Foreign Exchange Guide to Sweden
The domestic currency in Sweden is the Swedish krona with currency code SEK. Read this foreign exchange guide to Sweden and the Swedish krona with money transfer and travel tips plus Swedish krona exchange cross rates.
In this guide we review :
- 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
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.
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.
Swedish krona (SEK) in the markets
The Swedish krona turned a corner in May, although for 2018 it remains the worst performer among G10 currencies.
Against the euro, the Swedish krona fell near to a 9-year low on May 3rd, at 10.69 per euro. By May 31st, the day of this report, it had recovered by some 4 percent into the low 10.26s.
The perennial dovishness of the Riksbank, which continues to uphold interest rates of minus 0.5 percent and which has already revised downwards inflation forecasts twice this year, had, until recently, left traders with little choice but to offload their krona in favour of currencies with more supportive central banks and/or inflation outlooks.
Then, in the second week of May, for the first time this year, inflation data came in line with the Riksbank’s forecast and with market expectations, leading the krona to its best day against the euro in several years.
And in late May, Sweden’s national debt office announced it was betting on krona strength (it would buy krona and short the euro), aiming to reduce the cost of government debt. Though the size of the position taken by the debt office will likely be unexceptional, it represents “a very good sign for krona bulls,” says the team at SEB.
The interactive chart below shows the SEK to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Travel, Currency and Money saving tips for Sweden
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.
Sweden Trip Checklist
- Compare SEK travel cash rates - probably why you are here!
- Search Hotel deals - Save on your accomodation in Sweden
- Lonely Planet - world's best travel guide (coupon and deals)
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.
Travel Money Exchange Rates Compared
Buying SEK Cash with USD 1,000
Rate timestamp : Sat Jun 23 2018 23:00:03 GMT+0000 (UTC)
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).
Getting a better deal when sending money 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!
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Compare Foreign Transfers
Sending USD 10,000 to SEK
Rate timestamp : Sat Jun 23 2018 23:04:12 GMT+0000 (UTC)