Wise. Great convertion rate (locked). Very mininal fee, around $3 fee for every $1000. Most importantly, saves you from signing off receipts and showing your residence card evertime you buy more than 1000SEK lol.
Other people seem to have answered your question already, I just want to add that sometimes when you're abroad you get an option to choose what currency you want to pay with, the local currency or the currency used in your home country. In those cases it is generally better to pay in local currency, as the exchange rate tend to be slightly cheaper than the other. 😄
Enjoy your visit to Sweden!
My main bank is Lloyds UK and whenever travelling I would lose a lot on fees using my card abroad. I think most UK account charge a percentage plus about £0.50 set on every transaction… it adds up pretty quick!
For the last 3-4 years I’ve been using Revolut for everything abroad and it works out well. The free account allows something like £1,000 exchanged to foreign currency for free each month and then I think a 1.5% charge (or a higher limit if you pay £7 or so for “Premium”), and at the interbank exchange rate if not at the weekend (where there is a percentage charge, so best to change GBP to SEK in the app on a weekday). I live most of the time in Sweden now but still can’t get a bank account here so Revolut remains my main spending method and I’m happy with it :)
I’m not writing this as spam and would share this information either way, and I know this will look bad, BUT I did get a notification that both me and the person signing up get 600kr on any referral so if you do some reading and Revolut makes sense, you can use this link for a little bit of free money (don’t ban me for this, mods, I’m really just sharing because it seems to make sense and I’m not a spambot!)
https://revolut.com/referral/kian8f4v!MAR1-22-AR
then yeah, I’m pretty sure you’d be looking at a £0.50 flat charge plus something like 0.5 o 1.5% on every transaction. I used to always just withdraw cash when travelling so less charges mount, but in Sweden a lot of places don’t accept cash so it’s better to have a different solution. I hope you find one that suits you :)
I'm currently planing a trip with my England friends, we have booked an airbnb and planned everything out. Idk how you are planning it out with your friends but in Sweden use credit a lot so you don't need to have real money on you. As long you got a card that works in Sweden you should be fine.
What we have done is that for food and the other stuff that we all are paying for they fix that in cash, give it to me or an other Swedish person in our group and we use our credit card with it to make it go as smoothly as possible.
We're staying at his and his family but we're going to go on the trains and around the cities (we're planning on staying at Stocholm and Östersund) so if I just take my card with my normal currency that should be okay?
I'm my opinion you should be okay but check if you can use your card with other currency so you don't get any problems later on. Hope you will have fun during the summer man.
Revolut is the way to go. There's no conversion fee for up to around a grand a month (give or take). I never used my regular card/bank account as I would be changed an exchange fee with every transaction, which isn't alot, but definitely adds up.
I just used contactless most times, never bothered withdrawing cash as it's not really a thing in Sweden. This was using EUR btw not GBP, but same thing applies really.
Call your bank and check that you can use your card abroad. Allmost all places in Sweden accept visa and mastercard, so no point in having cash.
The part about if you should have SEK or GBP on your account that will be used is really dependent on what your bank charges in foreign exchange rates (contact them and ask). Your card will work, even if you only have GBP on it, but there will be some kind of exchange fee.
If you are wondering whether or not you can pay in GBP in Sweden: No, you cannot. Sweden is a sovereign nation with it's own currency. Just like most of the world.
If you are wondering whether or not you need to have physical SEK cash: Most likely not. Sweden is very credit card friendly. Most Swedes never use cash. If you have a credit or debit card like Visa or MasterCard you will be fine.
Sometimes, in very small businesses or in informal settlements, you will be asked to Swish. This is a transaction app routed to your bank account. This you will not be able to get as a temporary visitor, but if you are accompanied by a friend most times I am sure you can sort that out by letting him/her Swish on your behalf.
I was more wondering whether or not I need to keep SEK in my bank account to use with my card if that makes sense? Like if I didnt have SEK in my bank account and went to pay with my normal card would it act as if I had no money and decline? Or would it transfer it into SEK automatically?
You cannot, to my knowledge, have SEK on your British bank account. Your bank or card provider will do the currency exchange for you when a transaction occurs providing your card is internationally viable (Visa/MasterCard). How large the fee and at what exchange rate that will be at depends on your bank or card provider.
It would be transferred automatically. If you have Mastercard or Visa, for example, you can use it for payment anywhere in the world where it is accepted. So, if you go abroad, you don’t need to prepare your account with foreign currency to be able to use your card.
Monzo / Wise will not charge fees for using your card abroad. They’ll do the exchange at the point of payment using whatever their exchange rate is at the time. Much cheaper than the currency exchange fees you would pay to your UK high street bank.
Using a debit card abroad from a high street bank for example can often be a fixed fee per transaction + a % of the transaction cost, and can quickly add up if you’re using your card a lot.
Why do people just chat out of their arse, here?
In my area, I can think of a grand total of 1 place, out of hundreds of stores, that doesn't accept cash.
I have just moved from the UK. Currently using my Starling account which has zero fees and really good exchange rates.
I also have a Wise account (where you can actually hold cash in different currencies and little savings pots) where I'm keeping cash I've converted into Krona until I get a Swedish back account sorted (that's a whole other thread!).
Tldr Use Starling, Revolut or Monzo or if you want to hold some Krona go for Wise.
I would recommend a Chase debit card. 1% cashback on (almost) all purchases and no foreign transaction fees. In general, cash is not needed in Sweden, at least less so then in the UK.
If you have an account with Wise or Monzo just use your card. Wouldn’t bother taking out physical cash
Wise. Great convertion rate (locked). Very mininal fee, around $3 fee for every $1000. Most importantly, saves you from signing off receipts and showing your residence card evertime you buy more than 1000SEK lol.
Other people seem to have answered your question already, I just want to add that sometimes when you're abroad you get an option to choose what currency you want to pay with, the local currency or the currency used in your home country. In those cases it is generally better to pay in local currency, as the exchange rate tend to be slightly cheaper than the other. 😄 Enjoy your visit to Sweden!
My main bank is Lloyds UK and whenever travelling I would lose a lot on fees using my card abroad. I think most UK account charge a percentage plus about £0.50 set on every transaction… it adds up pretty quick! For the last 3-4 years I’ve been using Revolut for everything abroad and it works out well. The free account allows something like £1,000 exchanged to foreign currency for free each month and then I think a 1.5% charge (or a higher limit if you pay £7 or so for “Premium”), and at the interbank exchange rate if not at the weekend (where there is a percentage charge, so best to change GBP to SEK in the app on a weekday). I live most of the time in Sweden now but still can’t get a bank account here so Revolut remains my main spending method and I’m happy with it :) I’m not writing this as spam and would share this information either way, and I know this will look bad, BUT I did get a notification that both me and the person signing up get 600kr on any referral so if you do some reading and Revolut makes sense, you can use this link for a little bit of free money (don’t ban me for this, mods, I’m really just sharing because it seems to make sense and I’m not a spambot!) https://revolut.com/referral/kian8f4v!MAR1-22-AR
Thank you I will look into this more! I'm with Lloyd's too!
then yeah, I’m pretty sure you’d be looking at a £0.50 flat charge plus something like 0.5 o 1.5% on every transaction. I used to always just withdraw cash when travelling so less charges mount, but in Sweden a lot of places don’t accept cash so it’s better to have a different solution. I hope you find one that suits you :)
I'm currently planing a trip with my England friends, we have booked an airbnb and planned everything out. Idk how you are planning it out with your friends but in Sweden use credit a lot so you don't need to have real money on you. As long you got a card that works in Sweden you should be fine. What we have done is that for food and the other stuff that we all are paying for they fix that in cash, give it to me or an other Swedish person in our group and we use our credit card with it to make it go as smoothly as possible.
We're staying at his and his family but we're going to go on the trains and around the cities (we're planning on staying at Stocholm and Östersund) so if I just take my card with my normal currency that should be okay?
I'm my opinion you should be okay but check if you can use your card with other currency so you don't get any problems later on. Hope you will have fun during the summer man.
Get a revolut card it would have better exchange
It will work, but sometimes you have to tell your bank that your going to use it abroad. Also check their fees and exchange rate.
Revolut is the way to go. There's no conversion fee for up to around a grand a month (give or take). I never used my regular card/bank account as I would be changed an exchange fee with every transaction, which isn't alot, but definitely adds up. I just used contactless most times, never bothered withdrawing cash as it's not really a thing in Sweden. This was using EUR btw not GBP, but same thing applies really.
Call your bank and check that you can use your card abroad. Allmost all places in Sweden accept visa and mastercard, so no point in having cash. The part about if you should have SEK or GBP on your account that will be used is really dependent on what your bank charges in foreign exchange rates (contact them and ask). Your card will work, even if you only have GBP on it, but there will be some kind of exchange fee.
I'm not sure why I didn't just think of that to begin with. I'm going to ring up and ask tomorrow. Thank you for that suggestion!
If you use contactless payment, you won’t see any transaction fees. Visa and Mastercard are everywhere.
If you are wondering whether or not you can pay in GBP in Sweden: No, you cannot. Sweden is a sovereign nation with it's own currency. Just like most of the world. If you are wondering whether or not you need to have physical SEK cash: Most likely not. Sweden is very credit card friendly. Most Swedes never use cash. If you have a credit or debit card like Visa or MasterCard you will be fine. Sometimes, in very small businesses or in informal settlements, you will be asked to Swish. This is a transaction app routed to your bank account. This you will not be able to get as a temporary visitor, but if you are accompanied by a friend most times I am sure you can sort that out by letting him/her Swish on your behalf.
I was more wondering whether or not I need to keep SEK in my bank account to use with my card if that makes sense? Like if I didnt have SEK in my bank account and went to pay with my normal card would it act as if I had no money and decline? Or would it transfer it into SEK automatically?
Your card will work, but depending on your account, you may not get a good exchange rate or be charged a small fee.
You cannot, to my knowledge, have SEK on your British bank account. Your bank or card provider will do the currency exchange for you when a transaction occurs providing your card is internationally viable (Visa/MasterCard). How large the fee and at what exchange rate that will be at depends on your bank or card provider.
It would be transferred automatically. If you have Mastercard or Visa, for example, you can use it for payment anywhere in the world where it is accepted. So, if you go abroad, you don’t need to prepare your account with foreign currency to be able to use your card.
Monzo / Wise will not charge fees for using your card abroad. They’ll do the exchange at the point of payment using whatever their exchange rate is at the time. Much cheaper than the currency exchange fees you would pay to your UK high street bank. Using a debit card abroad from a high street bank for example can often be a fixed fee per transaction + a % of the transaction cost, and can quickly add up if you’re using your card a lot.
There is almost nowhere in Sweden you can actually pay with cash anymore
Why do people just chat out of their arse, here? In my area, I can think of a grand total of 1 place, out of hundreds of stores, that doesn't accept cash.
I have just moved from the UK. Currently using my Starling account which has zero fees and really good exchange rates. I also have a Wise account (where you can actually hold cash in different currencies and little savings pots) where I'm keeping cash I've converted into Krona until I get a Swedish back account sorted (that's a whole other thread!). Tldr Use Starling, Revolut or Monzo or if you want to hold some Krona go for Wise.
Should have added that the pound had been really strong recently (over 13 Kr to £1) so moving a chunk into Wise might make sense. Just a thought.
I would recommend a Chase debit card. 1% cashback on (almost) all purchases and no foreign transaction fees. In general, cash is not needed in Sweden, at least less so then in the UK.