If you have a Swedish company, you might find it difficult to open a Swedish business bank account because of some strict regulations imposed on the banks in Sweden and the rest of the world. Sometimes, even though the bank can technically accept you as a client, they tend to not do so. Why? Because there is some risk involved in having specific businesses as clients.
If you have been denied by a Swedish bank or want to learn more about how to open a Swedish bank account for your business, you have come to the right place.
To open a Swedish business bank account, you need to follow these steps:
- Incorporation of the company
- Select a bank on our list below
- Apply for the bank account
- Receive your bank account details
Easy Swedish business bank account
All Swedish companies should have a business account. While accepting cash is possible for some time, it becomes unfeasible at some point. And at that point you will need a real bank accunt. If you follow our recommendations, you will be able to find some cheap bank accounts for your company.
A business account can go by multiple names such as company account or corporate account. However, it does not really matter what name you use for it. It is all the same name for an account that is owned by your business, and not you. In general, you will need this account to receive VAT refunds or tax refunds from the Swedish tax authority. The money needs to go somewhere, and that somewhere is your bank account.
However, as we have touched upon before, it is not easy to open an account in a Swedish bank – and that is a big problem for many companies. Therefore, you should look for banking alternatives such as Intergiro. You can open an account with them very quickly. They allow you to receive money like a local business in 8+ different kinds of currencies. Furthermore, you can make very cheap transactions through the SEPA or SWIFT network. In general, this account is a very good replacement for a traditional Swedish bank account.
Cheap Swedish business bank account
It is possible to get a cheap bank account that can be used by Swedish companies, if you choose not to go with a traditional Swedish bank. This is because banks tend to have high opening fees, and you might need to wait a long time – all of this makes the process of opening the account expensive.
Luckily, there are some cheap alternatives out there, and many Swedish companies are using them every day. They are generally much cheaper than the Swedish options in Sweden.
A good option is Revolut Business which can give you a business bank account for 0 EUR to 100 EUR per month – and there are no fees for opening the bank account (update: minimum 150 SEK per month now). It is very difficult to beat this offer, as Revolut also tends to open your account very quickly. Revolut is a known player on the market, both internationally and in Sweden.
A second, and also good, option is Wise Business. You might know this company as TransferWise, but they changed their name some time ago. They used to give out free business bank accounts for companies in Sweden, but now that has changed. However, it is still very cheap. You can get a business account for only 520 SEK in opening fees without any monthly fees. This is a very viable solution for Swedish companies wanting a cheap and fast business account.
If you do not want to create an account with Wise or Revolut, then there are still other options. While being a bit more expensive (compared to the free accounts or almost free accounts), Intergiro is a very good alternative. They open your account quickly, and you are probably ready to go the next day.
If your business requires a purely Swedish account with a Swedish bankgiro number, then you should look into a real Swedish bank as most international players cannot provide this number.
Free Swedish business bank account
While it is possible to get a free business account in international banks, it is not possible to get one in Sweden. The exception is when you have a really good relationship with your bank that you can utilize. If you have a loan or something like that, you can use it as leverage to get some good prices on business bank accounts.
We only know of one way to get a free business bank account for Swedish companies and that is by creating an account at Revolut. As long as you stay on the free tier, you will not pay any money.
Can I use my personal bank account instead?
It is very tempting to just use your personal bank account to receive payments from your clients and putting that money to the side. However, you cannot do this because of multiple reasons. You bank might even terminate their relationship with you, and then you will not have a personal account there.
A company bank account must be in the name of the company. This is because of legal reasons, and there is not way around that.
There might be some company types in Sweden that allow the use of a personal bank account. This might be Sole Proprietorships, but you will need to check that with your bank and the authorities.
When do you need a bank account for your company?
It is important that you figure out what kind of company you have. Some might allow the use of a personal bank account, but most of them do not. Your bank might also have different rules towards the use of personal accounts. Open an account for your company to be on the safe side.
What are the disadvantages of a non-Swedish bank account?
Some banks we have recommended are not located in Sweden, and therefore you might not necessarily get a local account number. For Sweden it is the bankgiro number. This means that you will have to use your IBAN number instead, and for many companies that is not a problem at all. If you think that your customers cannot pay money to an IBAN number, then a girobank number is probably very important for your business, and you should get an account that gives you a girobank number.
There might be some Swedish payment services that do not pay out to non-Swedish bank accounts. So please keep that in mind when choosing a business bank account.
Swedish companies also have an account registered with the tax authorities for getting VAT and tax refunds. Usually, the process of registering this account is very smooth when you have a Swedish bank. However, it is not impossible to register a non-Swedish account with the tax authorities, it just takes a few more steps. We have found out that you need to fill out a form.
Why do business accounts cost money?
It is nearly impossible to find a free bank account for your company. This makes a lot of sense if you think about it. There are many costs involved in operating a bank, and these have to be covered by someone – that is usually the businesses that have accounts at the bank.
Some of the costs involved with running a bank are: IT, KYC, AML, reporting, staff, and much more. Strict regulation also drives up the costs, and the regulation tends to get more and more strict.
What is the price of a Swedish company bank account?
The prices vary a lot, so it is difficult to give a short description of it. However, you can expect to pay an opening fee and a monthly fee on top of that. If you would like to get a free account, it is possible by choosing Revolut.
