Banks are normally open on weekdays from 8:30 AM to 5 PM, with customer hours from 10 AM - 3 PM. On Thursdays some banks are open from 10 AM to 6 PM. On Saturdays and Sundays the banks are closed.

Currency

1 Swedish kronor (SEK) = 100 öre

9.34 SEK = 1 US$

1US$ = .107 SEK

(October, 2002)

Check the latest Exchange Rates

• The most common denominations for banknotes are 20, 50, 100, 500 and 1,000 SEK
• The most common denominations for Coins are .50 öre, 1, 5, 10 kronor
• All major credit cards and travelers checks accepted throughout Sweden
• Checks are rarely used in Sweden, are expensive and time consuming. All financial transactions are done electronically by transfer form one account to another
  

Some of the Major Banks in Sweden

Handelsbanken

Föreningssparbanken

Nordbanken (in Swedish only)

Skandinaviska Enskilda Banken (SEB)

What's a Gee-Row?

Sometime during your stay in Sweden you’ll be confronted with a giro–one will mysteriously appear in your mail box (without an envelope), you'll receive one with a monthly bill, or you'll be requested to "send a giro". A giro is a note telling a financial institution to transfer money from one account to another. You might say it acts like a "digital" check. It is as simple as that. There are two types of giros: postgiros, used within the postal financial system, and bankgiros, used within the banking financial system.

You may often choose between a postgiro and a bankgiro. Insurance companies, the electric company and others often have accounts at both the bank and the post office. Make inquiries for your convenience. Although you can pick up blank giro forms in banks and post offices, we recommend you use the original giro from a bill whenever possible, it is somewhat like a payment stub, and very often contains customer identification information which speeds the time it takes for the giro to be registered and the funds to be transferred.

A postgiro should be paid at the post office, either with cash or by writing your bank account number on the giro form. To send money via postgiro, simply fill out a postgiro form (available at all post offices) with your name and address; the creditor’s name, address, and their postgiro account number and finally the amount to be paid. Deliver this, with the appropriate amount (or fill-in your postgiro account number) plus postage, at the counter.

Here is an example of how to fill out a postgiro. A bankgiro is very similar.

You also have the possibility in Sweden to do all financial transactions from your computer via the Internet. You must be set up to do this with your bank. Ask your bank for details.

Receipts

Bank statements issued every month specify each creditor and the amount paid. The bank statement therefore functions as a receipt for bankgiros. The post office will provide you with a receipt at the time of transaction for postgiros.

All of this may sound rather complicated, but it really is a smooth and efficient way of handling financial affairs.