This is a foreign exchange guide to Sweden, the Swedish Krona currency plus sending SEK transfers and travel tips.
In this Sweden currency guide we take a look at :
- Swedish Krona info - general info about the Swedish Krona
- Swedish Krona in the markets - recent SEK moves and predictions from the FX markets
- Travelling in Sweden - currency & money saving tips
- Buying Swedish Krona cash online - travel money for Sweden
- Sending money to Sweden - save on Swedish Krona bank transfers to Sweden
- Swedish Krona exchange rates - latest & historic exchange rates.
Swedish Krona (SEK) general currency information
What is the Swedish Krona currency code and symbol?
The three letter currency code for the Swedish Krona is SEK and the symbol is kr.
Which countries use the Swedish Krona?
It is the domestic currency in Sweden.
One krona is subdivided into 100 øre.
Ordinarily, the Swedish krona is not of regular interest to market commentators or journalists, unlike the FX 'majors' – the euro, US dollar, Australian dollar, Swiss franc etc. The krona is, however, the world’s 9th most traded currency, according to 2016 data from the Bank for International Settlements, and it contributes more to total foreign exchange market volume (around 2.2%) than does the New Zealand dollar (2%), which is considered an FX major.
Sweden retains the krona despite its membership of the European Union. In a national referendum in 2003, a majority of Swedish voters opposed adopting the euro as the nation’s currency and currently none of Sweden's major political parties are interested in revisiting the 'euro vs. krona' debate. In a survey of public opinion by the University of Gothenburg in 2013, only 9% of Swedes were in favour of adopting the euro.
Since 1995, the krona’s lowest valuation against the US dollar came in July 2001 when USD/SEK reached 11.05. The currency was strongest in April 2008 when USD/SEK fell to just 5.82. Against the euro, since the single currency's introduction in 1999, EUR/SEK has traded between 8.02 and 11.79.
Swedish Krona (SEK) in the markets
It’s been a grim 16 months for the Swedish krona. In October hitting a record low of 9.90 per USD and falling to its weakest level against the euro since the wake of the financial crisis as global trade tensions continued to take a toll.
2019 weakness has confounded forecasters, who predicted at the start of the year a much stronger currency based on expectations for higher interest rates in Sweden. With economic conditions changing for the worse, markets have now completely priced out any rate hike in 2019, spurring krona weakness.
Danske Bank said in May that “EUR/SEK is somewhat overbought … however, we believe there is a clear risk that Swedish growth and inflation will undershoot the Riksbank’s forecasts … and that monetary policy will have to remain accommodative for the foreseeable future.” As a result, Danske raised its 12-month EUR/SEK forecast to 11.00 to reflect its more bearish krona outlook.
The interactive chart below shows the USD to SEK exchange rate and trend for the previous 3 months:
Travel, Currency and Money saving tips for Sweden
With almost ten million locals, Sweden is a small but lovely country. From the frozen lands up north to the rugged western coast to the picturesque islands in Stockholm, there is so much history in the country and the populace has preserved it wonderfully. The country isn’t cheap, and people often skip it until they have more funds, but it’s never too soon to see Sweden.
One of the best things about Sweden is its natural assets. Indeed, to really appreciate this country’s magnetism, take time to leave the city behind. Whether you're sailing across an archipelago to a lonely island or trekking along a mountain trail flanked by snowcapped peaks, the sense of space, solitude and freedom is matched by few corners of Western Europe.
Is the Euro accepted in Sweden?Sweden does not currently use the euro as its currency and has no plans to replace the krona in the near future. This is the same situation in all the Scandinavian countries - Denmark, Norway and Iceland. You may find some shops that will accept the Euro but watch out for the EUR/SEK exchange rates they offer.
ATMs in Sweden. Cirrus, Plus and other networks provide connectivity to ATMs across Scandinavia, so you can use your Mastercard or Visa debit or credit card to withdraw money. Banks in Sweden impose fees when non-customers use their ATMs, and the fee is usually higher for international cards.
How to get around in Sweden?
Public transport is heavily subsidised and well organised. It’s divided into 21 regional networks (länstrafik), but with an overarching Resplus system (www.samtrafiken.se), where one ticket is valid on trains and buses. Timetables are available online.
Domestic flights link various towns and cities in Sweden and can be a fast, if not particularly cheap, way of getting around. There are 30-odd small regional airports located throughout the country. Flying domestic is expensive on full-price tickets, but discounts are available on internet bookings, student and youth fares, off-peak travel, return tickets booked in advance, and low-price tickets for accompanying family members and seniors.
There is a comprehensive network of buses throughout Sweden and you can travel on any of the 21 good-value and extensive länstrafik networks as well as on national long-distance routes. In general, travelling by bus is cheaper than by train.
Like most of Scandinavia, Sweden is an extremely bike-friendly country with a well-developed network of cycle paths in and around its towns and cities. There are also well-marked cycle routes around the country. Comprehensive cycling maps showing scenic trails are published by the Swedish Cycling Society and available in bookshops.
Rail passes are usually a great value in Sweden, often saving money over otherwise-expensive tickets while allowing you to hop trains at your convenience (though some longer-distance trains do require reservations. You'll need seat reservations ($5–20) for many long rides and express trains, such as the "SJ-Highspeed" class of trains, as indicated in online train schedules. Some reservations aren't available outside Europe, but they don't generally sell out terribly far in advance. Private and shared sleepers on night trains are both available with second-class rail passes.
An extensive boat network and the five-day Båtluffarkortet (Boat Hiking Pass; 420kr) open up the attractive Stockholm archipelago. Gotland is served by regular ferries from Nynäshamn and Oskarshamn, and the quaint fishing villages off the west coast can normally be reached by boat with a regional transport pass – enquire at the Gothenburg tourist offices. Canals provide cross-country routes linking Sweden's main lakes. The longest cruises, on the Göta Canal from Söderköping (south of Stockholm) to Gothenburg, run from late May to August, take at least four days and include the lakes between.
Travel tips for Sweden.
The northern end of Sweden is home to the Sami people. One of Europe's few indigenous people, their rich and ancient traditions offer a very different take on the Swedish experience. To the Sami, northern Sweden is known as Sápmi and its wild wilderness is the best place to sample Sami culture. Spend a night or two in a Sami reindeer camp, take a dogsledding tour, or simply dig into local flavours at a Sami restaurant. All offer memorable, thought-provoking insight into an oft-overlooked side of the country's cultural tapestry.
History is written large in Sverige. Ancient rune stones poke up out of grassy parks, while huge stone-ship settings and burial mounds recall long-gone kings and chiefs. Across the country, walled medieval cities, seaside fortresses, turreted palaces and revealing museums attest to Sweden's long and complex backstory.
It’s the social, ecological, and financial norm to drink water straight from the tap. Sweden’s water supply is well filtered and incredibly clean, so the majority of the environmentally-conscious country’s citizens choose to pass on drinking water from plastic bottles.
Travel money for Sweden
Save money and time by Ordering your Swedish Krona online from Travelex, you get better rates and can pick up the SEK cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Swedish Krona otherwise you may get much worst exchange rates.
Sweden Trip Checklist
Sending money to Sweden
When searching around for information on how to get a good exchange rate when sending money to Sweden you need to start with finding out the latest Swedish Krona foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
Get a better deal for foreign transfers to Sweden
When sending money to Sweden it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Swedish Krona amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted SEK amount will be transfered to the recipient account you specify in Sweden.
Use our Send to SEK calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Swedish Krona deposited into the recipient bank account and less margins and fees kept by the banks!