At a glance
- Opening a Swedish bank account can take several weeks or months.
- Bring an internationally accepted debit or credit card.
- A Swedish bank account is recommended but not essential when you first arrive.
- Many students use services such as Wise or Revolut while waiting for their application to be processed.
Sweden is a largely cashless society. You will normally need a debit card, credit card or another digital payment method to pay for everyday expenses.
Opening a Swedish bank account can be difficult and may take several weeks or months. Depending on your circumstances, the bank may need to carry out additional checks before deciding whether it can open an account for you.
We know this process can be stressful. Preparing before you travel to Sweden and understanding Swedish banking processes can help you avoid unnecessary delays and frustration.
The information below will help you prepare before travelling to Sweden, understand the banking process and explore your banking options.
Opening a Swedish bank account can take time, so you should not assume that you will be able to open an account immediately after arriving.
Before you travel, we recommend that you:
- bring a Visa or Mastercard debit or credit card that works internationally
- consider bringing some cash as a backup payment option
- bring documentation showing where your money comes from if you expect to transfer funds from another country to a Swedish bank account
The basic steps for opening a Swedish bank account are similar at most banks, but the documents required, processing time and outcome can vary. The time it takes to open an account varies considerably. Some students receive an account quickly, while for others the process can take several months.
If you are eligible for a Swedish personal identity number, apply for one as soon as possible after arriving in Sweden. If you are not eligible, you may instead receive a coordination number.
You do not need one of these numbers to apply for a bank account. However, many banks ask for a Swedish personal identity number or coordination number when processing an application, and having a personal identity number (personnummer) gives you access to more banking services.
Most Swedish banks ask you to apply for an account online or book an appointment to apply in person. Before you apply, check how your chosen bank handles applications from international students and which documents you should bring.
You can find a list of Swedish banks and other banking options in the Banks and banking options section below.
The documents required vary between banks and your individual circumstances. You should normally be prepared to provide:
- a valid passport or national identity card
- your residence permit card, if applicable
- proof that you are studying at Dalarna University (Notification of Selection Results and a registration certificate from Ladok)
- your Swedish address, if you have one
- your personal identity number or coordination number, if you have one
- proof of employment in Sweden, scholarships or other income, if applicable
Depending on your circumstances, the bank may also ask for documentation showing where your money comes from or information about expected international transfers.
During your appointment, the bank will verify your identity, review your documents and ask questions about your application. For example, you may be asked why you need a Swedish bank account, how you expect to use it and whether you expect to transfer money internationally.
These questions are a normal part of the application process and do not necessarily mean there is a problem with your application.
After your appointment, your application moves to the bank's assessment process. At many banks, this assessment is carried out by a specialist team rather than by the staff at the branch you visited.
Depending on your circumstances, the bank may contact you if it needs additional information or documentation before making a decision. If your application is approved, your bank account, debit card, online banking services and BankID (if applicable) may become available at different stages of the process.
EU law gives most people who are legally resident in an EU or EEA country the right to apply for a basic payment account. This means a bank cannot simply refuse your application because you are an international student.
However, banks must still verify your identity and comply with laws designed to prevent money laundering, terrorist financing and other financial crime. If a bank cannot verify your identity or obtain the information it needs to meet these legal obligations, it may refuse your application.
A basic payment account is not necessarily the same as having access to all banking services. Some services, including BankID, have additional requirements.
If you would like independent information about your rights when opening a bank account in Sweden, Konsumenternas Bank- och finansbyrå provides free guidance and information in English.
Banks are required to understand who their customers are and how they expect to use their accounts. During your application, you may therefore be asked questions about your studies, your finances, where your money comes from and how you expect to use your account.
These questions are a normal part of opening a bank account and apply to all customers. They do not necessarily mean that there is a problem with your application.
Visit Finance Sweden's website for more details about why banks need certain information before they can open an account.
Opening a bank account can take anywhere from a few days to several months. The time depends on your individual circumstances, the checks the bank needs to carry out and the bank's own application process. Some banks can offer appointments quickly, while others may have waiting times of several weeks or even months before you can submit your application.
Banks must comply with EU and international regulations designed to prevent money laundering, terrorist financing and sanctions evasion. The European Union identifies certain countries as presenting a higher risk for money laundering and terrorist financing. In addition to these legal requirements, many banks maintain their own internal risk assessments and restrictions for international payments.
As a result, some banks may carry out additional checks, restrict international transfers or, in some cases, decide not to offer an account if they cannot provide the services you require. Different banks may apply different restrictions, so another bank may reach a different decision.
If your application is refused, ask the bank to explain the reason for its decision and whether providing additional documentation would allow it to continue processing your application.
If you believe the bank has not handled your application correctly, first contact the bank's complaints department. If you are still dissatisfied, you can refer your complaint to Allmänna reklamationsnämnden (ARN).
| Danske Banken | |
| Handelsbanken | |
| Länsförsäkringar | |
| Nordea | |
| SEB | |
| Swedbank |
There are five banks with offices in Dalarna as well as banks which function online. Even banks with offices often expect customers to resolve their banking needs online. Application processes, waiting times and services vary between banks however the basic services they provide to international students is usually very similar. Compare your options before deciding where to apply rather than automatically choosing the same bank as other students.
The table below provides practical information about banks with branches in Falun or Borlänge.
Bank |
How to apply |
Branches |
Contact |
| Handelsbanken | Drop-in service is available but you need to book a time to submit documents. | Falun and Borlänge |
|
| Länsförsäkringar Bank |
Drop-in service is available but you need to book a time to submit documents. | Falun and Borlänge |
|
| Nordea | Requires a pre-booked appointment. Become a customer (English website) |
Falun and Borlänge |
|
| SEB | Requires a pre-booked appointment. | Falun and Borlänge |
|
| Swedbank | Drop-in service available in Falun. Borlänge branch requires pre-booked appointment. | Falun and Borlänge |
|
| Danske Bank | Submit online application | Online |
If you cannot open a Swedish bank account immediately, or choose not to, there are several ways to manage your finances while studying in Sweden. Many students use a combination of these options during their first weeks or months.
Your existing bank account
If your debit or credit card is accepted internationally, you can usually use it to pay for purchases and withdraw cash in Sweden. Before travelling, check whether your bank charges transaction or currency conversion fees and whether there are any restrictions on using your card or making online purchases from Sweden.
International money transfer services
Services such as Wise and Revolut can make it easier to transfer money internationally, hold and exchange multiple currencies, and obtain a Visa or Mastercard that can be used for purchases and online payments. Depending on your circumstances, they may be a useful option while waiting to open a Swedish bank account. However, they do not replace all the services provided by a Swedish bank, such as BankID.
Currency exchange and payment services
Services such as ChangeGroup allow you to exchange foreign currency and pay Swedish invoices using cash or a Visa or Mastercard, even if you do not have a Swedish bank account. This can be useful if you need to pay rent or other bills during your first weeks in Sweden. ChangeGroup has offices in Kupolen, Borlänge, and Falu Gallerian, Falun.
Cash
Sweden is one of the world's most cashless societies. Although cash is still accepted in some places, many businesses no longer accept it. You can usually use cash to buy groceries, purchase bus passes (but not on board the bus) and pay bills through services such as ChangeGroup.
If possible, do not rely on cash as your primary payment method. Many banks no longer handle cash, and most will not accept large cash deposits. Keeping a small amount of cash for emergencies can still be useful.