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Old Swedish cash worth billions still in circulation

Millions of old Swedish bank notes are still in circulation despite a deadline to hand them in by the end of August, warns the central bank.

Old Swedish cash worth billions still in circulation
Old Swedish money. Photo: Micke Larsson/TT

Sweden's old 20, 50 and 1,000 kronor bills ceased to be legal currency in June, after being replaced by new designs. People have still been able to deposit them in bank accounts, but after August 31st they can only be exchanged for a fee at the Riksbank, the central bank.

However, the Riksbank has revealed that some 41 million of the old bank notes – at a value of 1.3 billion kronor ($155 million) – are still in circulation despite the fast-approaching deadline.

“If you still have notes at home it's high time to go to the bank and deposit them into an account,” said Christina Wejshammar, head of the department for cash supply, in a statement.

READ ALSO: Tourists being caught out by Sweden's expired bank notes

Sweden is due to get more new notes in October, including a 100 kronor note adorned by Greta Garbo, and a 500 kronor note carrying the image of Swedish soprano Birgit Nilsson. The one krona, two kronor and five kronor coins will also change appearance in the autumn, though the old versions will still be usable until June 30th, 2017.

In an effort to get people to hand in their cash, the Riksbank launched a campaign this spring featuring “Wanted” posters on billboards, in newspapers and in digital channels.

Exactly what Swedes are doing with all the missing cash is not clear, but there’s a good chance that much of it is hiding in drawers in the famously cash-averse country. Sweden is one of the countries that has come furthest towards becoming a cash-free society, with cash transactions accounting for just two percent of the value all payments, a figure predicted to fall to 0.5 percent within five years.

If you still have old bank notes you want to redeem, information is available on the Riksbank's website.

The notes can be sent to the bank along with a form, and the money will then be exchanged and deposited into the sender's bank account. A Swedish bank account is not required, but a flat 100 kronor administration fee is charged.

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How to avoid falling victim to tax scams in Sweden

Sweden's tax agency, Skatteverket, warns of an increase in scams when it's time for Swedish tax-payers to declare their taxes.

How to avoid falling victim to tax scams in Sweden

Anyone who earned more than 22,208 kronor last year received their tax returns digitally last week, marking the start of tax season.

That also means an expected peak in tax-related scams, Skatteverket warns.

Most of the scams are so-called phishing scams, meaning attempts to steal the victims’ personal information. Fraudsters may for example email a person, pretending to represent Skatteverket, and ask them for, among other things, their banking details.

“We’re seeing these in all channels. They use fake emails, SMS, letters and in some cases even phone calls. It is particularly common in tax declaration times – just when we’re about to send out the tax returns, the e-service opens and it’s possible to declare – but above all when it’s time for tax rebates,” Jan Janowski, a Skatteverket expert, told Swedish news agency TT.

A scam email might for example state that you’re entitled to a tax rebate and that you should click a link to receive it. Don’t click any links, open any attachments or reply to the message. Skatteverket advises that you immediately delete the email or text message.

Another common scam is that you receive a text message claiming to be from Skatteverket, telling you that you owe them money and you need to log in to calculate the amount. The website you’re urged to log in via does not belong to Skatteverket. Don’t click the link.

The agency stresses that it never asks people for their banking details. The exception is that you may be asked for your bank account information if you log into Skatteverket’s website to declare your taxes, but that always first requires you to log into the site.

To receive your tax rebate, you need to inform Skatteverket of your bank account number. You do this not by clicking a link in an email or SMS, but by logging into their website using a digital ID, for example BankID, and submitting your details. Only do this on your own initiative. If someone calls you and asks you to log in with your BankID during the phone call, don’t do it. That’s another common scam.

Skatteverket will also never call you to ask for your bank account or credit card number.

It will be possible to declare your taxes from March 19th. You’ll receive any tax rebate you’re owed by mid-April or early June, depending on when you submit your tax return. These are the dates when fraudsters are likely to attempt the most scams.

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