Banking

Having a Swedish bank account can make everyday life easier - it allows you to pay bills, identify yourself with Bank ID, receive salary, and use Swish, the popular mobile payment app. However, if you are staying for less than one year and already have internet banking and a credit or debit card, it may be more convenient to continue using your home bank. Most major international cards are accepted throughout Sweden. Students who are not eligible for a Swedish personal identity number might be able to open a more limited account for deposits and payments, though not all banks will provide this service. 

Sweden – a cashless society 

Sweden is one of the most cashless countries in the world. Most shops, cafés, and restaurants accept only card or mobile payments, and many do not handle cash at all. Credit and debit cards from major international providers such as Visa and Mastercard are widely accepted everywhere.

Once you have a Swedish bank account and a personal number, you can also use Swish, a popular mobile payment app linked to your bank account. Until then, your home country card will usually work fine for everyday purchases, but make sure it allows international payments and does not charge high foreign transaction fees.

Most banks in Sweden no longer handle cash at the counter for everyday transactions, such as paying bills or making small purchases. Banks are also generally reluctant to accept foreign currency or very large sums of money. However, you can still deposit and withdraw cash at ATMs at most major banks.

Most major debit and credit cards are widely accepted in Sweden. Still, some restrictions may apply, for example American Express is not always accepted, so it’s a good idea to check that your card provider is accepted before relying on it.

Personal checks are not accepted in Sweden. Due to strict anti-money laundering laws, banks are required to ask questions about the source of cash deposits or large transactions, so be prepared to provide information if needed.

BankID

BankID is Sweden’s most common form of electronic identification. It works like a secure digital ID card and is used for almost all online services in Sweden - such as logging in to your bank, signing documents, paying bills, booking healthcare appointments, or accessing government services.

To get BankID, you need to have a Swedish personal identity number (“personnummer”) and a Swedish bank account. Your bank issues BankID once you’ve verified your identity in person.

Swish

Swish is a popular mobile payment app widely used in Sweden for everyday transactions. It allows you to send and receive money instantly using just a phone number, making cash almost unnecessary. Once your bank account is active, you can link it to your mobile phone number through your bank's app. 

How to open a bank account in Sweden

1. Choose a bank

Several banks operate in Karlstad, including:

• Swedbank
• SEB
• Nordea
• Handelsbanken
• Danske Bank
• Länsförsäkringar

Each bank offers various services, so it's advisable to compare their offerings to find the best fit for your needs. 

2. Prepare the required documents

To open a bank account, you'll typically need:

• Valid passport
• A Swedish personal identity number (personnummer”) and a Swedish ID card
• Proof of address in Sweden (e.g., rental contract or utility bill)
• Most recent tax return and/or proof of income is required if you want to transfer large amounts of money from your home bank (this is necessary, due to Sweden’s money laundering laws)
• Residence permit documents and residence permit card (for non-EU/EEA students)
• Notification of Selection results/Admission letter 

Requirements can vary between banks, so always check with your chosen bank in advance. 

3. Visit the bank

• Go to a branch in person with your documents. Some banks allow you to start the application online, but you may still need to visit a branch for identity verification.
• Fill out the application form and answer questions about how you plan to use the account.

4. Verification and approval

• The bank will check your documents and process your application. This may take a few days.
• Once approved, you will receive your account details, a debit card, and instructions for online banking.

Tips

• Apply early: Banks are often busy at the start of the semester
• Ask for English service: Most banks have English-speaking staff
• Keep your address updated: Inform your bank if you move

Learn more about becoming a bank customer in Sweden