Transfer your money to Sweden with market-leading exchange rates, low fees and fast transfer speeds.
When looking to send money overseas to Sweden, many Canadians head to their local bank to send the funds. Although most Canadian banks will allow you to send money to Sweden, they tend to provide poor exchange rates, charge high transfer fees and take three to five days to transfer the funds.
Fortunately in recent years, specialist money transfer services have emerged on the market. These companies specialize in sending large sums of money overseas. They generally offer competitive exchange rates, low fees and much faster transfer speeds than the banks.
The Swedish krona is considered an exotic currency, since it is only used in Sweden. Some transfer services will convert your Canadian dollars to US dollars or euros before again converting it into the local SEK currency used in Sweden. Be sure to take the time to do your research and choose a service that will give you the most value for your dollar.
If you are looking to transfer money between Canada and Sweden, read our guide to learn about the factors you should take into consideration.
Compare your options to send money to Sweden in the table below
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Case study: Matthias sends money to Sweden
Swedish born Matthias is spending two years working and studying in Canada. He needs to send $2,000 Canadian dollars back to his parents in Sweden to pay for some damage to his car that happened before he left. In order to find the best possible deal, he compares the cost of sending the transaction with his bank with the cost of using a specialist money transfer service. You can see the results of his comparison below.
|Bank||Money Transfer Service|
|Exchange rate||CAD$1 = 6.21 SEK||CAD$1 = 6.39 SEK|
|Transfer time||Three to five days||One to two days|
|Transfer options||Bank account transfer||Bank account transfer|
|Amount received (in Swedish krona)||12,401.80 SEK||12,770.94 SEK|
As you can see, Matthias can send almost 370 SEK more using the specialist money transfer service. He can also save more than $20 Canadian dollars in fees and have the money sent much quicker.
Compare these factors when choosing a money transfer service
- Exchange rates. Look for the best exchange rate available to make sure that as much of your money as possible makes it to your recipient. Also remember that some companies may offer a slightly lower exchange rate in return for lower fees. Likewise, some companies may charge higher fees but provide a more competitive exchange rate.
- Fees. The majority of money transfer providers will charge a fee for their services, but you may want to look for companies who waive their fees when you transfer more than a certain amount of money. These amounts tend to be high, around the $5,000 or $10,000 mark.
- Transfer method. Compare the options available for sending your transfer: online, over the phone, via a mobile app and/or in person at a branch.
- Transfer options. Does your provider allow you to schedule regular payments in advance for extra convenience? Does it offer flexible options like forward contracts and market orders so that you can take advantage of changing market exchange rates? Find a company that offers you the services you need.
- Minimum transfer amounts. If you only need to transfer a small amount of money, you’ll want to avoid companies that impose a minimum transfer limit. Some companies have low minimum limits, around the $5 mark, while others have much higher ones.
- Turnaround time. The importance of the speed of the transfer will depend on how urgently you need to send your funds. While some companies allow cash pickups within minutes, others require you to wait a few days for the transaction to be completed. Keep in mind that faster transfer speeds generally incur higher transfer fees.
- Pickup options. Can your cash be picked up in person or are the funds sent straight to a bank account?
- Customer service. Look to see if your chosen provider offers phone, email, in person and/or live chat support. This will be essential if you need assistance with an urgent transfer or if you encounter any issues with your transaction. Always choose a reputable company to handle your money.
Send money to Sweden from Canada with these options
Consider the following options when you need to send money to Sweden:
- Bank transfers. The majority of Canadian banks will make it easy for you to send money to Sweden, but they will offer poorer exchange rates and charge higher fees than some of your other transfer options.
- Money transfer companies. There are plenty of specialist money transfer providers who offer better exchange rates and lower fees than banks. These providers include TransferWise, WorldRemit, OFX, FairFX, TorFX and Currencies Direct.
- Cash pickup money transfer providers. Other companies allow you to quickly transfer funds which can be picked up in person within minutes from agent locations in Sweden. Western Union and MoneyGram are two companies that offer this service.
- PayPal. If you and your recipient both have PayPal accounts, you can use this online payment service to transfer your funds to Sweden. Accounts are free and easy to setup online.
- International money order. If you don’t mind your transfer taking a little longer, you can obtain an international guaranteed cheque from your bank or local post office. Also known as “snail mail”, this is the slowest way to send money overseas.
Send emergency cash to Sweden
In some cases, you may need to transfer funds to Sweden as quickly as possible. This may be because you have a friend or relative travelling through Sweden who has lost their wallet and needs some emergency cash, or perhaps you simply need to make a purchase from a Swedish retailer as quickly as possible.
Whatever the case may be, remember to double check what exchange rate you will be receiving before you send your transfer. Though time is of the essence, make sure you’re fully aware of the exchange rates and fees that will apply to your transaction. This will ensure that you don’t end up paying more than you expected.
Cash pickup locations in Sweden
C O Zagrosjet Airline
Arlanda Airport Skycity
Arlandalm, Stockholm 190 46
Open 9am to 6pm Monday to Friday, open 10am to 3pm Saturday
Open 6am to 9pm seven days a week
Goteborg, Vastra Gotaland 41103
Open 7am to 9pm Monday to Friday, 9am to 7pm Saturday and Sunday
Goteborg, 411 04
Open 8am to 8pm 7 days
Tavex – City
Stockholm, 111 46
Open Monday to Friday 8:50am to 6:05pm, open Saturday 10:50am to 4:05pm
Stockholm, 111 29
Open 9am to 7:30pm Monday to Friday, 10:30am to 6:30pm Saturday, 12pm to 6pm Sunday
Kopmansgatan 27 LOC
Goteborg, 411 06
Open 9am to 11:59pm 7 days
Redbergsvagen 17 LOC
Goteborg, 416 59
Open 9am to 10:30pm 7 days
Safety tips to consider when picking up cash
According to the Government of Canada, Sweden is a safe country to visit and travellers are only advised to “exercise normal safety precautions”. However, this doesn’t mean you should be completely relaxed with your safety standards when picking up money in Sweden.
Take a friend with you when you go to pick up your funds and make sure not to flash any cash around in front of strangers. Avoid any high crime areas and don’t use public transportation with large sums of money on your person. Head straight to your bank to deposit the funds or put them in a safe place. The last thing you want to do is carry them on your person for an extended period of time.
Be prepared before you send money to Sweden
As you can see from the list above, there are plenty of options to choose from when you want to send money to Sweden. The exact process for sending funds varies depending on the method and provider you choose, but you’ll usually have to open an account online and register before you can send your funds.
To do this, you’ll need to provide your name, address, date of birth and sometimes photo identification. Once you’ve sent a transfer, keep your receipt or tracking number so that you can monitor the progress of your funds. You will need to give the transaction reference number to your recipient if they are picking up the funds in person.
It doesn’t matter why you need to send money to Sweden; all that matters is that it’s quick, easy and affordable to do so. Just make sure to do your research and find the money transfer provider that offers you the best deal.