How to open a bank account in Sweden
It is recommended to open a Swedish bank account to receive your salary, set aside savings etc. Opening a bank account in Sweden generally requires a Swedish ID card, (link to civil registration page) which can only be obtained after you have applied for and received the Swedish personal identity number-which can take several weeks.
The process explained
The possibility and process of opening a basic bank account differs depending on your citizenship and tax residency. Sweden has many regulations to protect against money laundering and some countries are considered as “higher risk” which means the bank may require more information from you.
Some banks have walk-in hours when you don’t need to make an appointment to open an account. Other banks require booking an appointment. Please double check with your bank of choice what their opening hours are, as well as whether you are required to pre-book an appointment.
To open an account, you will need the following documents:
- Bank application –with all required information filled in
- Signed employment contract in original
- Copy of your Swedish lease agreement
- Passport and Swedish ID-card-if the bank requires the ID-card
- Residence permit card-if applicable
- Information from your home country bank –if applicable. Other document may be required due to your circumstances
Major banks in Sweden
The main banks in Sweden are Handelsbanken, Swedbank, Nordea and SEB. There are likely several different office locations and may all have different service hours so be sure to consult the webpage for your specific branch before visiting. It is best practice to choose the branch closest to your home address to open the account, however you can visit any branch in Sweden for support.
If you have lived in another Nordic country and had an account at any of these banks, you cannot simply transfer your account. You still need to open a new account now that you are living in Sweden.
Use a traditional bank or an online bank?
Recently, online banks have been a popular option as they are much easier to open an account. They can be a temporary solution when you first move to Sweden to transfer your funds, however, they are not recommended as a long-term solution. Most employers will not pay your salary to an online bank in Sweden.
E-ID (electronic identification)
Once you have received your Swedish ID-card, book a new appointment at the bank to set up the complete banking service, such as setting up E-ID.
E-ID is a form of E-identification that is connected to your mobile device, your email, bank account and Swedish personal number. Mobile BankID is the most popular option, but Telia and Freja also have options. E-ID is free to use. You will use BankID to identify yourself when paying bills, making online payments, among other things.
You will also need BankID to set up Swish, which is a popular app used to make quick money transfers in Sweden.
Let us help you
Due to cooperation between Human Entrance and some Swedish banks, we are sometimes able to assist you with opening a basic bank account prior to obtaining a Swedish ID card. This depends on which bank you have and in which city the bank has its office. Please note that we only work with corporate clients, so get in touch with your company if you need support to open a bank account when moving to Sweden.
Need assistance to open a bank account? Let us help!