It is a good idea to open a Swedish bank account since your bank at home will probably charge you a fee every time you withdraw money in Sweden. To open an account in Sweden you will need proof of admission from the university, a valid passport and you must also be registered at a Swedish address. If all the above criteria are fulfilled, the account can usually be opened immediately when you visit the bank. Swedish banks do not usually charge a fee for opening an account, but there is often an annual fee if you need a payment card.
When you open an account in Sweden you will receive an IBAN (international bank account number) which you can use together with the Bank’s SWIFT address to transfer money from your bank abroad to your new account in Sweden. We recommend that you give someone at home a power of attorney to transfer money on your behalf. It usually takes at least one week to transfer money from your bank abroad to your Swedish account. It is also possible to transfer the money via a VISA card or MasterCard.
Try to avoid travellers’ cheques since there are charges for cashing them in and it may take a long time to access the money. Please note that personal or international cheques are not accepted by Swedish banks.