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Readers’ tips: How to find the best bank for foreigners in Sweden

The Local asked its readers to share their tips about which bank offers the best account for foreigners living in Sweden. Here's what they had to say.

Published: 31 January 2024 11:59 CET
a woman doing online banking on her laptop
What are the preferred banks of foreigners in Sweden? Photo: Fredrik Sandberg/Scanpix

Which bank offers the best option for foreigners in Sweden?

More than 180 readers responded to The Local’s non-scientific survey, and we got a wide range of replies.

No bank received a majority of votes, but Handelsbanken generally seemed to be the most popular (it was the preferred option by just over a fifth of readers), followed by Nordea, SEB and Swedbank – in other words some of Sweden’s main banks.

However, these banks got a relatively equal number of votes, and they were also frequently mentioned when readers were asked which banks they would recommend against using, so all in all, the survey didn’t produce a conclusive result.

We got the strong impression from reading all the responses that it may matter more which branch you use than the bank itself, as people’s experiences varied greatly even with the same company.

What makes a bank good for foreigners in Sweden?

It depends on what stage of the “moving to Sweden” process you’re at. If you’ve just arrived, you may be looking for a bank that’s happy to set up an account for you without a personnummer, the Swedish personal identity number which gives you access to a range of services.

If you’re buying an apartment, a bank that’s willing to give a mortgage to people without permanent residency or who don’t require a long Swedish credit history may be the best option for you.

If you’ve lived in Sweden for many years, those things may not matter as much any more and things like customer service, ease of online banking and interest rates may be more important.

Features that generally made readers like their bank included good customer service, convenient international money transfers, online services fully available in English and staff being willing to speak English to customers, cheap rates and, more than anything, being able to set up a bank account without having a Swedish personal identity number.

Conversely, many readers were put off by things such as invasive questions, perceived rudeness or discrimination due to not speaking Swedish, difficulties getting an account despite being eligible, long waiting times for an appointment, and a lack of any of the above services.

What are the need-to-know tips about banking in Sweden?

Although in theory you have the right to set up at least a debit account without a personnummer, it still tends to be the main stumbling block for newcomers. To spare yourself the hassle of negotiating with bank staff who may not be used to dealing with foreigners, several readers suggested waiting until you have one, if you can.

“Be prepared for a world of complications if you don’t have a personnummer yet. If you moved for work, ask your work HR person to help get you a coordination number, which can be used to open a bank account (even though sometimes the banks themselves are unfamiliar with this concept if they don’t work with many foreigners),” said Abigail, an American PhD student in Stockholm.

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Lowering your expectations and starting with a basic account without requesting a credit card or a mortgage right away, may help you get a foot through the door.

“All banks in Sweden are in for business. Contact the bank’s helpline and fix an appointment and walk in. There’s a misconception about banks in Sweden that you cannot get a bank account if you don’t have a job. Banks are very cooperative with opening accounts. There could be arguments when getting credit cards or loans, but for daily transactions they’re very cooperative,” said an Indian reader, now a permanent resident, who set up his SEB account without a personnummer.

Many readers also said knowing your rights and being prepared before walking in helps – and if possible, try to get an appointment to meet someone face to face rather than calling or emailing.

“Have every possible piece of documentation before you enter the service branch and maybe a printout of your rights entitling you to a bank account. I’m a non-EU citizen, I think this record abundance was crucial to my quick success,” said a US citizen in Malmö who was able to get his account and BankID on the same day as walking into one of Nordea’s service branches.

“Always be extremely clear and direct about your intentions with the bank. If you’re failing to make progress over the phones or via email, drop in to a physical location. I’ve discovered employees at many smaller or more rural branches are much more willing to help if I’ve been ignored at their central downtown branches or can’t resolve issues over the phone,” said Theodore Squires, a PhD student who said Nordea was unwilling to set up an account before he had his personnummer, but on the other hand gave him a mortgage despite limited tax history and a complex salary set-up.

Don’t be afraid to shop around, and there’s always the option of changing banks further down the road – perhaps start with one that is liberal with offering accounts to foreigners without a personnummer and, once you’re in the system, change to one that better suits your long-term needs.

“Nordea was a disorganised mess while I awaited my personal number and ID. It introduced me to the low quality bar for customer service in general in Sverige. I switched to SEB after I got my ID and staff were much more willing to help me get started in the country,” said Jeremiah from the US.

Some readers recommended online-only neobanks such as Revolut, as good options for a first account, as it’s often easy to set up an account with them and transfer money internationally.

But bureaucratic nightmares and long waits for an appointment notwithstanding, many readers urged fellow newcomers to Sweden to play the long game if your plans are to stay in the country.

“I could never get a credit card until my first year’s tax return was complete. Advice, if possible try wait for a year before trying to get credit. If rejected it just brings your credit score down and no one tells you it’s because they cannot see your income until after your first tax return is complete,” said Clifford, an IT consultant from South Africa.

“Be patient and endure. Like with many other aspects of life in Sweden,” said Dusan, a university lecturer.

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READER INSIGHTS

‘We all cheer each other on’: How we made friends in Sweden

Sweden is often rated as a difficult country to make friends in. We asked those who've been there, done that – or in other words, The Local's readers – how they met their closest friends in Sweden.

Published: 26 April 2024 10:43 CEST
'We all cheer each other on': How we made friends in Sweden

“They are so supportive, caring and understanding,” said Erin Swoverland, a reader from the US, about her friends. “We all listen, lift each other up and cheer each other on. I feel so incredibly lucky to have such amazing women in my corner.”

She met most of them at a gym in Stockholm. 

“I attended a Friday training class for women and the rest is history. I will say I think it being a small, independent gym made all the difference as we actually spoke to each other. I haven’t had the same interactions at larger chains,” she said.

Erin was one of dozens of readers who responded to The Local’s question about how they found their friends in Sweden, sparked by a recent survey which showed that 13 percent of foreigners lack a close friend (double the number of Swedes who said the same thing).

A lot of readers alluded to the part-truth, part-stereotype that Swedes tend to compartmentalise their lives and prefer organised fun over spontaneous activities, and one of the classic strategies that always comes up in these discussions is to join some kind of club or society.

The benefit of “organised fun” is that Sweden has a vibrant föreningsliv (literally “association life”), with many people involved in for example their local football club, gaming hub, gardening society, trade union, hiking club, or even just being on the board of their housing association.

“As I always liked cycling, running, badminton, indoor climbing and a few other sports, I found groups on Meetup for such activities. This helped me meet like-minded people. Soon afterwards, some of us started to hang out together for beers or pizzas etc. Thanks to these people we started to invite other people to our gatherings. Finally today, I have a large network of very interesting and close friends (immigrants as well as Swedish friends). When I look back, I realise that it was much easier to get to know people in events having just six to eight people. If you go in a large group setting it is difficult to meet people as splinter groups start getting formed,” said a Pakistani reader.

“I have been in Sweden for over 15 years now. During this time our close friendship network has just increased. Like any friends, we fight and argue at times, but at the same time I know that my friends care about me. I feel at home in Sweden with this circle of friends.”

He wasn’t the only one who suggested joining a society (although one reader cautioned against “survivorship bias” and pointed out that not everyone manages to turn up at event and immediately make friends). Even if you don’t join a traditional club, readers recommended plenty of other networking opportunities, including sites or friendship apps such as Meetup, Bumble BFF, Panion and GoFrendly.

Nathan Lloyd, a Welshman in Malmö, recommends networking meetups, even if they’re not directly relevant to your own field, as well as Facebook groups. He met his best friend, Brian, via Grindr – not the only one we’ve heard of who made platonic friends on dating apps.

“He’s truly my best friend. Been friends for over six years,” he said. “We enjoy loppising together, going out in nature, birdwatching and art, a major thing we bonded over. He’s been there through highs and lows and helped me in emergency situations when I’ve needed someone.”

Nathan Lloyd, centre, with his friend, Brian, and partner, Tom, at the Konstrundan art weekend in southern Sweden. Photo: Private

Not being afraid of putting yourself out there and making the first move was another tip that came up in the survey, with many describing Swedes as warm friends – perhaps even surprisingly warm – once you break through the shell.

“First and foremost, don’t try too hard. Best friends are the organic ones that come in your life at the moments you don’t expect. Be open and give a shot to those who seem to be more open. Swedes who have been abroad frequently are exceptionally more pleasant to keep around,” said Hadi from Iran, who first moved to Sweden in 2010 and now lives in the south of the country.

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Peter, a reader who works at Lund University in southern Sweden, befriended his new neighbour after knocking on their door to ask if he could use their wifi until he managed to get his own.

“We have been very good friends ever since, even after I moved to another town. I find Swedes to be very friendly in general, but sometimes I need to make the first effort,” he said.

Robert Blomstrand, a born Swede who lived most of his life abroad, says he and his South African wife, Vanessa, met amazing friends in church and were surprised by their warmth and care.

“Through this we learned Swedish and had many wonderful Swedish experiences (sailing, meals, celebrations). Still very good friends,” he said.

Robert Blomstrand’s friends on a sailing trip to the Gothenburg archipelago. Photo: Private

Ioannis, based in southern Stockholm, said he met most of his friends through university or work and then made sure that the friendships were maintained after studies finished or work changed.

“Important first step was to accept that it is me, the one that has to make an effort. Then show interest in others, learn about who they are and how they are like. Share experiences with them, also offer help and support and ask for help and support. Independence and individualism can be an obstacle in creating social bonds. Make the effort, without expecting same returns. Give it time.”

“I believe that if you want a friend, you have to be a friend first,” said Jeremiah from the US. “My friends are people who were willing to invest in a building a relationship because they didn’t have them locally. We connected over the shared experience of being displaced and learning how to adult again. The connections grew because we had other shared interests, were willing to spend more time together, and were willing to help each other.”

“Focus on finding people who like doing things that you enjoy, like going to museums, movies, etc,” said a Stockholm-based reader, who made friends with his colleague after inviting him to a drag show at the Abba Museum.

“It’s so much easier to make friends during the things you like. Like any relationship, don’t try and rush it,” he added. “Just continue to reach out for times to hang out, and be OK with them not always saying yes the first time. We’re all busy. I also found it easier to make friends with folks, particularly Swedes, who weren’t from Stockholm (or whatever city you’re living in) as they generally have smaller networks/ open to make new friends in Stockholm.

Several readers expressed sadness that they hadn’t made any Swedish friends and that all their friends were fellow foreigners.

“I made friends through work (international company) and from my country of origin. I don’t have any Swedish friends even though I have been living in Stockholm for 15 years,” said a Colombian reader.

Some readers, however, argued that it isn’t necessarily strange, or a negative, that foreigners end up with foreigners, as you share similar experiences. Having a community with people you feel close to and have something in common with matters more than who they are.

“Close friendships are built because you share some experiences in life. I was an immigrant in Sweden, hence like all immigrants in Sweden I faced many issues time after time, for example issues related to visa or bank accounts,” said the Pakistani reader from the start of the article. “It is much easier to connect with people when you share similar issues. Don’t be afraid to talk about your experiences. This helps to bring us closer.”

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