The best bank in Sweden
The thriving job market is making Sweden the hotspot for expats. Have you also moved to Sweden for new job opportunities or as a student? Are you planning to stay here for a longer duration or permanently? Yes! Then, opening a bank account in one of the best banks in Sweden is highly recommended. Swedes prefer making payments through debit cards and avoid carrying wallets. This makes card payments prominent on everything, from shopping to paying rent or buying a ticket for the bus. So, to get a debit or credit card, a bank account is vital.
From paying rents to bills, taxes, communal fees, receiving a salary, everything is digital. This makes online banking an important thing. For this service also a Sweden bank account is required. But which bank to choose in Sweden?
More than 115 banks are operating in Sweden. While searching for the banks in Sweden, you will also come across various international banks. All the banks have their own requirements. Most of them do not require any minimum deposit for opening a bank account. If you are looking for a free bank account Sweden, it is hard to find the bank that does not charge you any fees.
If we talk about ATM charges by Sweden banks, then most of them do not charge their customers any regular ATM fee. But the majority of the Swedish banks will surely charge yearly maintenance fees from their customers.
So, to find out the best bank in Sweden, a little research is required. We have selected the best Swedish banks that offer English service and clear contracts to expats and non-Swedish speakers. We have listed below the criteria by which we have listed a top 4 of the best banks in Sweden.
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#1 -The best bank for expats
A bank made for expats and newcomers – low withdrawel fees, purely online bank –excellent conditions and a great app! |
A bank made for expats and newcomers – low withdrawel fees, purely online bank –excellent conditions and a great app! |
9.3
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Visit N26.se |
#2
A large savings bank in Sweden – offering retail banking, asset management, financial, and other services at affordable rates. |
A large savings bank in Sweden – offering retail banking, asset management, financial, and other services at affordable rates. |
8.9
| Visit Swedbank.se |
#3
Bank Norwegian AS is a young Norwegian internet bank which provides loans, credit cards and savings accounts to consumers at a low rate. |
Bank Norwegian AS is a young Norwegian internet bank which provides loans, credit cards and savings accounts to consumers at a low rate. |
8.4
| Visit Norwegian.se |
#4
ICA Banken is a Swedish bank established in February 2002 – around that around 500,000 customers use its banking services. |
ICA Banken is a Swedish bank established in February 2002 – around that around 500,000 customers use its banking services. |
7.8
| Visit Icabanken.se |
The best banks in Sweden for expats:
As you will come across numerous banks in Sweden, finding the best of all becomes tricky for you. To make it easy and comfortable for you, we are clubbing here the top banks of Sweden. So make the comparison and select the best of all for opening a bank account and leading a comfortable life.
N26
Manage your bank account by spending and saving money in real-time. Open a bank account at N26, the best bank for expats in Sweden. You can open it within minutes that too, from your smartphone.
Advantages
- Open a free bank account without hidden fees.
- Get the benefits of free ATM withdrawals in euros with the free Mastercard.
- 3D secure technology keeps all your online transactions fully secure.
- The push notification service by the bank makes you aware of all your deposits and withdrawals.
- Get insights into your spending to manage your expenses in a better way.
Disadvantage
- Being an online bank, N26 is more focused on tech-savvy people.
Swedbank
Make payments, save money, borrow loans, and get insurance by opening an account at Swedbank.
Advantages
- From basic to advanced banking services, you will get all here at this Swedish bank.
- The best Swedish bank account keeps your money safe and also helps you in handling your finances conveniently.
- The bank allows you to keep your money in your Swedbank bank. It can be in any currency that is operated by the bank.
- For your account, you can get payment cards of different types and also get a credit limit.
Disadvantages
- If you are doing non-SEK transactions with Swedbank card, you will be charged for that.
- Customer service is not good.
Bank Norwegian
Bank Norwegian is the ideal choice for those who are searching for a bank that provides loans, savings accounts, and credit cards.
Advantages
- You can borrow money without collateral.
- If you are looking for increasing your loan, then Bank Norwegian can help you to increase your existing loan.
- Loans and credits are usually expensive, but Bank Norwegian gives you better control with less fees and lower monthly costs.
- If you are using the Norwegian card for making purchases, it can earn you cashpoints on your purchase.
Disadvantages
- The card works well with specific nationalities.
- Customer service is not good.
ICA Banken
If you are making Swedish banks comparison, then ICA Banken is also counted among the best banks of Sweden.
Advantages
- You can get your desired card that meets your requirements, after comparing the different cards provided by the bank.
- If you are an ICA student or less than 21 years, then on Bank cards, you will not be charged any monthly fee.
- If you pay as well as save with the bank, you will get a double bonus at ICA.
- Be it personal insurance, housing, boat, vehicle, or animal, you will get insurance for almost your every need.
Disadvantages
- Bad customer service.
- Interest rates on loan amounts are high in comparison to other banks.
- The app of the bank does not run seamlessly.
Tips and tricks
After moving to Sweden, when you want to open an account in one of the best banks in Sweden, the easiest way is to approach the nearest branch. You can even check their website for more details. Usually for opening the bank account, Swedish banks require:
- Your passport, if you are a foreign citizen.
- If you are a citizen of Sweden, then carry along the ID proof to prove your identity.
- If you are shifting your bank account, some banks even ask for a letter of recommendation.
- Letter of acceptance from your employer.
- The tenancy agreement can be asked as a proof of your Sweden address.
Carry these basic documents and the ones that are required by the specific branch to complete the documentation quickly for opening the bank account.