How to Establish a Bank Account in Sweden
Setting up a Swedish bank account is advisable for receiving your salary, managing savings, and other financial needs. Typically, opening a bank account in Sweden necessitates a Swedish ID card (refer to the civil registration page for more details), obtainable only after applying for and receiving your Swedish personal identity number. This process can take several weeks.
An Overview of the Process
The opportunity and procedure for opening a fundamental bank account vary based on your citizenship and tax residency. In Sweden, stringent regulations are in place to combat money laundering, and certain countries are categorized as "higher risk." Consequently, banks might demand additional information from individuals hailing from these regions.
Certain banks offer walk-in hours, eliminating the need for appointments to open an account. However, other banks mandate scheduling an appointment. It is essential to verify with your preferred bank about their operating hours and whether advance appointment booking is necessary..
To open an account, you will need the following documents:
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Bank application –with all required information filled in
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Signed employment contract in original
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Copy of your Swedish lease agreement
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Passport and Swedish ID-card-if the bank requires the ID-card
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Residence permit card-if applicable
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Information from your home country bank –if applicable. Other document may be required due to your circumstances
Major banks in Sweden
The major banks in Sweden include Handelsbanken, Swedbank, Nordea, and SEB. These banks have numerous office locations, each with varying service hours. Therefore, it's advisable to check the webpage of your specific branch before planning a visit. While selecting a branch nearest to your home address is recommended, you have the flexibility to seek assistance from any branch in Sweden.
For individuals previously residing in another Nordic country and holding an account with any of these banks, it's important to note that you cannot directly transfer your account. Upon moving to Sweden, you are required to open a new account with the respective bank.
Use a traditional bank or an online bank?
In recent times, online banks have gained popularity due to their ease of account setup. They can serve as a temporary solution for transferring funds when you initially move to Sweden. However, relying on them as a long-term solution is not advisable. Most employers in Sweden do not prefer paying salaries to online banks.
E-ID (electronic identification)
Once you have obtained your Swedish ID-card, schedule a new appointment at the bank to establish complete banking services, including setting up E-ID.
E-ID, a type of electronic identification, is linked to your mobile device, email, bank account, and Swedish personal number. Mobile BankID is the widely used option, although Telia and Freja also offer alternatives. E-ID services are free of charge. BankID is utilized for identity verification while paying bills, conducting online transactions, and other activities.
Additionally, you'll need BankID to set up Swish, a popular app in Sweden used for rapid money transfers.
Allow us to assist you.
Thanks to the collaboration between Human Entrance and select Swedish banks, we can occasionally aid you in opening a basic bank account even before obtaining a Swedish ID card. However, this possibility depends on the specific bank you choose and the city where the bank is located. Please be aware that our services are exclusively available to corporate clients. If you require assistance in opening a bank account while relocating to Sweden, kindly contact your company for support.
Require help with opening a bank account? Allow us to assist you!