The main currency in Sweden is one of many examples that the Nordics feel different from the rest of Europe. Although Sweden has been a member of the European Union (EU) since 1995, it has so far not adopted the Euro.
Because the currency of Sweden is different from most of Europe, it can trip travelers up. While Denmark and Sweden are separated by a small stretch of water, for example, you will need to use two different forms of money.
The same is true if you travel to neighboring countries like Norway and Finland.
To help you understand Swedish money better, we’ve written this complete guide to the country’s currency. You’ll learn more about how to pay for things while in Sweden, plus much more.
What is Sweden’s main currency?
The primary Swedish currency is the Swedish Krona, which is also known as the Swedish Crown. Regardless of whether you visit or move to Stockholm or you go somewhere else in the country, every retailer will accept the Swedish Krona.
Today, it’s difficult to think of a version of Sweden that does not use the Swedish Krona. However, it has not always used this particular currency. Before 1873, Swedes used a currency known as the Riksdaler.
The Swedish Krona is issued in numerous notes, plus several coins.
We’ll talk more about the coins later, but its notes are as follows:
- 20 Kronor
- 50 Kronor
- 100 Kronor
- 200 Kronor
- 500 Kronor
- 1,000 Kronor
Sweden uses a different currency from all of the other Nordic countries. Finland, like Sweden, joined the EU in 1995; since then, it has adopted the Euro as its main currency.
Denmark is also a member of the EU, but it still uses the Danish Krone. The Danes are under no obligation to adopt the Euro at any point in the future; they’re the only current EU member state with an opt-out option in this respect.
However, the Danish Krone is pegged to the Euro.
Neither Norway nor Iceland is in the EU, and as such, they do not have any obligation to use the Euro. Norway uses the Norwegian Krone, while Iceland uses the Icelandic Króna.
While the Swedish Krona goes up in logical numbers, you will sometimes buy things that aren’t a whole number — e.g., 240.95 Swedish Krona. Like if you paid in USD or GBP, you will still pay that amount.
What is the Swedish currency symbol?
If you want to look for the currency used in Sweden on international exchange markets, you’ll see it written as SEK. Exchange rates vary depending on numerous factors, such as the economic situation.
You will also notice that when talking about how much something is, you will say SEK 100 instead of 100 SEK. When you’re shopping in a Swedish shop, you will notice that the Swedish Krona is symbolized as :-.
Is the Swedish Krona pegged to anything?
Earlier in this article, we mentioned that the currency in Sweden is different from its Nordic neighbors. Specifically, we discussed how the Danish Krone is pegged to the Euro.
The Danish Krone’s peg rate to the Euro is as follows:
- 1 EUR must be within 2.25% (up or down) of 7.46 Danish Kroner at all times.
Considering that Sweden is also in the EU but not a member of the Eurozone, is the Swedish Krona pegged to anything?
In short, no — the Swedish Krona is not pegged to anything. As such, you can sometimes notice more significant fluctuations between the Euro and the SEK.
Let’s take a look at the 12 months between October 24th, 2021 — and October 24th, 2022. In that period, the exchange rate for the Swedish Krona to the Euro rose from 9.99 SEK to 11.07 SEK.
In the five years leading up to October 2022, the Swedish Krona has fluctuated significantly against currencies like the Euro, British Pound, and American Dollar.
At differing points in the past, the Swedish Krona has been pegged to the USD and EUR.
Is the Swedish Krona a stable currency?
Okay, so you now know that the Swedish Krona is not pegged to anything. That begs the next question: is it a stable currency?
The answer depends on various factors. The Swedish Krona has several benefits — namely that corruption in Sweden is almost non-existent. As such, holding SEK is much safer than doing so with many other global currencies.
Generally speaking, Sweden is also a prosperous country with high standards of living. And from a business perspective, the nation is a fertile breeding ground for major companies; Stockholm is a prime example of this.
However, Sweden’s economy is not immune from difficulties. For example, inflation in the country rose by over 8% from September 2021 to September 2022.
As we also mentioned earlier in this article, the fact that the Swedish Krona isn’t pegged to anything can also result in fluctuations. The rate you get for your local currency might change between two separate visits, so it’s worth checking these in advance of your trip.
Does Sweden use the Euro or the Krona?
At the time of writing in October 2022, Sweden uses the Krona. If you work for a company in Sweden, you will get paid in Kronor; the only exception is if you’re a freelancer, you request an alternative currency, and the company agrees to it.
In 2003, Sweden had the opportunity to adopt the Euro. If the majority vote had been yes, the EUR would have become the official currency of Sweden in 2006. However, almost 56% of voters said that they did not want to adopt the Euro.
The vast majority of counties in the country had a majority no vote; the only exceptions were Skåne and Stockholm. Meanwhile, only a small selection of municipalities said that they wanted the Euro to become the official Swedish currency.
Despite Sweden voting against joining the Eurozone, it has an obligation to do so on certain conditions. But at the same time, that is unlikely to happen for quite a long time.
Do they accept Euros in Sweden?
Although the main currency of Sweden is not the Euro, you might be able to use it in some places. However, the use of the Euro is by no means widespread.
If you visit the touristy parts of Stockholm, you might be able to use the Euro in certain stores. The same goes for Malmö, which attracts a lot of day trippers from nearby Copenhagen in Denmark.
You can also pay with Euros on certain ferry routes. From Stockholm, you can sail to Estonia, Finland, and Latvia — all of which use the Euro. When shopping duty-free, you will often be able to pay in EUR.
What is a Swedish coin called?
While a Swedish note is known as a Krona, you can also get coins — though these are quite rare. 1 SEK is equal to 100 öre, which is what you would call a Swedish coin. This is almost the same as coins in Denmark’s currency, which are known as øre; that’s also the case in Norway.
You will find Swedish coins in numerations of 1, 2, 5, 10, 25, and 50 öre. While some Danish coins have holes in them, the Swedish versions do not.
What is the best currency to use in Sweden?
If you plan to visit or live in Sweden, you’re much better off using the Swedish Krona. Doing so will guarantee that you can pay for the good or service you’re trying to get.
One tricky thing about traveling internationally is that your bank might subject you to foreign transaction fees. You can avoid this being too much of an issue by using a mobile-only bank, such as Revolut, Monzo (UK residents only), or N26.
Should I use cash or card in Sweden?
When you’re in Sweden, knowing the main Swedish currency is only one part of the jigsaw. While some parts of the world still rely on cash, that is not the case in Sweden.
Sweden is an almost entirely cashless society. Card and contactless payments are accepted in most places, and some outlets refuse cash altogether. You can easily live here for a decade without ever needing to use physical notes and coins.
One particular annoyance, however, is that some places in Sweden only accept Swish — a mobile payment method that allows you to send money via an app. If you’ve lived in Denmark before, it’s similar to Mobilepay.
Unfortunately, you need to have a Swedish bank account to pay for items with Swish. Some places accepting Swish will, however, also let you pay with cash.
The currency in Sweden is different from most of the EU
The currency in Sweden can get confusing, especially if you’ve never visited before. And regardless of whether you plan to visit or move here, it’s a good idea to know what it is. The Swedish Krona is, despite Sweden being in the EU, still the country’s go-to currency.
When in Sweden, a small number of places will let you pay with Euros. But considering that these places are few and far between, it’s not really worth bringing them. Instead, look for a banking option that allows you to pay abroad without obtaining fees.
Now that you know what the main currency is in Sweden, why not learn more about the language? If you don’t know any Swedish, knowing whether you can use English or not is a good idea. This article talks all about whether the Swedes can speak English.
Scandification: Discovering Scandinavia.
