Select country...

Select country...

Select country...

Select country...

Send

Top 3 Money Transfer Providers for UK to Sweden

Provider Amount Received Fee Exchange Rate Speed
OFX (UK) OFX (UK) 123,250.27 No Fee 12.325 1-4 days more...
Currencies Direct Currencies Direct 123,801.05 £0.00 12.3801 1-3 days more...
TorFX TorFX 124,552.12 £0.00 12.4552 1-3 days more...
FXcompared Country Guides
See all guides here
UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
SWEDEN
Sweden has no foreign currency controls and the Swedish krona (SEK) floats freely, making it easy to send money to Sweden and transfer money from Sweden Read More
See all guides here How we make money / Advertising Disclosure
 

Sweden Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Sweden’s money transfer regulations
  • Sweden’s monetary and regulatory authorities
  • Taxation and property
  • Sweden’s economic background
  • Currency
  • Summary

    Sweden has no foreign currency controls and the Swedish krona (SEK) floats freely, making it easy to send money to Sweden and transfer money from Sweden.

    Sweden’s money transfer regulations

    Until the mid-1980s, Sweden maintained strict controls on foreign direct investment (FDI), but has deregulated the context for foreign capital flows when it moved to join the European Union (EU) in the early 1990s. Today, the country is open to FDI and allows for the free movement of capital into Sweden and out of the country, both to Europe and beyond. Sweden is also a major source of FDI elsewhere in the world. There are, however, are some controls on inward investment into the fishing, insurance and air transport industries.

    Swedish krona are most often exchanged against the US dollar (USD) and the euro (EUR), as they are frequently used as hub currencies in certain types of exchanges before converting money to any other currency. According to the Bank for International Settlements, the total exchange volume of Swedish kronor against the USD reached US$55bn per day in April 2013, followed by US$28bn against the euro. After the EUR, USD and SEK, the most frequently traded currencies on Swedish forex platforms are the Norwegian krone (NOK), pound sterling (GBP) and Japanese yen (JPY).

    Sweden’s monetary and regulatory authorities

    The Central Bank of Sweden, Sveriges Riksbank, monitors the performance of the financial system, sets Sweden’s monetary policy and works to maintain price stability. The central bank does not have a specific target for the krona’s value, but it aims to keep inflation around 2% per year. Inflation has been stagnant for several years, and dipped below zero in 2014 (-0.1%). The Riksbank’s low lending rate is meant to return inflation back to a more sustainable level by 2015.

    In the 1980s, the krona’s value was fixed to the European Currency Unit, but it was released to float freely in 1992. Sweden became a member of the EU in 1995, but Swedish voters opted not to join the EU currency union in a 2003 poll. Nonetheless, Sweden’s economy and the krona’s value, by extension, are strongly linked to the region’s economic performance.

    The Swedish financial supervisory authority, the Finansinspektionen, maintains direct oversight and regulation of the financial system, including banks, insurance companies, payment institutions, and other financial service providers. All companies that offer currency exchange services are required to register with the Finansinspektionen and are subject to the 2010 Payment Services Act.

    Taxation and property

    Sweden is very open to foreign investment and currency flows. Its comparatively low corporate tax level and the absence of withholding tax on dividends make it a popular location for investment. There are no restrictions on foreign property ownership. The Riksbank’s decision to maintain low lending rates through 2015 should keep mortgage rates relatively low in the near-term; the average mortgage rate for Swedish households fell by 0.2 percentage points to reach 2.2% in July 2014. However, changes may be made in the future as household indebtedness and property prices continue to rise.

    Sweden’s economic background

    Like its Nordic neighbours, Sweden has developed a strong, technology-based economy and a high standard of living. The SEK weakened slightly in 2012-2013 as a knock-on effect of the economic downturn in Europe, Sweden’s primary export market. However, the country’s economic growth is expected to rise from 1.7% in 2014 to 3% in 2015 and 2016, which should help to improve overall monetary conditions. The central bank plans to maintain its repo rate (the rate at which commercial banks can borrow money from the central bank) at the same level, 0.25%, through the end of 2015 in an effort to strengthen the krona.

    Currency

    Sweden’s monetary unit is the krona (plural kronor), equivalent to 100 öre. Currency is issued by the central bank in notes worth 20, 50, 100, 500 and 1,000 kronor, and coins worth 1, 5 and 10 kronor. Sweden’s economy is one of the most reliant on digital platforms today; according to a 2012 report from the Bank for International Settlements, bills and coins represented just 3% of the economy, compared to an average of 7% in the US and 9% in the eurozone.

    Notify me when rates change
    Get free rate alerts
    to
    ?

    Top 10 Money Transfer Providers

    Exchange Rates as of 10 December 2019, 21:04
    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    More InfoLess Info

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    More InfoLess Info

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    More InfoLess Info

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    More InfoLess Info

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

    More InfoLess Info

    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
    More InfoLess Info
    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    TransferWise

    TransferWise is an online only provider

    More InfoLess Info

    TransferWise is an online only provider

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
    More InfoLess Info
    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.