Navigating currency exchanges when traveling can often be confusing. If you’re planning a trip to Sweden, understanding the local currency situation is crucial. Despite being part of the European Union, Sweden has not adopted the Euro. This guide will clarify everything you need to know about the Swedish currency, the Krona (SEK), and how to manage payments during your visit.
Understanding the Swedish Krona (SEK)
The official currency of Sweden is the Swedish Krona (SEK), often abbreviated as kr. “Krona” translates to “crown” in English, a name with historical roots. Since 1873, the Krona has been the standard monetary unit in Sweden. The banknotes in circulation come in denominations of 20, 50, 100, 200, 500, and 1,000 kronor, each featuring prominent Swedish figures and landmarks. Coins are available in 1, 2, 5, and 10 kronor values. For a visual reference, you can explore the valid banknotes and valid coins on the Riksbank website, Sweden’s central bank.
Can You Use Euros in Sweden for Transactions?
It’s a common question for tourists from Eurozone countries: can you pay with Euros in Sweden? The straightforward answer is generally no. While Sweden is an EU member, it retains its own currency. Therefore, businesses in Sweden predominantly operate using SEK. While in very limited instances, particularly in tourist-heavy areas or for larger transactions like hotel bills, some establishments might accept Euros, this is not the norm and should not be relied upon. You will almost certainly receive a less favorable exchange rate if Euros are accepted, and change will be given in SEK. For a smooth and cost-effective experience, it’s best to use Swedish Krona for all your transactions within Sweden.
The Cashless Trend: Card and Mobile Payments in Sweden
Sweden is at the forefront of the global shift towards a cashless society. Cash transactions are becoming increasingly rare, with many businesses actively preferring or exclusively accepting card or mobile payments. This applies broadly, from major retail stores and restaurants to smaller shops, museums, and even public transportation in many cities. Major international credit and debit cards, such as Visa and Mastercard, are widely accepted across Sweden. American Express might have slightly less universal acceptance, so carrying a backup card is advisable. It’s also important to ensure your card is equipped with a chip and PIN, as magnetic stripe-only cards are often not supported in Sweden’s modern payment infrastructure.
Cash in Sweden: When is it Necessary and Where to Get It?
Given Sweden’s strong preference for cashless payments, carrying large sums of cash is unnecessary and even inconvenient. However, having a small amount of SEK on hand might be useful for very minor purchases in rural areas or at smaller vendors who might still prefer cash, though these instances are becoming increasingly infrequent. If you decide to withdraw cash, Automated Teller Machines (ATMs) are widely available, especially in urban centers and towns. Look for ATMs branded as “Bankomat” or “Uttagsautomat,” which are the common Swedish terms. These ATMs typically accept international cards, allowing you to withdraw SEK directly. Be mindful of potential withdrawal fees levied by your bank and the ATM operator.
For currency exchange services, you can visit reputable exchange offices. Companies like Forex, Tavex, Change Group and Ria have branches in many locations, particularly in cities and airports. Their websites allow you to check current exchange rates for major currencies like EUR, USD, and GBP to SEK, enabling you to compare and find the most favorable rates.
Mobile Payment Options: Swish and Alternatives for Tourists
Sweden has a highly successful mobile payment system called Swish. It allows for instant money transfers between individuals and is widely used for payments in various contexts. However, Swish is linked directly to Swedish bank accounts and requires a Swedish personal identity number (“personnummer”), making it practically inaccessible for tourists. As a visitor, relying on credit or debit cards for payments will be the most practical and universally accepted approach for mobile-like transactions at payment terminals.
Currency Import and Export Regulations in Sweden
Sweden has no restrictions on the amount of Swedish Krona or foreign currency you can bring into or out of the country. However, there are regulations related to larger sums of cash when entering or leaving the European Union as a whole. If you are traveling into or out of the EU and carrying €10,000 or more in cash (or its equivalent in other currencies, including SEK), you are legally obligated to declare this amount to customs authorities. In Sweden, you can make this declaration to Swedish Customs (Tullverket). This can be done online in advance or by using a specific form upon arrival or departure. It’s crucial to comply with these regulations to avoid any potential issues with customs.
Dealing with Outdated Swedish Banknotes and Coins
It’s worth noting that Sweden has undergone currency updates in recent years. Older versions of the 20, 50, and 1,000-kronor banknotes are no longer valid for general use. Furthermore, most older coins became invalid in 2017. While these older currencies are no longer accepted in shops and businesses, if you happen to find yourself in possession of outdated Swedish banknotes, Riksbanken provides a redemption service. For a fee of 200 SEK per application, you can redeem invalid banknotes directly through Riksbanken.
In conclusion, when traveling to Sweden, remember that the Swedish Krona (SEK) is the currency you’ll need. While the Euro is not widely accepted, credit and debit cards are king in this highly cashless society. By understanding the currency landscape and payment norms in Sweden, you can ensure a smooth and financially convenient trip, ready to explore all that this beautiful country has to offer.
