While Sweden is part of the European Union, it proudly maintains its own currency, the Swedish krona (SEK), often referred to as Swedish crowns. For travelers planning a trip to Sweden, understanding the currency landscape, particularly concerning the use of euros, is essential for a smooth and financially savvy experience. This guide clarifies the currency situation in Sweden, focusing on why euros aren’t widely accepted and how to manage your finances effectively during your visit.
Sweden’s Official Currency: The Swedish Krona
Since 1873, the Swedish krona has been the official currency of Sweden. Represented by the symbol SEK, the krona, meaning “crown,” is a testament to Sweden’s long-standing monetary independence. The currency is available in banknotes of 20, 50, 100, 200, 500, and 1,000 kronor, and coins in denominations of 1, 2, 5, and 10 kronor. Familiarizing yourself with the valid Swedish banknotes and coins before your trip can be helpful.
Why Sweden Uses Krona and Not Euros
Despite being an EU member, Sweden opted to retain the krona and not adopt the euro. This decision reflects a desire to maintain economic control and monetary policy independence. Therefore, the euro is not the official currency, and its acceptance is not widespread across Sweden.
Can You Pay with Euros in Sweden?
Generally, you cannot use euros for cash transactions in Sweden. While some tourist-heavy areas, hotels, or larger stores might accept euros, it’s not the norm and should not be relied upon. If euros are accepted, the exchange rate is likely to be unfavorable compared to official exchange services. To avoid inconvenience and potential extra costs, it is strongly recommended to use Swedish kronor for all your purchases within Sweden.
The Predominance of Cashless Payments in Sweden
Sweden is at the forefront of the global shift towards a cashless society. Card and mobile payments are exceptionally popular, and many businesses actively prefer, or even exclusively accept, these forms of payment. This includes a wide array of establishments from retail stores and restaurants to museums and public transportation. Major international credit and debit cards like Visa and Mastercard are widely accepted. While American Express is less universally accepted, carrying a Visa or Mastercard should suffice for most transactions. Ensure your card has a chip and PIN, as magnetic stripe cards are becoming increasingly less common.
Is Cash Necessary in Sweden?
Given Sweden’s strong cashless preference, carrying large sums of cash is unnecessary and even impractical. However, having a small amount of Swedish krona on hand can still be useful for smaller purchases or in less urban areas. ATMs, locally known as “Bankomat” or “Uttagsautomat,” are readily accessible in cities and towns, allowing you to withdraw kronor using international cards. Be mindful of potential withdrawal fees charged by your bank.
For currency exchange, services like Forex, Tavex, Change Group or Ria offer exchange services. Their websites provide up-to-date exchange rates for major currencies like EUR, USD, and GBP to SEK, enabling you to compare rates and find the best deals.
Mobile Payment Options for Visitors
While Swish is a highly popular mobile payment app in Sweden, facilitating instant transfers, it’s generally not accessible to tourists. Swish requires a Swedish bank account and personal identification number, which visitors typically do not possess. Therefore, tourists should primarily rely on credit or debit cards for payments.
Currency Import and Export Regulations
There are no restrictions on the amount of Swedish or foreign currency you can bring into or out of Sweden. However, if you are entering or leaving the European Union (EU) with €10,000 or more (or its equivalent in other currencies), you are legally obligated to declare this amount to customs authorities. In Sweden, declarations can be made to Swedish Customs (Tullverket) online or via a form upon arrival.
Dealing with Outdated Swedish Currency
Be aware that older versions of 20, 50, and 1,000-krona banknotes are no longer valid, and most older coins became invalid in 2017. If you happen to possess outdated Swedish currency, Riksbanken provides a redemption service for invalid banknotes, although a fee of 200 SEK per application applies.
In conclusion, while the euro is a prominent currency in Europe, Sweden operates primarily with the Swedish krona. For visitors, understanding this distinction and embracing cashless payment methods is key to navigating finances in Sweden. By being prepared with the right cards and a basic understanding of currency exchange, you can ensure a seamless and enjoyable trip.
