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Time to empty the piggy bank as Sweden’s old coins soon become useless

As Sweden nears the end of its banknote and coin changeover, it's time to empty the piggy bank.

Time to empty the piggy bank as Sweden's old coins soon become useless
Two of Sweden's old coins (top two) and the three new ones. Photo: Fredrik Sandberg/TT
The days of Sweden's old 1-, 2- and 5-kronor coins are numbered.
 
The banknote and coin changeover, which began in 2015, has entered its final phase, meaning the last remaining old coins, as well as the old 100-kronor and 500-kronor bank notes, will become invalid after June 30th, 2017.
 
 
Banks across Sweden are now gearing up for large amounts of old coins being deposited ahead of the deadline. Some banks apply a fee on coin deposits, while others receive coins free of charge as long as the money is deposited in a bank account.
 
“If you have a very large amount of coins it's good if you contact your branch in advance. We had one customer who brought in 40,000 kronor in 1-krona coins,” SEB press spokesperson Frank Hojem told TT newswire.
 
The Riksbank, Sweden's central bank, estimates that approximately 1.3 billion coins, valued at nearly 2 billion kronor, are still in circulation. And as it is up to traders to decide whether or not to only give customers new coins back for change before June 30th, shoppers risk ending up with old coins back in their wallets again.
 
The Swedish Trade Federation (Svensk Handel) is critical, which says the state as well as the banks have put too great a responsibility on traders for ensuring the old coins are collected.
 
“There are no incentives for traders to return old coins to the Riksbank via (cash-handling company) Loomis, on the contrary it comes at a cost. If we were to purchase new coins that would also add a cost,” Bengt Nilervall, payments expert at Svensk Handel, told TT.
 
Sweden's banknote and coin changeover began in 2015, with the old 20-, 50- and 1000-kronor notes having become invalid after June 30th last year.
 
The final bank deposit date for the 1-, 2- and 5-kronor coins is August 31st, 2017.
 
Sweden's old 100-kronor and 500-kronor notes will also become invalid after June 30th, but can be deposited at a bank until June 30th, 2018.
 
The Riksbank has a detailed schedule (in English) for the banknote and coin changeover, and a map where you can find your nearest coin-deposit location is available at Myntkartan.se
 
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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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