Opening a bank account is a necessity for those who relocate to Sweden. This article explains who can open one, what documents are required and what to expect from the process.
Open your bank account
As a bank focused on those living and working abroad, HSBC Expat offers expert banking and wealth management services, providing expats with a secure, central place to easily manage and grow their money, no matter where they move.
Learn moreSweden operates as a near-cashless society. Everyday payments are handled almost entirely by debit and credit cards and mobile payment apps. As such, opening a bank account is one of the first things you will need to do in Sweden. Access to a Swedish bank account depends on your residence status and documentation. While rules vary slightly between banks, most require a Swedish personal identity number (personnummer). Without one, opening an account is difficult and often limited to basic services, regardless of nationality.
Opening a bank account as an expat in Sweden
The first step to opening a Swedish bank account is obtaining a personal identity number (personnummer) from the Swedish Tax Agency. Once you have been registered, you can proceed to your bank of choice to apply for an account.
Banks will usually ask for several documents to initiate the process. These commonly include:
- Your Swedish ID card or a valid passport/EU national ID (requirements vary by bank).
- A certificate or letter issued by your employer, confirming employment (or similar documentation if you own your own company/are self-employed).
- The personbevis, which is the document that shows the issuance of your personnummer, which is issued by the Tax Agency.
- Proof of address, such as your lease or housing contract.
Some banks may ask additional questions or request further documentation, and requirements can vary between institutions.
By law, banks must consider applications for a basic payment account to any resident; however, full banking services are generally only granted once you have a personnummer and a clear legal basis for residing in Sweden.
The banking system in Sweden
Once you open a bank account in Sweden, most everyday banking quickly becomes digital. Debit cards are the default payment method for everything from groceries to public transport, and cash is rarely used. In fact, most stores and public transport do not even accept cash.
Online and mobile banking are central to how the system works. Rent, utilities, subscriptions, taxes, and most official payments are handled digitally through your bank's app or website. Swedish banks generally activate online and mobile banking as part of the account setup process. Salary payments are also made directly into your bank account.
Banking fees in Sweden are generally transparent. Basic accounts typically come with a monthly fee that includes a debit card and online banking, while many everyday services like domestic transfers are free. International transfers and currency exchange may incur higher fees, depending on the bank.
Banks and types of accounts in Sweden
Sweden has a mix of traditional banks and online banks. Most residents start with a standard current account that includes a debit card, online banking, and access to mobile payment services. Basic payment accounts are available by law, but full banking services, including credit products, are usually only offered once you have a personal identity number (personnummer).
ATMs, cards, and international payments in Sweden
ATMs are widely available across Sweden, but as noted above, Sweden operates as a near-cashless society. Most shops, restaurants, and public transport accept debit, credit cards, and mobile payments like Swish and Apple Pay/Google Wallet. Many locations no longer accept cash at all. Foreign cards are generally accepted, though international withdrawal or exchange fees may apply depending on your card issuer. International transfers are supported by Swedish banks, but fees and processing times vary, making it important to compare options if you regularly send or receive money from abroad.
Understanding the Swedish BankID
BankID is a secure electronic ID issued by your bank and is essential for daily life in Sweden. It is used to sign contracts, approve payments, log in to government services, communicate with authorities, and access many private services such as healthcare portals.
It is most commonly accessed through Mobile BankID, a standalone smartphone app. A computer-based version also exists, but is far less common today. This app identifies you using FaceID, fingerprint and/or pin code. You only receive a BankID after you have opened an account with your personnummer, making the bank account a critical step to functioning in modern Sweden.
Open your bank account
As a bank focused on those living and working abroad, HSBC Expat offers expert banking and wealth management services, providing expats with a secure, central place to easily manage and grow their money, no matter where they move.
Learn moreUnderstanding Swish
Swish is Sweden's most widely used person-to-person payment app. It allows instant transfers between bank accounts using only a mobile phone number and verification via BankID. Swish is commonly used to pay friends, split bills, buy items at markets, donate to charities, and pay businesses.
To use Swish, you need a Swedish bank account, Mobile BankID, and a Swedish mobile number. Once set up, payments are immediate and free for private use.
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