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Best Ways to Send Money to Sweden

Ensure fast send times, low fees, the best exchange rates, and helpful customer support on money transfers to Sweden.

Continue reading for reviews, expert advice, and essentials for transfers to Sweden.

Jonathan Merry
Author 
Jonathan Merry
10 minutes
February 5th, 2024
Disclosure
Best Overall
9.2
Wise

Wise is the top rated money transfer provider that usually appears in our search results to Sweden.

Fastest Option
8.6
XE

XE tends to be the fastest way to send money to Sweden for many origin countries and send amounts.

Cheapest Option
8
Regency FX

Users who searched to send money to Sweden usually find RegencyFX had the lowest rates and fees.

Compare rates and fees for sending money to Sweden

There are multiple ways to easily send and receive money in Sweden but these will largely depend on the provider you decide to use.

How to send money to Sweden

Bank Wire Transfers
Online Money Transfer Services
In-Person Cash Transfer Services

What is Needed to Send Money to Sweden

For your transfer to Sweden to be successful, you need to provide the following information and documentation:

  • A government-issued photo ID

  • The name of the recipient, their address and phone number

  • The recipient’s bank details. Cash pickups don’t require such information

  • The reason for the transfer

Usually, it takes a little longer to make the first transfer, but for subsequent transfers, the process is much simpler and fast. Some online transfer platforms allow for recurring transactions.

How to receive money in Sweden

Transfer recipients in Sweden can opt for cash pickups or bank deposits.

Cash pickups
Bank Deposit

What is Required to Receive Money in Sweden?

You only need the transfer transaction number and your national ID or passport to receive money in Sweden. For bank transfers, you don’t need to provide any information as the money is deposited directly into your account.

Common Reasons for Sending Money to Sweden

Much like transfers to other countries around the world, transfers to Sweden are made in varying amounts and for different reasons. Some of the common reasons underlying transfers to Sweden are:

Family Support

Some Swedes who work out of the country regularly send money to their families and relatives back home. According to Eurostat, the average age at which young people in Sweden leave their parent’s households is about 19 years. Family support plays a critical role to help these young people stabilise.

Paying Employees & Suppliers

Companies overseas that have employees in Sweden can pay their staff wages using online money transfers or bank wire transfers as well as some of the inflows to Sweden are for supplier payments for goods or services sourced from Sweden.

Investment

Sweden is a highly capitalised economy with a low debt-to-GDP ratio. Investors including Swedish nationals living abroad prefer putting their money in exchange-traded funds (ETFs) or American Depository Receipts (ADRs) that track American stocks.

Savings

Part of the money sent to Sweden is directed at savings instruments mostly in the banking sector. Banks and loan companies in Sweden offer some of the best interest rates on deposits in the country thereby attracting inflows from Swedes abroad. Some of the institutions are government-backed.

Home Purchases

Some of the large transfers into Sweden are for outright home purchases or mortgages. Areas in the South of Sweden such as Falsterbo and those near the University town of Lund have become destinations for real estate investors both local and international.

Why Send Money with a Money Transfer Service?

The debate on whether to send money through mainstream banking institutions or money transfer providers boils down to the following factors.

Speed of Transfer

Money transfer operators like Western Union, MoneyGram, and Xoom offer cash pickup and directly to bank options which take minutes to a couple of hours to deliver the transfers. This speed cannot be compared to the 2 -3 days that banks typically take.

Ease of Set-Up

It takes a few minutes to a couple of hours to set up a transfer account and have it verified. The information requested is relatively minimal and you can easily upload it on the provider’s platform. You can even take a photo of your credit or debit card and upload it quickly instead of typing in the details.

Exchange Rates

On average, money transfer services charge 0.5 to 3.5% in exchange rate margins for transfers to Sweden. For instance, Xoom charges 0.283% to transfer money in USD to Swedish Krona. Banks charge upwards of 5%.

MultiCurrency Support

Irrespective of the country you are sending money from, most money transfer providers will support your currency. Swedes in countries as far as Liberia in Africa and the Republic of Vanuatu in the South Pacific can send money to Sweden through money transfer operators, thanks to the multicurrency feature.

Secure and Reliable

Online money transfer service providers are regulated by independent and government-aligned bodies in the different countries they operate. For instance, in the United Kingdom, the FCA and the HMRC are the main regulatory authorities. In the United States, money transfer providers are regulated by FinCEN, and in Canada, they are regulated by FINTRAC.

Transfer Fees

Companies such as Wise charge only 9.13 USD to send 1000 USD to Sweden. WorldRemit charges 3.99 USD for the same transfer. The difference is due to the fact that TransferWise processes all transfers at the midmarket rates. Banks charge anything from 30-$40 per transfer.

Things to Consider When Sending Money to Sweden

When sending money to Sweden, there are certain aspects you must consider so as to ensure your transfer is smooth and with no lost opportunities.

  • Low-Interest Rates – If you are thinking of saving money in banking institutions in Sweden, you need to make cross-comparisons. The lower rates mean lower earnings on savings. However, when considering taking home loans, Sweden is an ideal country. Rates in the country are as low as 1.6%.

  • Tax on Transfers – Sweden doesn’t tax remittances whether gifts or cash meant for support. However, it is important for the recipient to give a proper explanation when the transferred amount shows up on the tax statement so that the inflow is not treated as income.

Therefore, when sending money to Sweden, it is not just about the channels, several other factors come to play. It is important that you factor all of them in as they contribute to the overall transfer experience.

The USD to SEK exchange rates

Mid-market Rate
1
= 10.420275 SEK
Mid-market rate at: 15:39 UTC
USD/SEK Median: 10.329789 Low: 10.220202 High: 10.420275
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Looking to Send Money Somewhere Else?

Sending money anywhere else in the world is as easy as sending money to Sweden. If you're looking to send money to another country, here is the list of the most popular destinations.

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Your Questions Answered

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Contributors

Jonathan Merry
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com