Best Banks in Sweden for Foreigners: A Practical Guide 2024



No Comments

This article aims to help you navigate through different banking options in Sweden, discussing language accessibility, types of accounts, fees, and more. We’ll look into traditional high-street banks, online-only banks, and specialized institutions, so you can find a bank that fits your needs perfectly.

We recommend

Introducing The Wise Account: Your Ultimate Solution for Managing Over 40 Currencies, Including SEK. (Swedish currency)

Take Control of Your Global Finances Today!

Disclosure: We receive a commission if you create an account through this link at no additional cost to you.

Key Criteria for Choosing a Bank

Choosing a bank is not a one-size-fits-all decision. Several factors come into play, particularly for foreigners who might not be familiar with the Swedish banking system or the language. Let’s explore some of these key criteria that can help you make an informed choice.


  • High-street banks like Handelsbanken, SEB, and Nordea offer comprehensive services but may have higher fees.
  • Online-only banks such as Revolut and N26 offer convenience and often lower fees but lack physical branches.
  • Specialized banks like Forex Bank provide niche services tailored to specific financial needs, like currency exchange.
  • Consideration of niche features like multi-currency accounts or ethical banking can tailor your banking experience.
  • Opening a bank account in Sweden involves providing essential documentation, completing the application process, and activating services.

Language Accessibility

Language can be a significant barrier when you’re in a foreign country. Not all banks offer services in English, both in person and online. Consider banks that have English-speaking staff and English versions of their websites and mobile apps. This will make managing your finances a lot smoother.

Account Types and Features

Banks offer a range of accounts, from basic savings and checking accounts to more specialized options like investment or business accounts. Make sure to identify your specific needs. For instance, if you’re a student, you might want to look for banks that offer student accounts with special benefits.

Fees and Charges

Fees can eat into your savings if you’re not careful. Some banks offer accounts with no monthly maintenance fees but might charge for specific services like international transfers or ATM withdrawals. Always read the fine print and be aware of any fees that may apply.

Online and Mobile Banking Features

In today’s digital age, robust online and mobile banking services are a must. Being able to transfer money, pay bills, or even deposit checks through a mobile app can save you a lot of time. Check if the bank’s online services are user-friendly and available in English.

Customer Service

Last but certainly not least, consider the quality of customer service. Good customer service can be a lifesaver when you encounter problems or have queries.

Look for banks that offer multiple channels for customer service including phone, email, and online chat. Some banks also offer customer service in multiple languages.

High Street Banks and Their Features

In Sweden, high-street banks dominate the banking landscape. These are traditional financial institutions with physical branches where you can walk in for services.

Language SupportEnglish AvailableEnglish AvailableEnglish Available
Account TypesMultiple OptionsSpecialized for StudentsComprehensive Range
Fees and ChargesTransparent FeesVariable FeesCompetitive Fees
Special FeaturesInvestment OptionsYouth AccountsExtensive Services

Let’s explore how some of the most prominent high-street banks fare against our key criteria.


Language Support

Handelsbanken offers a good level of English language support, both in-branch and online. Their website and mobile application are available in English, making it easier to navigate your banking needs.

Account Types

This bank provides a comprehensive range of account types, including personal checking and savings accounts, as well as specialized options like investment and business accounts.

Fees and Charges

Handelsbanken is generally known for its transparent fee structure. While you might encounter a monthly maintenance fee, the bank is upfront about its other service charges, such as for international transfers or using ATMs outside of its network.

SEB (Skandinaviska Enskilda Banken)

Language Support

SEB is another bank that does a commendable job in supporting English-speaking customers. Their website, mobile app, and even some of their printed materials are available in English.

Account Types

SEB offers a variety of accounts designed to meet diverse needs. They have a special account type for students and young adults, which comes with certain perks and lower fees.

Fees and Charges

SEB’s fees can vary depending on the type of account you hold. While they do offer some no-fee options, other services like international wire transfers may come with charges. It’s advisable to review their fee schedule carefully.


Language Support

Nordea also provides robust language support with English-speaking staff and English versions of their website and mobile app. This makes it another viable option for foreigners who aren’t fluent in Swedish.

Account Types

Nordea has an extensive array of account types that can meet the needs of almost any customer, from basic savings accounts to more intricate investment options.

Fees and Charges

Nordea’s fee structure is competitive, although not the cheapest on the market. As with other banks, fees for special services like international money transfers apply, so be aware of these when choosing an account.

Online-Only Banks

As technology advances, online-only banks are gaining popularity for their convenience and often lower fees. These banks operate entirely online, offering a robust set of features that can be accessed via web browsers or mobile applications. Let’s dive into how some of the prominent online-only banks stack up against our criteria.


Language Support

Revolut is an international bank that naturally offers extensive language support, including English. The app interface is intuitive and available in multiple languages.

Account Types

Revolut offers both personal and business accounts. One of its standout features is the multi-currency account, allowing you to hold, exchange, and transfer money in multiple currencies at competitive rates.

Fees and Charges

Revolut operates on a freemium model. Basic accounts are free but come with limitations on services like currency exchange and ATM withdrawals. Premium plans offer additional features and fewer restrictions for a monthly fee.


Language Support

N26 is another online-only bank offering strong language support. Its website and mobile application are user-friendly and available in English, among other languages.

Account Types

N26 offers straightforward account options, including a basic account and a premium account with added benefits like travel insurance and zero foreign transaction fees.

Fees and Charges

N26 also has a transparent fee structure. Basic accounts are generally free, but certain services like foreign currency exchange may carry a fee. Premium accounts come with a monthly charge but offer a range of extra features.

Online-only banks like Revolut and N26 are generally good options if you are comfortable managing all your banking needs digitally. They offer the advantage of lower fees and specialized features that might not be available from traditional high-street banks. However, the absence of physical branches means you’ll need to be comfortable resolving any issues online or over the phone.

Specialized Banks

Apart from high-street and online-only banks, Sweden also has specialized financial institutions that offer niche services tailored to specific needs. One such example is Forex Bank, which focuses on foreign currency services and other related financial offerings. Let’s examine how this specialized bank aligns with our key criteria.

Forex Bank

Language Support

Forex Bank caters to a diverse customer base, including many foreigners. As such, they offer services in English, both in-person at their branches and on their online platforms.

Account Types

Forex Bank primarily specializes in travel-related financial services. They offer basic savings accounts and travel accounts equipped with features like multi-currency support. These can be particularly useful if you frequently travel or deal with multiple currencies.

Fees and Charges

Forex Bank’s fee structure is transparent but specifically tailored to its niche services. For instance, they offer competitive foreign exchange rates but may charge fees for other types of transactions. It’s essential to review their fee schedule if you’re considering utilizing their specialized services.

Specialized banks like Forex Bank fill a particular gap in the financial landscape, offering services that might not be readily available from other types of banks. Their specialized focus means they excel in certain areas but may not provide as comprehensive a range of services as high-street or online-only banks.

Niche Features That Could Matter

While the fundamentals of banking—like fees, account types, and language support—are essential, there are also niche features that could significantly impact your experience as a foreigner in Sweden. Understanding these specific offerings might tip the scale when choosing between otherwise similar banking options.

Currency Conversion Rates

If you frequently need to exchange currencies—perhaps you’re being paid in a currency different from the Swedish Krona—a bank’s currency conversion rates can make a considerable difference over time. Some banks, especially online-only and specialized ones, offer more competitive rates compared to traditional high-street banks.

Multi-Currency Accounts

For those who deal with multiple currencies regularly, having a multi-currency account can be a tremendous advantage. This feature allows you to hold, receive, and send money in different currencies without having to convert them first. Online-only banks like Revolut often excel in this area.

International Wire Transfers

Sending money abroad can be a common necessity for foreigners living in Sweden. Check if the bank offers international wire transfers at reasonable rates and how long these transfers typically take. Some banks offer faster and cheaper international transfers as part of their specialized services.

Accessibility and Inclusivity

Some people may require more accessible banking options due to disabilities or other limitations. Features like voice-guided ATMs, large print statements, or specialized customer service options could be deciding factors in such cases.

Environmental and Social Responsibility

If ethical banking is important to you, consider looking for banks that focus on environmental and social responsibility. Some Swedish banks have started to offer “green” accounts, where your deposits are only invested in sustainable projects.

The Process of Opening a Bank Account in Sweden

Now that we’ve covered the various types of banks and features to consider, let’s discuss the actual process of opening a bank account in Sweden. This can be a straightforward experience, but there are some steps you’ll need to follow, especially as a foreigner.

Required Documentation

First and foremost, you’ll need to gather the necessary documentation. The exact requirements may vary from one bank to another, but generally, you will need:

  • A valid passport or national ID card
  • Proof of Swedish residence, such as a rental agreement or utility bill
  • A Swedish personal identity number (personnummer), if applicable
  • Employment details, such as a contract or pay slips, may also be required

The Application Process

In-person Applications

For high-street banks, you’ll likely need to visit a branch in person to open an account. Make sure to call ahead to confirm the documents you’ll need to bring and whether an appointment is necessary. Some banks may offer the service of English-speaking representatives to assist you.

Online Applications

Online-only banks and some traditional banks allow you to open an account via their website or mobile app. This is usually a quicker process, requiring you to upload digital copies of your documents for verification.

Account Activation and Services

Once your application is approved, you’ll receive your account details, usually via email or regular post. You may also receive a bank card, PIN, and other essential information separately for security reasons.

Activating online and mobile banking services often requires a separate process, so be sure to follow the bank’s guidelines on this.

Additional Services

After your account is active, you can start utilizing additional services like setting up direct debits, ordering checks, or making international transfers. These might require additional verification steps or agreements, so it’s a good idea to get familiar with the bank’s procedures for these services.

Opening a bank account in Sweden as a foreigner might initially seem daunting, but if you go in prepared and have chosen a bank that aligns well with your needs, the process can be quite smooth.

The goal is to ensure your financial life in your new home is as seamless and convenient as possible. Armed with this knowledge, you’re now better equipped to make an informed decision about which bank in Sweden is the best fit for you.


As our Lifestyle Coordinator, Erik is the go-to resource for all things related to living and thriving in Sweden. He was born and raised in Stockholm and knows the city like the back of his hand.

Leave a Comment