|UK, Cyprus, Australia||/5||$200||Read the review|
|Cyprus||/5||$50||Read the review|
|Cyprus, Australia||/5||$100||Read the review|
Sweden’s socio-economic achievement is a wonder, reaching a level of unprecedented living standards due to a fluent capitalistic system, natural resources, a well paid skill force, and top of the line social benefits. The country is a role model to dozens of up-and-coming countries, while also being able to offer a cultural heritage comparable to that of the United States and the United Kingdom. Taking all these in consideration, the local Swedish Krona is a major player in the forex industry.
International bank transfers in SEK are always slower that local wire transfers. Those that are international can take up to 5 days, depending on the broker. Meanwhile, the time it takes for local, in-country, transfers is significantly cut to 1 or 2 days. As is with most transactions, the time it takes depends mostly on the broker and the financial institution handling the payment.
Local SEK bank transfers are 90% free of charge, while international bank transfers can have a toll on a payment sum, ranging from no sum to 400 SEK. It all depends on the broker at hand. Readers should also be reminded that banks can set charges on transfers, and also send currency conversion fees.
Credit and Debit card payments in SEK are instant in nearly all cases. If a delay ensues, it shouldn’t go on for more than a couple of minutes. Card fees can range from nothing to 3-4%, depending on the broker. This might not seem a lot for retail traders, but a 4% tax on a 10k SEK transaction amounts to 400 SEK.
Two of the most popular alternative methods for paying are Trustly and Swish.
Trustly allows its users to pay via their bank accounts. It’s a payment service that originates in Sweden, so by logic it is heavily used by the local populace. There are no hidden fees when using Truslty. However some brokers might charge small percentage or sum when using Trustly (or other e-wallets).
Swish is a mobile payment system that launched in coordination with 6 major Swedish banks, allowing for on the go payments by liking a phone number to a bank account. Only sellers (merchants) are charged with a fee of 2 SEK per payment. Customers are not charged with anything.
Sweden’s central bank Riksbank is responsible for the distribution and production of SEK notes and coins.
The coins for 5 and 10 Kronor are made of the so called Nordic Gold, a mixture of copper, aluminium, zinc, and tin.
The SEK krona is equal to 100 öre, which were discontinued in 2010. Presently, cash transactions are rounded to the nearest krona.