global payment guide

Sweden

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Receiving currencies in
SEK, EUR, USD, GBP
Sending currencies to
SEK, EUR, USD
Transaction processing time
1-5 working days
Available payment networks
SWIFT
SEPA
FasterPayments

Sweden's payment infrastructure is one of the world's most advanced, having transitioned from traditional cash-based systems to digital ones. This shift has simplified both physical and online purchasing experiences for residents. As a result, cash payments have significantly decreased, with digital payments, typically linked to bank accounts, becoming the norm. Swedish residents now frequently use alternative payment methods over cash for both making and receiving payments.

For local or international investors and merchants operating in Sweden, understanding these preferred payment methods is essential. This knowledge is crucial for effectively catering to Swedish customers. The following sections will provide more information on the various payment methods prevalent in Sweden.

The Payment Method in Sweden

Some of the payment methods available in Sweden include the following:

Cash

To a great extent, Sweden is tilting towards a cashless society despite its small size. Sweden is also less likely to use cash or paper money than Norway and other European countries. The use of cash declined over the years and became more rampant during and after the COVID-!9 pandemic. The country is already experimenting with its digital currency, e-krona. 

Card Payment

Sweden is progressively moving towards becoming a cashless society, a trend that has become more pronounced compared to its Nordic neighbor Norway and other European countries. The decline in cash usage, a shift that has been occurring over the years, gained further momentum during and following the COVID-19 pandemic. Currently, Sweden is even exploring the possibilities of its own digital currency, the e-krona, reflecting its commitment to digital financial solutions.

Bank Transfers

In Sweden, bank transfers are a widely used payment method. While card transactions are frequent, bank transfers account for a larger share of the total monetary value of transactions, as reported by the Riksbank. Mobile payments often take the form of account transfers.

To utilize these transfer methods, having a bank account is necessary. This account can be with a Swedish bank, where you will be assigned a bank account number, or with an international bank, where you would use an International Bank Account Number (IBAN), especially useful for non-residents. This distinction is important for those who may not have the option to open a local bank account, highlighting the value of alternative payment platforms like WeavePay

Digital Wallets

In Sweden, digital wallets are used for online payments and are particularly popular among the younger generation. While not the primary payment method in the country, digital wallets enable Swedish customers to shop from international e-commerce sites that may not accept local Swedish payment options. 

Available digital wallets in Sweden include PayPal, Apple Pay, and Samsung Pay. The most widely used digital wallet is Swish. These platforms are suitable for personal transactions, but for high-spend international businesses, more robust payment solutions are often necessary to meet their complex financial needs.

Payment Network in Sweden and Their Transaction Fee

Some of the payment networks in Sweden are as follows:

Swish

Swish is Sweden's most popular mobile payment app, similar to PayPal. It has about 8 million user accounts, about 80% of the country’s population. Swish can be used for payment processing services for both online and offline transactions. 

The app works through a smartphone application, It allows users to connect their bank accounts to their phone numbers. Users can use Swish to send payments directly to their recipients by providing the payment information. Swish has no transaction fee for private persons; it is to send and receive money for individuals. However, it charges merchants about 2 kronor, about $0.09 per transaction.

Klarna

In Sweden, Klarna has been the biggest player in the Buy Now Pay Late (BNPL) online payment processing services. Klarna was founded in Sweden in 2005 and has been the largest player over the last decade. It allows users to buy now and pay later and aims to make the payment process simple, smooth, and safe for customers and its merchant partners. 

Klarna does not have monthly or annual fees but is only charged per transaction, depending on the market.

Trustly

Trustly is a quick and safe Swedish banking company that allows consumers to pay directly from their bank account without using a card or app. It is built with an Open Banking Technology, which allows third-party services to access banking information securely. Trust is an alternative to cards, allowing customers to make financial transactions only by signing up for online banking without leaving the merchant's website or app.

Users don’t need to register or pay any transaction fees to use Trustly; it is a fast way for merchants to accept payment by bypassing the hitch caused by the intermediaries in the card payment process method.

Why choose WeavePay

WeavePay has different types of payment methods used to send money to various destinations across the world. You can send money globally in over 30 currencies. With WeavePay, merchants can make their customers happy with their preferred payment methods. Some of the benefits of using WeavePay include:

  • 48 hour onboarding
  • 30+ currencies
  • 27/7 access to your funds
  • Personalized, human support

Check if you qualify for an account today.