Swedes receive billions in international transfers each year. Choosing the right service can save hundreds on fees. This guide explains how to select the best option for your needs.
Understanding Transfer Costs
International transfers involve two main costs. The exchange rate margin often matters more than the upfront fee. Banks typically add 3-5% to the mid-market rate. Specialized services like Wise and Revolut use real rates with small margins.
Wise charges a transparent percentage fee. For a 10,000 SEK transfer from the US, fees average 0.5%. Revolut offers free transfers on weekdays for premium users. Both services show the exact amount the recipient gets before you send.
Traditional banks hide costs in poor exchange rates. SEB and Nordea charge 1-2% upfront plus unfavorable rates. For large transfers, these hidden fees add up quickly. Always compare the total received amount, not just advertised fees.
Top Services for Swedish Recipients
Wise works well for regular transfers to Swedish bank accounts. It supports direct deposits to Swedish banks like Handelsbanken and Swedbank. Transfers usually complete within one business day. The service provides tracking numbers for peace of mind.
Revolut suits tech-savvy users who transfer frequently. Premium plans (99 SEK monthly) offer unlimited free transfers. The app shows real-time exchange rates. Transfers between Revolut users happen instantly.
PayPal serves well for informal transfers between individuals. Friends can send money using email addresses. Fees range from 2-4% depending on funding method. Transfers to Swedish PayPal accounts convert automatically to SEK.
Security and Speed Considerations
Regulated services provide the safest transfers. All mentioned companies hold proper financial licenses. They use bank-level encryption for transactions. Your money stays in segregated accounts until delivery.
Transfer speed depends on currency and amount. EUR to SEK transfers often complete same-day. USD to SEK transfers take 1-2 business days. Large transfers above 100,000 SEK require extra verification steps.
Always verify recipient details twice. Swedish bank accounts use clearing numbers and account numbers. Mistakes cause delays of 5-10 business days. Services typically charge 200-500 SEK to recall incorrect transfers.
Practical Transfer Examples
Anna sends 5,000 USD from New York to her sister in Stockholm. Using her bank costs 150 USD in fees plus poor rates. Wise charges 25 USD with a better rate. Her sister receives 2,000 SEK more through Wise.
Lars receives monthly freelance payments from Germany. He uses Revolut Business for EUR to SEK conversions. The service saves him 800 SEK monthly compared to his Swedish bank. Transfers arrive every Friday without fail.
Small businesses use Wise Business for supplier payments. They save 3% on each international transaction. The service integrates with accounting software like Fortnox. This saves hours on reconciliation each month.
Frequently Asked Questions
What is the cheapest way to send money to Sweden?
Wise generally offers the lowest total cost. For transfers under 50,000 SEK, fees average 0.5-0.7%. Revolut Premium provides free transfers on weekdays. Compare both using their online calculators before sending.
How long do transfers to Sweden take?
EUR transfers often complete within hours. USD transfers take 1-2 business days. Weekend transfers process on Monday. Large transfers above 500,000 SEK require extra days for compliance checks.
Are international transfers to Sweden taxable?
Gifts from family members are tax-free up to certain limits. Business payments require proper documentation. Consult Skatteverket's guidelines for specific cases. Keep records of all international transfers.
What information do I need for transfers?
You need the recipient's full name exactly as on their bank account. Provide their Swedish bank's clearing number (4 digits). Include their account number (7-10 digits). Some services also require the recipient's Swedish personal number.
Can I send money to Swedish mobile payment apps?
Yes, Swish receives international transfers through connected bank accounts. The sender needs your Swedish bank details. The money appears in your Swish app after bank processing. This typically adds one extra business day.
What are the limits for transfers to Sweden?
Most services allow transfers up to 1,000,000 SEK daily. Higher amounts require advance notice. Swedish banks report transfers above 150,000 SEK to authorities. This is normal anti-money laundering procedure.
How do I track my transfer?
All major services provide tracking numbers. You receive email updates at each stage. Contact customer support if delays exceed promised times. Keep your transaction reference number handy.