Guide to use money in Sweden: Welcome to the most cashless country in Europe - Study in Sweden (2024)

FAQs

Can you use US dollars in Sweden? ›

Local currencies

The different currencies can generally not be used across the borders. In Norway, Sweden, Denmark and Iceland, Euro and US Dollars might be accepted by bigger hotel chains but they are not commonly accepted.

Swedish law says that cash is legal tender, and the government must accept it. However, as established by the Swedish Supreme Administrative Court in 2015, businesses and shops are within their rights to reject cash or credit cards under the contractual freedom between businesses and consumers.

Can I use cash in Sweden? Yes, but not all shops, vendors and such accept cash as payment anymore, so a mix of cash and a credit/debit card is recommended. Read the answers from Sveriges Riksbank (Sweden's central bank) for frequently asked questions about notes and coins.

ATM/Debit Cards in Sweden

DIS recommends that you use a debit/ATM card that is either a Visa or MasterCard during your stay in Sweden.

Many USA carriers such as T-Mobile, Sprint, AT&T and Verizon have roaming agreements in Sweden. However, your phone must be able to function on the GSM 900 and 1800 Mhz networks. Most AT&T and T-Mobile phones will while few Sprint, Verizon and other carriers will.

Cash is used less in Sweden than in the UK, and a growing number of shops, cafes and restaurants do not accept cash. Having a debit or credit card is essential for many transactions.

Swedish payments are secure and efficient

Overall, payments in Sweden are secure, but the number of counterfeit banknotes has increased in 2020. Digitalisation has led to payments becoming more convenient and less costly, but this development is problematic for some groups in society.

More and more Swedes are going cashless

From 2010 to 2020 the proportion of Swedes using cash fell from 39 to 9 per cent, according to the most recent statistics from Sweden's central bank, the Riksbank. The use of cash in Sweden is mostly limited to making small payments and by the elderly.

Credit cards typically provide better exchange rates than what you'll get from ATM machines and currency stands. Depending on your card issuer, your purchases might automatically qualify for insurance. This coverage doesn't simply apply to consumer goods — it also covers travel delays and lost luggage.

Will I need cash in Stockholm? ›

No cash needed

There's no need to exchange a lot of currency – Stockholm is a nearly cash-free city and at many restaurants, shops, and hotels the Swedish coins and bills have no value. With that said, don't forget to bring your debit or credit card!

You have to give notification to Swedish Customs if you are carrying the equivalent of EUR 10,000 or more in cash or equivalent assets when travelling across an EU border.

In general, a U.S. driver's license is valid in Sweden for one year. More information on the validity of a U.S. driver's license in Sweden should be directed to the Swedish National Road Administration (website in Swedish).

Debit cards from any major US bank will work in any standard European bank's ATM (ideally, use a debit card with a Visa or MasterCard logo). As for credit cards, Visa and MasterCard are universal, American Express is less common, and Discover is unknown in Europe. Check your cards' expiration dates.

Yes. Cards issued by U.S. Bank can be used in most foreign countries for transactions. If you're planning to travel and want to use your card, let us know. Call us at the number on the back of your card, or add a travel note to your account digitally.

1 USD = 10.74627 SEK Jun 23, 2023 11:10 UTC

Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently.

Sweden ranks 29 in the Cost of Living Index 2022, below various popular study abroad destinations such as USA, Singapore, and Australia. Although the cost of living in Sweden is cheaper than in 79% of countries in Western Europe, it is almost 170% higher than in India.

Other kitchen staples include a gallon of milk for $4.25 to $5.25, a loaf of bread for $1.90 to $2.30, a dozen eggs for $2.80 to $3.45, and a pound of apples for under $1.50.

Can I use my American or Canadian cell phone in Europe? Almost all modern mobile devices are compatible with European cellular networks, so you should be able to use your phone in European countries without interruption. So yes, you can buy a phone in the US and use it in Europe.

When you visit Sweden, you can stay connected for free at many of the country's most popular places. Some of the best places to find free Wi-Fi include coffee shops, libraries, museums, and public parks.

Is roaming free in Sweden? ›

Sweden is a Go Roam in Europe destination which means you can use your data here at no extra cost. If you have an Add-on with a data allowance of 12GB or greater, a fair use limit applies, with use over 12GB subject to a surcharge (see below).

Travelling to Sweden from countries outside the EU

Please note that you are not allowed to bring plants, fruits, vegetables, flowers or seeds into the European Union without a phytosanitary certificate. Certain exceptions apply for powdered infant formula, baby food and special foods required for medical reasons.

Key Takeaways. European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. If you need cash from an ATM, it's usually better to use a debit card, because credit cards often charge a high interest rate for a cash advance.

Tipping in Sweden isn't as established as in many other countries. It's always welcome but not expected. When eating out in Sweden it is common to to round up to the nearest big number. For example if your bill comes to 380 SEK, you can round up to 400 SEK.

Sweden's top personal tax rate of 57.2 percent applies to all income over 1.5 times the average national income. In comparison, the United States levies its top personal income tax rate of 43.7 percent (federal and state combined) at 9.2 times the average U.S. income (at around $500,000).

Credit & Charge Cards

American Express, Diners Club, and Visa are widely recognized throughout Sweden. Discover cards are not accepted. If you see a Eurocard or Access sign, it means that the establishment accepts MasterCard.

Sweden looks set to arrive at a cashless society within the next few years, and its Government and culture have anticipated the move and acted in advance. 2023 may be the year when cash becomes virtually extinct.

The correct answer is Sweden. Sweden is World's first country to have a cashless economy.

Under the Sveriges Riksbank Act, cash is legal tender in Sweden, which means that it is to be accepted as payment everywhere. But the rule can be waived by agreement by shops, restaurants, etc., via what is known as freedom of contract.

How can I avoid ATM fees in Europe? ›

Foreign currency can now be ordered right at your fingertips, and we'll send an email to confirm the order. For the best online experience, we recommend logging in at usbank.com. Select Customer service at the top of the page, then choose Self service. In the lower right of the page, select Order foreign currency.

Stockholm can be an expensive destination and you can expect to spend €83-250 per person, per day (roughly 925-2785 SEK or $90-273 USD). However, this can vary significantly depending on how you break down your spending.

Latest data on Wages (SEK/Hour)

Average Wages in Sweden decreased to 188 SEK/Hour (2796.215 USD/Month) in March 2023. The maximum rate of average wage for employees was 184 SEK/Hour and minimum was 134 SEK/Hour. Data published Monthly by Statistics.

Very. Everywhere accepts other forms of payment. There are places that accept cash; Most kiosks, drug dealers, grocery stores, and McDonalds, for instance.

The currency for Sweden is Swedish Krona, not the Euro. Cash is used less in Sweden than in the UK, and a growing number of shops, cafes and restaurants do not accept cash.

No cash needed

There's no need to exchange a lot of currency – Stockholm is a nearly cash-free city and at many restaurants, shops, and hotels the Swedish coins and bills have no value. With that said, don't forget to bring your debit or credit card!

You have to give notification to Swedish Customs if you are carrying the equivalent of EUR 10,000 or more in cash or equivalent assets when travelling across an EU border.

Are euros widely accepted in Sweden? ›

For the most part, euros are not accepted in Sweden. However, you can spend them at tourist shops in Stockholm and at some hotels – usually those owned by big international chains. If you need to send money to or from Sweden, we recommend using Transferwise.

200 US Dollar is 2127.944 Swedish Krona.

US Dollar to Swedish Krona Exchange Rate is at a current level of 10.71, up from 10.57 the previous market day and up from 10.18 one year ago. This is a change of 1.28% from the previous market day and 5.18% from one year ago.

Using credit cards and debit cards in Sweden

Sweden is recognised as one of the most cashless societies in the world. All major cards are widely accepted, with retailers, hotels, and even taxis and ticket kiosks taking cards.

Don't Expect to Get Too Far Without Cash

There's a lot that you can buy with a credit card in Europe, so bring at least one. But don't expect to get very far without a little cash, too—especially if you're a tourist. Transportation services, such as taxis and buses, often require local currency.

Housing Costs in Sweden

Stockholm is the most expensive city in the country and this is readily reflected in the rent prices. In Stockholm, a one-bedroom apartment in the city center averages $1,267 to $1,549. A three-bedroom apartment costs nearly a thousand dollars more ($2,037 to $2,490).

A family of four estimated monthly costs are 3,325.0$ (35,471.2kr) without rent. A single person estimated monthly costs are 904.7$ (9,650.9kr) without rent. Cost of living in Sweden is, on average, 17.0% lower than in United States. Rent in Sweden is, on average, 53.5% lower than in United States.