Student finances

Due to strict regulations and security aspects it takes an effort to open a bank account in Sweden, as in most foreign countries. Banks are required to carry out a stringent check of customer identity and they charge a fee for their services. Also, services and offers from the different banks are depending on how long you’re staying and whether you have a Swedish personal identity number or not.

General information - cash, checks and credit cards

All major credit cards are accepted in Sweden, both for direct payment and for withdrawing money from an ATM. Visa and Master cards are accepted nearly everywhere, while e.g. American Express may be accepted less frequently.

Don’t bring personal checks, as they can’t be cashed at Swedish banks. Do not rely on one single means of payment. Make sure you have several different means of accessing your money. When arriving in Sweden, make sure to have some cash to cover daily expenses. During the first few days you will need some money to pay your Student Union fee and student association membership fees.

The best way to send money to Sweden is via online money transfer from the bank in your home country to your bank account in Sweden. Discuss this with your current bank before you come to Sweden.

The cheapest and most convenient way to pay your bills is by transfer through your Swedish or home country’s online banking payment service. If online payment is not available to you via your bank’s services bills can be paid at a lower cost per bill than most banks at convenience stores.

Having access to a Swedish bank account during your stay in Sweden can be convenient for paying bills and receiving incomes etc. However, depending on the agreement with your national bank, the fees of money exchange in Sweden might in total be less than the costs of a bank account, bank cards and payment fees. Please note that the offers from banks vary depending on how long you’re staying and whether you have a Swedish personal identity number or not. Please read more about your possibilities to obtain a Swedish bank account below.

Short term students

If you are studying 1 or 2 semesters (less than 12 months) in Sweden you cannot get a Swedish personal identity number. You will get limited services at Swedish banks (e.g. no internet banking). Consider using your national bank account and bank card for money transactions and withdraw cash in ATM’s if necessary, even if this means that your transactions will result in currency exchanges.

Long term students

If you will be studying for more than 2 semesters (longer than 12 months) in Sweden you are entitled to apply for a Swedish personal identity number, which greatly facilitates your possibilities to open a bank account at a Swedish bank of your choice. Receiving your Swedish personal identity number may take a few weeks and should be done before applying for a bank account. Once you have a personal identity number you can also apply for a Swedish ID card which will simplify identification at the bank.

If you are a long term student who wants to open a bank account, please read the checklist below to see what documents you need for opening an account. Also bear in mind that Swedish banks are generally open only between 10.00 and 15.00, but they normally have one evening a week with extended opening hours.

What do I need to open a bank account?

• Valid passport (Your passport must have a valid international standard for Swedish banks to accept it as an ID)
• Your residence permit (if applicable)
• Proof of admission showing the duration of studies and a certificate or registration
• Complete address of stay in Sweden
• A birth certificate issued by the Swedish Tax Authority (if you have a Swedish personal identity number)

As a bank customer always remember to:

• Inform the bank about changes in your contact information such as; your address, e-mail or telephone number
• Close your Swedish bank account before you leave Sweden! This should be done at the branch office where you opened your bank account. (Note: Plan ahead - the amount of cash you can withdraw from your account in a single withdrawal is limited)