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Looking for the best way to send money from Canada to family, friends or businesses in Sweden (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better SEK exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more Swedish kronas.
Of the companies we've compared, Xe Money Transfers is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Sweden within minutes.
Bank transfers are typically the cheapest way to get your money to Sweden. Xe Money Transfers and OFX have some of the lowest bank transfer fees of the brands we've compared.When you're hunting down the cheapest ways to send money to Sweden, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Swedish kronas your recipient will end up with.
Many online providers can offer transfers to Sweden within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to Sweden:
Actual transfer times from Canada to Sweden can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to Sweden is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and Sweden.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Sweden, consider using a provider such as OFX or CurrencyTransfer to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Sweden, you'll need the necessary documentation, your recipient's details and a way to pay.
William is working in Canada as a software engineer and he stays in regular contact with his elderly parents back home in Sweden. His parents need some funds to help pay off a mortgage, so William plans to send them $2,000 from Canada.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Bank||Money transfer company|
|Exchange rate||1 CAD = 7.53 SEK||1 CAD = 7.63 SEK|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||14,978.20 SEK||15,233.69 SEK|
The money transfer company enables William to send an extra kr255.48, which is transferred straight to his parents' Svenska Handelsbanken account.
When choosing a money transfer provider to send money from Canada to Sweden, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the Canadian dollar is a little weaker against the Swedish krona. Currently $5,000 is equivalent to kr38,323.50, whereas a month ago, $5,000 was equivalent to kr38,350.00. That's a decrease of 0.07% over the past month.
But compared to a year ago, the Canadian dollar is stronger against the Swedish krona. A year ago, $5,000 was equivalent to kr37,867.00. That's an increase of 1.21% over 12 months.
What's more important, however, is where the strength of the Canadian dollar against the Swedish krona goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more Swedish kronas for your Canadian dollars and can help you get the best out of any market conditions.
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