Find the lowest fees and best exchange rates so you can send money to Sweden without breaking the bank.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Sweden doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most Swedish kronas for your dollar.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Sweden is easy. However, do your research and shop around for the best available deal.
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- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
Compare international money transfers to Sweden
Banks versus money transfer companies
When faced with the prospect of sending money overseas, most of us immediately think of our banks. While any major bank can send an international wire transfer, they also charge high fees for doing so and offer exchange rates that are less than impressive.
You can actually save a substantial amount of money if you look around for a better deal from a money transfer service. These companies, some of which are based online and others which offer agent networks around the world, can offer better exchange rates and lower fees than you’ll likely get from your bank. The end result is more money staying in your pocket and a larger amount arriving into your beneficiary’s hands.
Case Study: Sven Sends Money to Sweden
Sven has relocated to the United States and become a citizen, but he still stays in regular contact with his parents back home in Malmo. He wants to send them $1,000 as a gift for their 30th wedding anniversary but is unwilling to accept the low exchange rate he is offered by his bank. 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||1-3 business days|
|Amount received (in SEK)||$8,288 SEK||$8,383 SEK|
As you can see, Sven’s parents will receive almost $100 SEK extra if he uses the second transfer company.
How to compare transfer companies when sending money to Sweden
- Exchange rates. How do each company’s exchange rates compare to the competition?
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Transfer methods. Companies offer one or more of the following methods: online transfers, phone transfers, in-branch transfers and smartphone/tablet app transfers.
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-off spot orders?
- Turnaround time. Compare transaction processing times and see if one company can send quicker transfers without charging higher fees than others.
- Minimum transfers. Check the fine print to see if any minimum or maximum transfer limits apply.
- Pickup methods. Will your beneficiary be able to visit a transfer branch and collect the cash you send, or will the money be sent straight to their bank account?
- Customer service. Is reliable customer support offered whenever you need it?
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in January 2018, the U.S dollar was worth approximately 8.46 Swedish krona. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Today’s USD-SEK exchange rate
Options for sending money to Sweden from America
- Bank transfers. A bank-to-bank transfer is an easy but expensive option.
- Online money transfer providers. Companies such as OFX and WorldRemit can save you money compared to a bank.
- Money transfer companies with cash pickup options. Check out the transfer options available from companies like Western Union and MoneyGram.
- PayPal. Use your PayPal account to send money overseas.
- Checks. An international check can be obtained from your bank and cashed by your recipient in Sweden.
How to send money to Sweden
Before you can send an overseas money transfer you’ll need to provide some information about yourself. Along with your name, address and contact details you will also need to present a photo ID.
The money transfer company will then need to know more about your recipient, including their name and contact information, as well as the details of how much money you wish to send and in what currency.
Once you’ve provided all the necessary information and handed over your cash, most companies will give you a reference number that you can use when you want to track your transfer.
If you are not using cash for this transaction, you will need to provide your banking info in order to have funds drafted from your account.
Emergency cash transfers in Sweden
If you ever need to send an emergency transferm it’s important that you make sure you’re fully aware of the total cost of your transaction. High fees and low exchange rates usually apply to rapid transfers, so don’t be rushed into handing over your money before you know all the details. Once you know exactly how much a transaction costs you can then decide whether you are getting a good deal.
Tips for picking up cash in Sweden
- Do not pick up cash if you don’t feel safe or if you are not at an authorized agent location.
- Don’t let any strangers see that you have just collected a large sum of money.
- Avoid high-crime areas.
- 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.