Find the lowest fees and best exchange rates so you can send money to Sweden without breaking the bank.
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Compare international money transfers to Sweden
Banks versus money transfer companies
Despite only being used in Sweden, the krona is one of the top traded currencies in the world. This means your bank will likely be able to make a money transfer to Sweden, but at what cost? Banks are known for their high fees, slow processing times and poor exchange rates. If you want to get a good deal, a bank might not be your best choice.
Instead, a money transfer company may prove to be a better option. With a number of companies offering low fees, quick transfers and good exchange rates, you have a lot to choose from. If you aren’t familiar with them, it’s certainly an option you should look into.
Sven Sends Money to SwedenSven has relocated to the United States but still sends money home to his parents in Malmo. He wants to send them $1,000 as a gift for their 30th wedding anniversary. The problem is his bank offers a paltry exchange rate. Because of this, he decides to check out the fees and features of two money transfer services to see if there’s a better deal available.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 8.288 SEK||1 USD = 8.383 SEK|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||3 business days||1 to 3 business days|
|Amount received (in SEK)||8,288 SEK||8,383 SEK|
Sven’s parents will receive almost 100 krona extra if he uses the second transfer company. Even though it has a slightly higher transfer fee, Sven is more than happy to pay it if it means his parents are able to celebrate in style.
How to compare transfer companies when sending money to Sweden
- Exchange rates. When comparing exchange rates between companies, see which one gets closest to market value. The closer it is, the better deal you’re getting.
- Fees. The amount you’ll pay per transfer depends on a few different factors, so compare the fees between different companies and your bank to see which keeps your costs low.
- Transfer methods. Companies offer one or more of the following methods: online transfers, phone transfers, in-branch transfers and mobile app transfers.
- Turnaround time. Compare transaction processing times and see which companies send quicker transfers without charging higher fees.
- Minimum transfers. Check the fine print to see if any minimum transfer limits apply. If you only need to send a small amount, you don’t want to have to pay a big fee because of it.
- Pickup methods. Will your recipient be able to visit a transfer branch and collect the cash you send or will the money be sent straight to their bank account? Choose the option your recipient prefers.
Foreign exchange rates explainedExchange rate is used to determine how much one currency is worth when traded for another currency. A strong currency will yield more when it’s exchanged for a weak currency, which gives the US dollar an edge. As of September 2018, the exchange rate between the two was about 8.88 SEK per 1 USD. But since most exchange rates are flexible, the exact number can change from moment to moment.
How to send money to Sweden
Every money transfer service will be different, but in general, you can follow these steps to keep the process quick and easy.
- Choose a provider from the table above.
- Click Go to site to create an account.
- Start a transfer and enter information about your recipient.
- Select the amount you want to send, pay for your transfer and save your tracking number.
Same-day cash transfers to Sweden
There are a few services that offer same-day transfers to Sweden. Some even keep fees low and exchange rates near market value, which saves you money and gets your recipient more cash. However, you’ll need to keep an eye out — not every service comes cheap, so compare your options carefully and choose one that won’t break the bank.
Tips for picking up cash in Sweden
If you or a recipient is picking up cash, follow these steps to help minimize the risk of theft.
- Don’t pick up cash if you don’t feel safe or if you aren’t at an authorized agent location.
- Don’t let any strangers see that you have a large sum of money.
- Don’t carry the cash on your person for any longer than you need to.
- Deposit the money with your bank or in a secure hotel safe as soon as possible.
Money transfers to Sweden are common. This means you have plenty of options, and since you have plenty of options, you’ll need to be on the lookout for a good deal. Carefully consider each money transfer service and read our guide on the process to keep your research quick so you can get your recipient the money they need.