Opening a Business Bank Account in Sweden for US Users

If you already have a US registered business that you want to expand into Europe you might be thinking about registering to trade in Sweden.

US entrepreneurs looking to work in Sweden and in Europe more broadly may need a local Swedish bank account to manage their finances, and to complete the business registration process. This guide explores what you’ll need to consider if you’re looking to launch your US enterprise in Sweden. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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When do US Businesses Need a Swedish Business Bank Account?

If you decide to register your US business to trade in Sweden you may need a Swedish business bank account. To register a limited company with the Swedish Bolagsverket¹ you’ll need to pay the required share capital based on your entity type to an eligible bank. For a private limited company this is 25,000 SEK - and you’ll need to pay your funds into either a Swedish business account or a suitable EEA bank which can produce the required certificate in Swedish for your company registration.

You’ll also need a Swedish bank account for more practical purposes once you start to trade - including keeping down the costs of currency exchange and receiving tax rebates from the government.

Understanding the Swedish Business Landscape for US Companies

Invest in Sweden² describes Sweden as one of the most innovative economies in the world - with a key emphasis on cleantech and businesses which can speed up the green and digital transition. Sweden is described as number one in the EU for innovation, including startups and R&D. with key industries including transport, digital technology, life sciences, and energy.

For US businesses it can also be important to know that Sweden is able to attract top talent from around the world with its business friendly approach, high quality of life and government level support for investment.

Benefits of a Local Swedish Business Bank Account

If you trade in SEK, having a local Swedish account to hold a balance in krona can make life easier and cut out unnecessary costs involved in converting to and from SEK. You’ll need a Swedish or EEA account to register your local business in Sweden in most cases - but you’ll then also be able to use your account to hold, send and spend in SEK without high international fees.

Requirements for US Citizens Opening a Business Bank Account in Sweden

Swedish banks set their own requirements for people who apply for a local business account. This will usually mean you’ll have to pick the right account type for your entity - such as a Self-Employed Package if you’re a sole trader, or a Corporate Package if you have a registered company. You can then apply following the bank’s own process - providing a suite of information and documents to support your application.

Essential Documents for Your Business

The exact documents needed to open a business account in Sweden depend on the bank you select. You’re likely to be asked to provide information and paperwork including the following:

• Details and documents for the account owner and all beneficial owners of the company
• Business registration documents - these can vary by entity type
• Business plan
• Profit and loss statement, budgets and other financial information - this may vary depending on the nature of your business

Before you complete your application, reach out to the bank to check the documents they can accept based on your specific business details.

Wise Business: Your Global Low-Cost Account

Personal Identification and Business Ownership Proof

Under various pieces of legislation - including the Swedish Anti-Money Laundering Act - banks are required to complete verification checks before issuing a business account to a new customer.

This means you’ll be asked for ID documents for yourself as business owner, and also details and documents for beneficial owners of the business. This is likely to be anyone with more than a 25% stake in the company. You may also need to give details of directors and other people who control the business, and anyone considered to be a politically exposed person³.

How to Open a Business Bank Account in Sweden: A Step-by-Step Guide for US Businesses

Some major Swedish banks only allow you to register an account by visiting a branch in person. With others you can complete much of the registration process digitally - but you may still be required to go along to a branch to complete the account opening procedure and get your account collateral and cards.

The exact process to open a Swedish bank account depends on the account type, provider and the entity you have registered. To give an example, here's how to apply for a Swedbank corporate account as a limited company owner, if you are not yet a personal customer with the bank⁴:

1. Gather the information and documents needed to support your application
2. Complete your digital application - this may take up to an hour and can not be paused or saved
3. Await a response from the bank - this may take 3 weeks
4. Once you have a letter from the bank you can complete your company registration
5. Deposit your share capital and visit the branch to complete your application

If you need to visit a branch in person to complete your account opening process you may also have to have any other beneficial owners or people who control your business attend the meeting at the same time.

Best Business Bank Accounts in Sweden for US Companies

Sweden has a good selection of local, regional and global banks which all offer a selection of services for business customers. Here are a few to consider.

Swedbank for Business

Swedbank business services⁵ can be accessed by phone, internet, branch and in app, with a variety of packages to suit anyone from a small business owner to a large enterprise. The bank offers a complimentary annual financial review and allows you to get access to local payment methods which can be helpful when trading in Sweden.

Handelsbanken for Businesses

Handelsbanken⁶ has packages for corporate customers and also for sole traders, so you can select the one which suits your needs best. In both cases you get phone and mobile baking services, and debit or credit cards linked to your business account. Monthly costs and transaction fees apply, as is common with Swedish business bank accounts.

Nordea for Business Clients

Nordea⁷ is a large regional bank with a good range of corporate and business services in Sweden. You can get corporate and credit cards linked to your account, with savings options, access to experts and features to have other financial services reviewed by the bank to optimize your performance.

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Another Global Business Alternative: Wise Business

You may decide that while you need ways to send SEK payments, or hold a balance in krona, you don’t need a local business bank account in Sweden. In that case, Wise Business might be the perfect fit.

Wise Business has multi-currency accounts which hold currencies including SEK, and allow you to exchange from USD to SEK - or any other supported currency - with the mid-market rate and low fees. You can send business payments easily, spend locally and in Sweden with a Wise Business or multi-currency card, and manage all your foreign currency balances side by side in one simple app. Wise Business has no monthly fee to pay, making this a low risk solution for business owners dipping a toe into the Swedish market.

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Understanding Fees and Costs for Swedish Business Accounts

Opening a bank account for your business is likely to mean paying some fees. As the costs of foreign business banking services can be quite different to those you’ll experience in the US it’s important to look carefully at your account terms and conditions before you sign up. Here are a few things to think about.

Transaction Fees and Currency Exchange Rates

You’ll run into some costs when you transact from your Swedish business bank account, including fees for payments, withdrawals and cash deposits. To give a feel for some costs to look out for, Handelsbank corporate fees⁸ can include:

• Fees for outgoing electronic payments (such as bankgiro or plusgiro transfers)
• Fees for paper based payments including in branch payments
• Fees for incoming payments, including both digital transfers and payments which come with a paper notification
• Fees for telephone and branch banking services
• Fees for cross border services, which vary depending on currency

You'll also find separate fees for using a bank card for your business - which may include cash withdrawal costs, currency conversion costs and annual charges. Where banks have a foreign transaction fee this can add 2% or so to the costs of spending in a currency other than SEK.

Account Maintenance and Hidden Charges

Most Swedish business bank accounts have ongoing account fees. These could be annual or monthly fees and depend on the bank, the account type and your entity. You might also pay a one time fee when you open your account.

To give an example, Swedbank corporate customers may pay 2,500 SEK when they sign up, with a 1,400 SEK ongoing annual fee. Nordeal also has this 2,500 SEK connection fee and an annual fee of 1,300 SEK, while Handelsbanken has variable connection fees depending on the account, with an annual fee for corporate customers of 1,920 SEK.

Managing Your Swedish Business Bank Account Remotely

Assuming you’re looking to open a Swedish business account from the US, you’ll also need to make sure your account can be easily managed remotely. While Swedish banks do typically offer mobile and digital banking solutions, English language services may not be available.

Online Banking and Mobile Apps

If you prefer to manage your account using digital routes take a look at the provisions available from your preferred Swedish bank.

Generally you can access online banking and mobile apps - but the mobile services may not be available in English as yet. If your Swedish isn’t great make sure you’ve checked you can understand your options easily before you sign up.

International Payments and Transfers

Once you’ve checked your preferred bank or business account has intuitive digital banking channels you’ll also want to make sure you can set up international transfers remotely conveniently. Given the huge time difference, you’ll not be able to phone your bank to process a payment - and popping into a branch is not going to be possible. As some banks may limit the amount you can send overseas using a digital payment method this could be a drawback.

Check your preferred bank’s limits and processes for international payments- and compare them against providers like Wise Business which has a high value digital transfers you can arrange 24/7 from your phone.

Tips for Efficient Cross-Border Banking

Let’s round out with a few final thoughts on how to make managing your business finances across borders a little more efficient - so you can focus on growing your company and keeping your customers happy:

• Consider a multi-currency account which lets you hold a balance in several currencies in one place - this can cut down admin time and costs
• Find a digital service which has an intuitive interface and lets you set up payments, check transactions and get help no matter the time of day
• Look for providers which have the mid-market exchange rate for currency conversion if you can, as this usually means lower overall costs for cross border payments
• Ask your provider what time saving perks are available - like batch payments, cloud accounting integrations and API access to cut time and administration as well as costs

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Source:

1. Bolagsverket - start a business in Sweden
2. Invest in Sweden
3. Swedbank - why we ask questions about your business
4. Swedbank register as a limited company
5. Swedbank for Business
6. Handelsbanken for Businesses
7. Nordea for Business Clients
8. Handelsbank corporate fees