Article by Mozo
Sending money to Sweden is simple and easy to do which is especially useful if you’ve got money matters to deal with in Sweden. Whether you’ve invested in a business or property in Sweden or have money to send to family or a friend, we can help you iron out a few of the creases. Just spend a moment familiarising yourself with certain terms and conditions that Mozo explains below before making an international money transfer.
But if you want to exchange dollars to krona for your next holiday to Sweden, then you need to read Mozo’s Travel Money section. That way you’ll get to know everything you need when it comes to choosing the right travel cards and cheapest exchange rates.
In order to transfer money between accounts in different countries, you need your recipient's bank ID numbers and their account details. Need more help understanding the next step? Read on to find out more about your options:
A safe environment for our income, our savings and even our superannuation. But is it the best provider when it comes to transferring money overseas? With the high fees and rates, Mozo thinks you should look around some more.
Pros: Familiar names that you already trust and use.
Cons: Higher transfer fees than other providers or financial providers. Not as convenient as other methods if you can’t visit a branch during business hours.
Specialist FX or Foreign Exchange Specialists are pretty good at scoring the best rates when it comes to exchanging currencies around the globe. In fact they’re the experts.
Since they exchange global currency daily above everything else, they’re probably able to secure a pretty good deal when converting Aussie dollars to Sweden krona.
Online IMT and foreign exchange providers like CurrencyFair, HiFX, OzForex offer expert service that’s usually less expensive than other IMT providers. Since you can use their service 24/7, it means they’re more flexible too.
Want to double check if the BIC or SWIFT code is correct? Head over here
to double check your numbers if you’re uncertain.
Pros: Quick and safe international money transfer, usually cheaper than the res
Cons: Since currencies change everyday, trading Australian dollars for Sweden krona may vary from one day to the next.
Oh yes. Not just because it’s Sweden. Because it’s the internet! And if your sensitive information is not protected, then it doesn’t matter what you do online, your activity can be exposed and compromised. But there is something you can do:
Having these on your PC or mobile gives you peace of mind that at least you’re doing the best you can to protect your personal information while shopping, banking or transferring money online.
Sure you can. One-off or regular transfers? They’re both possible. Fees and charges rarely vary, but check with your provider first! They may be able to offer you a better deal for multiple transfers.
You probably don’t have enough hours in the day to visit every IMT provider’s websites to compare the plethora of fees and rates online. But what you can do is save time, by using Mozo’s IMT rate comparison tool to make your IMT research more easy breezy.
After all, the rate you secure will definitely impact your overall fee when transferring large amounts. Here’s a quick reference we’ve put together below (you can thank us later) that you can look to when selecting who to go with.
What to look out for when choosing an IMT provider:
|Limits||Some banks or IMT providers require you to transfer a minimum amount, and can be as high as 1,000. If you don’t intend on sending that much money over, try looking for a provider that requires a smaller amount. Or better still - no minimums!|
|Rates||You’ve probably already worked out that the smallest difference in the rate you secure when making an IMT can make a difference to the value of the money you send.|
|Transfer speed||From instant transfers to a week or more. You’ll hear a mixture of promises. But let’s keep it real. Funds may not clear for another 3-5 business days.|
|Fees||The amount you pay in fees may be zero to high and anything in between. Remember to shop around for the best deal. We like it when our readers save save save!|
|Online vs phone or in person||Isn’t online-anything awesome? So is online international money transfers. Doing this online allows you to save on fees and charges while giving you the freedom to transfer money at the time that suits you, 24/7.|
Firstly, you need to decide which direction you will take - online, in person or over the phone? Working this out first, will determine your best next steps.
Whichever way you choose to transfer money to Sweden, some crucial bits of information you’ll need for a successful transfer include:
1. Full name and address of the recipient’s bank
2. Recipient's name, address and account name
3. Account number or International Bank Account Number (IBAN)
4. SWIFT/BIC code of your personal account you're transferring funds from
5. Amount you would like to send.