tax office.
The list of documents required for a non-resident to establish an account may vary depending on the client’s citizenship and the purpose of being in the country, so the lists are compiled individually.
A non-resident who does not have official income in the country can also open a bank account in Sweden, but his opportunities will be limited: there will be no Internet banking and overdraft.
Memo to the non-resident
Do not forget that during the visit to the bank:
- you must understand the questions of the staff and answer them,
- if you need an interpreter, invite him with you,
- you will be asked where you got the money from, prepare answers,
- other persons do not have the right to use your account and other services in the absence of an agreement with the bank,
- you may be asked additional questions or make other demands.
Banking services are provided in Swedish and English, but in some places you can find services in Russian. Opening accounts for non-residents does not require additional payments, but a commission is charged for processing transactions.
Comparison of Banks
Before contacting the bank, we recommend that you study the current offers. By default, the banking service includes the issue of a debit card, the ability to use telephone and Internet banking. Telephone support services usually work from 9:00 am to 21:00-23:00 pm.
- SEB (Skandinaviska Enskilda Banken) is one of the largest financial groups in northern Europe. Annual maintenance costs 420 SEK. Free service for up to 18 years or 21 years (depends on the type of account).
- Handelsbanken is a large bank with a high rating of long-term lending. It has branches all over the country, as well as in the UK, Denmark, Finland, Norway and the Netherlands. Free service for children and youth under 21, as well as students under the age of 27. Service — 25 CZK per month, except for those with Mastercard, Allkort, Platinum Bank Card.
- Nordea bank is a financial group with 1,500 branches in 19 countries around the world. Monthly maintenance — 39 CZK. For children, youth under 22 and students — free of charge.
- Swedbank is 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
Obtaining a bank account by legal entities will undoubtedly require more documents. So, to register a company, it is necessary to provide personal documents of all founders and official representatives.
Banks may require registration securities of the company and certificates from the tax service. To create a company account, you need to provide a certificate of registration (certificate of incorporation), which allows you to work in the country.
Opening an Account for an Offshore Company
It is impossible to open an offshore account in Sweden, but it is theoretically possible to register a bank account for an offshore company. But financial experts do not recommend doing this. The reason is scrupulous inspections of companies by banks, as well as the requirement to disclose the identity of beneficiaries. In addition, the Swedish tax system does not allow businesses to reduce their tax burden.
How to Close an Account
Closing a bank account is a standard procedure. The user comes to the branch, fills out an application, and the operator, after checking the status of the stored finances and existing obligations, closes the account (provided that everything is in order).
If we are talking about closing independently opened accounts (for example, in a mobile application), then you can delete them yourself.
If you wish to open a bank account in Sweden, our team here at Regulated United Europe will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.
Business bank account in Sweden
Opening a corporate bank account in Sweden is a key step for companies wishing to do business in this country with a highly developed economy and innovative business sector. Sweden is renowned for its high quality banking services, innovative approach to financial technology and high level of trust in finance. Let’s take a look at the important steps in opening a corporate bank account in Sweden and the business benefits of the process.
Advantages of Opening a Corporate Bank Account in Sweden
- Stability and Reliability: Swedish banks are renowned for their stability and reliability, which provides customers with a high level of protection and confidence in the safety of their funds.
- Innovative Technologies: Banks in Sweden are actively using innovative technologies in financial services, providing customers with modern and convenient financial management tools.
- Wide Choice of Financial Products: A wide range of financial products and services are available to corporate clients in Sweden, including various types of accounts, loans, deposits and trading.
- Environmental focus: Many Swedish banks actively support environmental and social initiatives, which can be an important factor for sustainability-minded companies.
Steps of Opening a Corporate Bank Account in Sweden
- Choosing a Bank: Research the offerings of various banks in Sweden and choose one that meets your needs, has a good reputation and provides services for corporate clients.
- Preparation of Documents: Prepare the necessary documents to open an account, including the company’s incorporation documents, the ID of the company’s manager, and proof of the company’s address.
- Visit the Bank or Online Application: Visit the selected bank in person or fill in an online application for opening an account through its official website.
- Identification: When you visit the bank, you may be required to undergo an identification procedure by submitting the necessary documents and completing a questionnaire.
- Account Activation and Receipt of Services: After successfully opening an account, you will be able to use all the services provided by the bank, including Internet banking, credit cards and other financial instruments.
Conclusion
Opening a corporate bank account in Sweden gives companies access to high quality financial services and tools for successful business operations. When choosing a bank, look at its reputation, terms of service and services provided to find the best solution for your business.
Personal bank account in Sweden
Opening a personal bank account in Sweden is an important step for those who live, work or invest in the country. Swedish banks offer a wide range of services and innovative financial management solutions, making the process of managing personal finances simple and convenient. Let’s take a look at the steps and benefits of opening a personal bank account in Sweden.
Advantages of Opening a Personal Bank Account in Sweden
- Stability and Reliability: Swedish banks are renowned for their stability and reliability, which provides customers with a high level of protection and security for their funds.
- Innovative Technology: Banks in Sweden offer modern technological solutions for managing personal finances through online banking and mobile applications, making the process more convenient and efficient.
- Wide Choice of Services: Personal bank accounts in Sweden provide access to a variety of financial products, including debit and credit cards, savings accounts, loans and investment options.
- High Service Level: Customers receive a high level of service from Swedish banks, including a personal manager, financial counselling and quick response to queries.
Steps to Open a Personal Bank Account in Sweden
- Choosing a Bank: Explore the offerings of various banks in Sweden and choose one that meets your needs, has a convenient branch location and provides a wide range of services.
- Preparing Documents: Prepare the necessary documents to open an account, including your passport or other identification document and a document proving your residential address.
- Visit the Bank or Online Application: Contact the selected bank in person or complete an online application for opening an account through its website.
- Identification: When you visit the bank, you may be required to undergo an identification procedure by submitting the necessary documents and completing a questionnaire.
- Account Activation and Receipt of Services: Once you have successfully opened an account, you will be able to use all the services provided by the bank, including internet banking, bank cards and mobile applications.
Conclusion
Opening a personal bank account in Sweden gives customers access to innovative financial solutions and high quality service. When choosing a bank, look at its reputation, terms of service and services provided to make the best choice for managing your finances.
“Embrace the Swedish way to financial freedom. Contact us today to start your journey towards secure banking and a brighter tomorrow in Sweden.”
RUE customer support team
“Hi, if you are looking to start your project, or you still have some concerns, you can definitely reach out to me for comprehensive assistance. Contact me and let’s start your business venture.”
“Hello, I’m Sheyla, ready to help with your business ventures in Europe and beyond. Whether in international markets or exploring opportunities abroad, I offer guidance and support. Feel free to contact me!”
“Hello, my name is Diana and I specialise in assisting clients in many questions. Contact me and I will be able to provide you efficient support in your request.”
“Hello, my name is Polina. I will be happy to provide you with the necessary information to launch your project in the chosen jurisdiction – contact me for more information!”
CONTACT US
At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.
Registration number: 08620563
Anno: 21.10.2019
Phone: +420 775 524 175
Email: [email protected]
Address: Na Perštýně 342/1, Staré Město, 110 00 Prague
Registration number: 304377400
Anno: 30.08.2016
Phone: +370 6949 5456
Email: [email protected]
Address: Lvovo g. 25 – 702, 7th floor, Vilnius,
09320, Lithuania
Sp. z o.o
Registration number: 38421992700000
Anno: 28.08.2019
Email: [email protected]
Address: Twarda 18, 15th floor, Warsaw, 00-824, Poland
Europe OÜ
Registration number: 14153440
Anno: 16.11.2016
Phone: +372 56 966 260
Email: [email protected]
Address: Laeva 2, Tallinn, 10111, Estonia