Credits: Faramarz Gosheh/imagebank.sweden.se

Guide to use money in Sweden: Welcome to the most cashless country in Europe

If you plan to study in Sweden, one of the most important things you should know about Sweden is that you practically will not use cash. So if you are desperately looking how to change money from your local currency to the local currency of Sweden.

First check out this guide !

EXCHANGE RATE

The local currency of Sweden is the Swedish crowns (SEK) . The exchange rate may vary depending on the currency in your country. However, don’t forget to check the exchange rate days before traveling to Sweden.

Examples (Exchange rates in 17/nov/2019)

EURO SEK
1 10,67
10 106,7
100 1067

 

DOLLAR   SEK
1    9,65
10    96,5
100    965

source: www.xe.com/currency/

You want to take a look at the banknotes you can see them in the following link:

https://www.banknotenews.com/files/tag-sweden.php

CASHLESS LIFE

Possibly, the title should be “the most cashless country in the world”, unfortunately for a little difference Canada is the most cashless country, leaving Sweden in second place.

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The use of cash in Sweden is really minimal. There are even restaurants or shops that don’t accept cash at all. The payment is exclusive with card. For instance, you can only buy coffee at my university with the debit or credit card.

Credits: Camilo

So, before bringing euros, dollars or even Swedish crowns from your country, think twice. It is better to call your bank and notify you’ll use your card in a foreign country. Other countries around Sweden such as Denmark or Norway are also countries that do not use a lot of cash.

VISA, MASTERCARD, MAESTRO AND OTHERS

In my experience, I have noticed that in Sweden they accept all the cards, even if they are debit or credit. However, some friends told me that it’s good to check your card logo in the store in advanced to avoid problems when paying.

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Worldwide VISA or MasterCard are the most common. Therefore, I don’t think you’ll  have any problem with them. But don’t forget to check with your bank if extra charges are applied for purchases with your card outside your country. Banks regularly do not applied extra charges using card, they only do the extra charge if you withdraw cash from the ATM.

Credits: Camilo

CASH AND ATMs

Although Sweden is a cashless country, it doesn’t  mean that Sweden do not use cash. In fact, many places accept both and mostly in supermarkets too. The difference is that some supermarkets only have one cashier for cash payments. The others are for card only, or they have a lot of self machines to pay.

With cash sometimes you need more time on your purchases.

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There are also Bankomat (Sweden ATMs) in all cities and you can easily make withdrawals there. However, don’t forget as I mentioned before that foreign banks usually charge fees for using the Bankomat. Something very important, is that the withdrawal limit in the Bankomat is 2000kr per day.

Nevertheless, if you have an account at ICABanken or you have a kontantkort. There are ICA-ATMs, the withdrawal limit in this ATMs is 5000kr per day.

Make It Rain Money GIF by Anderson .Paak

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SWISH

This app definitely makes your life easier in Sweden.

Swish is an application that connects your mobile number with your bank account. Many establishments and even some parties at the university use Swish as method of payment. With Swish  you only put the amount of money and the phone number or code of the other person. Then you send the money instantly.

money argentina GIF by doña batata

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Swish is also very useful when you hang out with friends and you want to chip in the bill. Simply swish your friend and voila.

But! You can only use this app if you have a Swedish bank account, BankID and your personummer. So, if you are going to study in Sweden less than 12 months, unfortunately you can not have this application.

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IS IT GOOD A CASHLESS LIFE?

The truth is that everything is faster and you do not have the risk of losing money in the street or  pay extra by mistake. Also, the use of less paper is very sustainable. However, there is one big problem at the beginning:

You spend and spend! As all your money is in the cards, sometimes it is difficult to have self-control and keep track of your expenses. That makes you worry more about money and stress.

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In conclusion, I have not really used a lot of cash in Sweden, only the first month a little. But, after sometime in Sweden you’ll get used very quickly. Be positive, after a while the cashless life becomes easier. Don’t worry about not having cash in your life.

Do you have any doubt about how money is handled in Sweden? , or Do you want to leave your experience of a cashless life. Leave your comments!

 

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