Moving to Sweden: 7 Steps to Organise your Money
NEW TO SWEDEN
Relocating to Sweden is an exciting adventure, but setting up your finances can feel overwhelming at first. Understanding how to move, manage, and grow your money will make your transition much smoother. Here is a simple seven-step guide to help you get started.
1. Moving your Money, Avoid Cash
One of the most striking differences newcomers notice in Sweden is how rarely cash is used. From cafés and supermarkets to public transport, card and mobile payments dominate everyday transactions.
Before moving to Sweden, you'll need to decide how to transfer and access your funds from abroad. Multi-currency accounts can be a good place to keep your money during the transition, as they allow you to spend, exchange, and send money in different currencies with low fees and real exchange rates.
➔ Find out more about the Best Multicurrency Accounts in Sweden.
2. Getting Your Personnummer (Swedish ID Number)
The personnummer is Sweden’s personal identity number. It is essential for almost every financial and administrative task. You’ll need it to open a bank account, sign contracts, access healthcare, and more. Apply for your personnummer as soon as possible through the Swedish Tax Agency (Skatteverket). Once you have it, most services will open up to you.
3. Setting Up Your BankID (Digital Identity)
BankID is Sweden’s secure digital identification system, serving as your online ID and signature. You’ll use it to log in to banks, government portals, and even private services.
To get BankID, you’ll first need a Swedish bank account with a participating bank. Once your bank account is active, you can download the BankID app and activate it through your bank’s online banking platform. Having BankID will make almost every financial and administrative process faster and easier.
➔ Find out more about BankID: Sweden's Digital Key to Everyday Life.
4. Activating Swish for Everyday Payments
Swish is Sweden’s favorite mobile payment app — it lets you send and receive money instantly using just a phone number. It’s perfect for splitting bills, paying small businesses, or transferring money to friends.
To use Swish, you’ll need both a Swedish bank account connected to Swish and BankID. Once those are set up, simply link your bank account to the Swish app. Most Swedes use it often, so having Swish is practically essential.
➔ Find out more about Swish: Everyday Mobile Payments in Sweden.
5. Choosing a Debit or Credit Card
If you’re new to Sweden, you might start spending with a debit card tied to your main bank account. Swedish banks offer a wide range of debit and credit cards. You can use Kortio, the largest card comparison service in Sweden, to find the card that suits you the most.
➔ Find out more about Choosing a Debit or Credit Card in Sweden.
6. Opening a Savings Account in Sweden
Once your everyday finances are set, it’s a good idea to build an emergency fund or short-term savings. Savings accounts in Sweden are easy to open online through your bank using BankID. Comparison platforms like Compricer or Konsumenternas can help you find your ideal savings account.
7. Investing and Building Wealth in Sweden
Once you’ve got your savings sorted, you can start investing for the future. Popular Swedish brokers like Avanza and Nordnet make investing simple, with user-friendly platforms and strong educational tools. The most common types of investment accounts for residents are:
Investeringssparkonto (ISK) – Tax-efficient investment account where you pay a low yearly tax on the account’s total value instead of on profits.
Kapitalförsäkring (KF) – Insurance-based investment account with similar tax to ISK, often used for holding foreign shares or automated reinvestment.
Aktie- och fondkonto (AF) – Traditional investment account where you’re taxed on each realised gain, dividend, or sale individually.