Opening a Bank Account in Sweden as a Newcomer

A Swedish account is where your salary is paid, and BankID, the e-ID most services ask for, comes from the bank. For newcomers it is often the slowest step. Here is what the law says, and how to make the meeting count.

Your right to a payment account

Consumers resident in Sweden or elsewhere in the EEA have the right to open a payment account with basic features at Swedish banks. A bank may refuse or close an account to prevent money laundering or terrorist financing, for example when it can't verify your identity. If you're refused, ask for the reason in writing (it is free), contact the bank's complaints officer, and you can ask ARN, the national board for consumer disputes, to review it. Finansinspektionen: the right to a payment account

What to bring

• Your Swedish ID card (once you have it) and your passport
• Your residence permit card
• Your employment contract or a recent payslip
• Your personnummer or coordination number

Tip: Book more than one bank. If the first can't see you soon, a second booking keeps you moving. You can cancel the other.

Credit can wait

Ask for the account and BankID first. Credit cards and loans can wait until you're settled. A Swedish credit report is built from what is registered in Sweden, such as income from Skatteverket's tax register and payment remarks, so a newcomer starts with little on file. See credit in Sweden.

Frequently Asked Questions

Can a Swedish bank refuse to open an account for me?

Consumers resident in the EEA have the right to a payment account with basic features, but a bank may refuse to prevent money laundering, for example when it can't verify your identity. Ask for the reason in writing and contact the bank's complaints officer.

Do I need BankID to live in Sweden?

Most everyday services use it, and banks issue it. It usually needs a personnummer and a Swedish ID card.

Moving for work? How Settio helps

Settio helps employers and immigration and relocation agencies run the whole move in one place, so the person moving can focus on settling in:

• Before the move: one plan for the permit and the move, with every step and deadline. A partner and children get their own steps in the same household.
• After arrival: the employee portal shows the newcomer their next steps on their phone, in their language, from registering after arrival to help for settling in.
• When the permit runs out: permit monitoring flags the extension in good time.

HR teams and agencies can start for free. Moving yourself? Try our free tools for life in Sweden.

Sources

2 official sources

• Finansinspektionen: the right to a payment account
• IMY: what's in the credit reporting registers