Are you shopping around for the best exchange rates to wire money to Sweden? But are worried navigating the forex market is going to be a complicated minefield? Well, you might be happy to hear comparing deals is actually quite simple. Just take a look at the exchange rate calculator below, type in the amount you’re looking to transfer and compare the best Swedish Krona exchange rates in a matter of seconds!
$500 monthly minimum for regular transfers
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The exchange rate calculator above has already given you a clear snapshot of the best SEK exchange rates available at the moment. But if you want to know more about the multiple provider types mentioned in the table and the special money saving offers you can look out for, read our tell all guide on how to spot the best deal for money transfers.
When you start comparing exchange rates for the Swedish Krona, you’ll come across multiple providers - while some might be well known names in the financial world, some may be brands you’re not quite familiar with. And more often than not, you’ll find these lesser known providers offer the best deals. So who should you go with? A trusted name or a provider with a good rate? Let’s find out.
Many big banks in Australia, including the Big 4, offer AUD to SEK conversions. Because these are providers you may already have an account with, you might find it easier to simply transfer the money using their online banking facility. Especially if it’s an emergency or a quick one off transfer and you don’t have the time to open a new account with a new provider.
While that’s a fair consideration, it’s also important to note that banks generally charge a high transfer fee (up to $32) and don’t always offer the best exchange rates compared to boutique IMT agencies.
Companies like torfx and HiFX focus solely on overseas money transactions and offer attractive IMT deals that combine competitive exchange rates with low fees. These providers generally operate online or over the phone, which means you can access their services 24/7.
But what about dealing with a known and trusted brand? Here’s the thing. IMT specialists are not household names like banks, but if you pick a provider that’s regulated by ASIC, you’re in safe hands. Want to know the best part? All the providers mentioned in the exchange rate calculator above have already been filtered for security.
Like IMT specialists, peer-to-peer providers are also independent agencies that offer good rates and low fees. But they work a little differently - they actually match you with a ‘peer’ or ‘peers’ using an online marketplace to exchange currencies. They do charge a fee for doing this, but it’s generally not as high as the bank’s fee. As for the exchange rates, companies like TransferWise use the real mid market rate for different currencies, while others like CurrencyFair let users set their preferred rates.
Want to understand how all this information translates into real numbers? Consider this scenario - Olivia’s moving to Stockholm for a year and wants to transfer some of her savings from her bank account in Australia to help her get started in her new home. She ran a quick comparison using Mozo’s exchange rate calculator to compare all her options, and this is what she found:
|Fees and features||Bank||IMT specialist||Peer-to-peer platform|
|SEK exchange rates||6.1039 SEK||6.4550 SEK||6.4453 SEK|
|What she gets for $40,000||244,034 SEK||258,200 SEK||257,786 SEK|
|Online transfer fee||$20||$0||$4|
|Transfer limit||Subject to daily withdrawal limit||$200 minimum||No transfer limits|
*Data correct as at 20/7/2016
The difference between the best and worst deals is 14,166 SEK - just imagine what she could do with all that money!
In a hurry? Go for the spot deal.
Exchange rates keep changing all the time so if you find a competitive rate you’re happy with and you need to make the transfer soon, it’s a smart idea to lock in the deal as soon as possible. So shortlist the provider that’s making the best offer, press the ‘go to site’ button on the table above and book the rate on the spot - also called a spot deal!
Looking to transfer funds at a set time in the future? Go for a forward contract.
Found a good rate but you’re not planning a money transfer until a few weeks? That doesn’t mean you have to miss out on a good deal! You can book a ‘forward contract’ with the provider and fix the rate you like for a future date - forward contracts can be booked for transfers up to 12 months in advance. This will protect you from a sudden rate drop.
Not time bound, just want a good rate? Go for a limit order.
If you don’t care about the timeline and only have your eyes set on the best SEK exchange rate, you can opt for a limit order. This allows you to pick a preferred rate of your choice, and then let the provider monitor the forex market for you. When the rate hits your desired number, the provider will make the transfer on your behalf. This way, you don’t need to be on a constant hunt for the perfect exchange rate.
So you’ve already compared the exchange rates and transfer fees and you’ve looked through some of your best options for sending money abroad. What else can you do to save some extra dollars? Simple, be a deal hound.
Cheaper deals for Mozo clients.
Looking for good exchange rates on Mozo is not just a smart way to compare IMT providers, it can also land you a good deal for sending money to Sweden. Check out providers like World First that offer cheaper options for Mozo clients.
First transfer free offers.
With a wide range of providers offering to transfer Swedish Krona from Australia, many companies try to attract customers with money saving options for the first few transfers. For instance, if you go with providers like CurrencyOnline and HiFX, you can make the first transfer at no extra fee.
No matter how good the deal is, remember to ALWAYS read the fine print before booking a money transfer. Here are a few things you can do to stay up to date on the provider’s features and transfer process:
Click on ‘more info’ for the shortlisted provider
When you shortlist a provider using the exchange rate calculator above, you can hit the ‘more info’ button to understand all the options available with the provider, their process for transferring your money and the different fees that may be applicable to the transaction.
Go to the provider’s website for more details
After you’re satisfied with the information you’ve read, you can press the ‘go to site’ button to reach the provider’s website directly. Review the quote to make sure you’re getting a deal you’re happy with, recheck any additional costs that you might need to pay, figure out how long it’s going to take for the recipient to receive the funds in Sweden and when you’re happy with everything, transfer the money to the provider’s account.
Feeling like an IMT guru? Then put your newly acquired knowledge to use and start comparing exchange rates on the exchange rate calculator above!