Currency in Sweden
A Travel Money Guide to Sweden
Sweden, the land of the Nobel Prize and northern lights, is often said to be expensive, but actually not everything in Sweden is expensive if you learn all you can about the local currency and payment options before you go.
The currency that is used in Sweden
In Sweden, locals use Swedish Krona, which has the international code SEK and the symbol kr.
Few Swedes use their currency in cash with only 10% of locals using cash to pay for something in a shop in 2023. Most people pay for things by card. Some shops won't even accept cash so it may be handy to carry a mixture of cash and card.
Historically, the Scandinavian Monetary Union, which consisted of Sweden, Denmark, and Norway, introduced the krona in 1876, replacing the riksdaler. Since then it has been the national currency of Sweden.
Money in Sweden
Swedish banknotes have 6 denominations: kr20, kr50, kr100, kr200, kr500, kr1000. The Swedish Krona has 3 coin denominations: kr1, kr5, kr10.
Please note: Older versions of the 20, 50 and 1,000-krona banknotes and the majority of older coins are now invalid. If your cash is invalid, you can redeem Swedish banknotes for a fee of SEK 100 from Swedish Riksbank.
Using Your Bank Card with Sweden
Most Swedish businesses are well set up to receive card payments. Some of the best travel money cards include debit, credit and prepaid cards. But before you use your bank card willy-nilly, it’s worth reading up on the fees and charges you might incur.
Debit Cards
You’ll probably want a debit card if you plan to withdraw money from an ATM. While you may also be able to pay with a debit card in some businesses in the major destinations, you might discover some hefty fees on your account summary.
Depending on your bank, you could be hit with fees for foreign ATM withdrawals or currency conversions. But some banks are better than others; we recommend checking out Wise, ING and Revolut, all of which have travel-friendly debit cards that waive these charges.
Credit Cards
Sweden is widely thought of as the most cashless society in the world. This means major credit cards are widely accepted throughout Sweden, including American Express, Diners Club, and Visa. If you see a Eurocard or Access sign, the establishment accepts MasterCard. However, Discover cards are not accepted. You also can withdraw currency from ATMs at various locations.
For those wondering how much it will cost to use your credit card abroad, it all depends on the agreement you have with your card supplier. Most credit cards will charge you for using a cash machine abroad, but since it varies between companies, contact your card-provider to know the rate for sure.
Please note: In order to pay or withdraw cash with your credit card it requires that you have a card with chip and PIN (Personal Identification Number). The older magnetic-stripe cards won’t work.
Credit cards can come with some enticing perks, including added security, loyalty programs, and even free travel insurance.
But are they worth it?
Major local businesses, including hotels, restaurants, airline offices, and department stores, accept credit cards. But you usually have to pay a 1-3% surcharge.
So be aware of additional charges you may incur for foreign transactions. These could include:
- International transaction fees
- High exchange rate margins
- ATM fees
- Potential ‘cash advance fees’ if you use an ATM
If you still prefer credit cards over any other payment, consider going with a company that offers cards that waive certain travel fees. Bankwest Platinum and 28 Degrees both have travel-friendly cards.
Prepaid Travel Cards
The biggest advantages of prepaid travel cards are that you can lock in a favourable exchange rate. You also get a handy back-up card.
Just remember that while they are convenient, you could end up paying a long list of hidden fees. Many travel cards still impose:
- Currency conversion fees
- Uncompetitive exchange rates
- International ATM withdrawal fees
- Initial load fees
- Reload fees
- Inactivity fees
How to Exchange Currency in Sweden
Places like Stockholm, and Gothenburg receive great numbers of tourists, so there are facilities to cater to money exchanges. Beyond these major destinations, it’s best to get cash before you venture into remote territory.
ATMs
You can get cash with your Visa, MasterCard, Maestro or Cirrus card at any “Bankomat” or “Uttagsautomat” ATM. A small fee can be added for your withdrawal, it’s all depending on your bank’s terms.
There is often ATM’s available directly at the airport, for example on Arlanda, Landvetter, Skavsta, Malmö and Luleå.
To find a convenient ATM use these ATM locators for local and global banks:
- Bankomat ATM locator – Bankomat is owned jointly by several of the largest banks in Sweden, and all ATMs in the network can be found here
- SEB ATM locator
- Danske Bank ATM locator
- Nordea ATM locator
Depending on your bank, you may have to pay for overseas ATM withdrawals and currency conversions. To reduce the amount you’ll pay in fees, try to withdraw just the right amount of money you’ll need for the duration of your trip.
Don’t forget: Let your bank know you’re travelling! If they detect a foreign transaction but aren’t aware you’re overseas, they could end up freezing your card.
Currency Exchange in Sweden
You won’t have any problem changing money in Sweden. There are often money exchange offices available directly at the airport, for example on Arlanda, Landvetter, Skavsta, Malmö and Luleå, or in Stockholm and Gothenburg.
Most money changers have websites where you can see their exchange rates for different currencies and can compare conversions from the dollar (USD), Euro (EUR), Pounds (GBP) to Swedish krona’s (SEK).
Travellers Cheques
Not worth the bother! Travellers cheques are so outdated, very few banks even accept them any more.
