Send money to Sweden

 

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Sweden Resources

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.

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