Does Sweden use the Euro?
Sweden is the largest country in the Nordic region, and it’s often viewed as the one with the most international mindset. The Swedes have been part of the European Union since 1995 when it joined alongside neighboring Finland.
Besides being in the EU, Sweden is also part of the Schengen Area — meaning that you often don’t have to show your passport when visiting from another Schengen nation.
But despite being an integrated member of the wider European community, Sweden and the Euro is more of a complicated relationship.
Whether you’re traveling to Sweden or moving here for an extended period, understanding Sweden and the Euro is a good idea. You’ll learn everything you need to know about this topic here, from what the country’s currency is to whether Sweden has any Euro-related obligations.
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Does Sweden use the Euro?
Is Sweden using the Euro? In short, no — not for the most part.
While Sweden has been in the EU for almost 30 years, the country does not use the Euro as an official currency. Swedes have had a referendum in the past to determine whether the country should change its currency, but a majority voted against doing so.
Which currency is used in Sweden?
Instead of the Euro, Sweden uses the Swedish Krona — also known in some cases as the Swedish Krone or the Swedish Crown. The currency is used everywhere in the country; you’ll purchase goods in Swedish Kronor, along with getting paid your salary in the same currency.
Sweden has used the Swedish Krona since 1873. The currency’s notes are divided into 10, 20, 50, 100, 200, and 500 Kronor. When abbreviated, you’ll refer to the Swedish Krona as SEK.
Each Swedish Krona is divided into 100 öre. However, the minting of öre coins ceased in 2009. And today, you will probably not need to use physical money in Sweden anyway; the country is almost entirely cashless, with electronic payments preferred in most places.
Before switching to the Swedish Krona, Sweden used the riksmynt as its official currency.
Why doesn’t Sweden use the Euro?
Sweden’s relationship with the Euro is a complicated one, as is the case in many Nordic countries. At the time of writing in October 2022, Finland is the only Nordic nation that has adopted the Euro as its official currency.
While Sweden’s EU membership isn’t really under question, the topic of adopting the Euro has received a lot of pushback. The country has had one referendum related to joining the Eurozone, which took place in 2003.
The 2003 referendum saw most Swedes opt against becoming a part of the Eurozone. Had those voting yes got their way, the country would have become integrated as a Eurozone member in 2006.
However, things went a little differently. Almost 56% of people voted against adopting the Euro, and only two counties — Stockholm and Skåne — had a majority vote in favor of joining the Eurozone.
The 2003 referendum had a high voter turnout, which stood at over 82%.
One thing worth noting is that before a country can join the Eurozone, it needs to have its currency pegged to the Euro for at least two years. This scheme is known as the European Exchange Rate Mechanism (ERM II).
Sweden does not have this; nearby Denmark does, but the Danes also have an opt-out which means they don’t need to use the Euro in the future.
Is Sweden obliged to adopt the Euro in the future?
Although Sweden does not use the Euro right now, it does have an obligation to do so in the future. The reason behind that is because when it joined the EU, the country also agreed to the Maastricht Treaty.
As a part of that, countries need to use the Euro as their official currency once the right conditions are in place.
But despite that, Sweden has not specified a future date for joining the Eurozone. It’s also not one of the country’s top priorities; you will hardly see people campaigning en masse in the streets of Stockholm and Gothenburg to adopt the Euro as Sweden’s currency.
As mentioned earlier, Sweden would have to peg its currency to the Euro for at least two years before joining the Eurozone. And at the moment, no plans are in place for that.
As surveys show, many Swedes are still against joining the Eurozone. For example, statistics published on Statista revealed that in 2022, over 58% of Swedes did not want the Euro to become the country’s official currency. Only 22.6 % of individuals said that they would.
Is the Swedish Krone tied to the Euro?
Denmark is another EU country that does not use the Euro, but it still has some ties to the currency. The Danish Krone is pegged at a rate of 7.46 for 1 Euro, and it cannot exceed that range by more than 2.25%. With that in mind, is the same true for Sweden and the Euro?
Today, the Swedish Krona is not pegged to the Euro. As a result, prices are allowed to fluctuate more than would otherwise be the case.
Having said that, the Swedish Krona has been pegged to the European Currency Unit (ECU) in the past. This occurred in 1991. And in 1939, the SEK was pegged to the US Dollar. Much of this was due to World War II, during which Sweden remained neutral.
Does the Swedish Krone have a stable exchange rate compared to the Euro?
While Sweden does not have a rate that it must stay within compared to the Euro, many people consider it a safe currency. Sweden is a country that has a fertile breeding ground for entrepreneurship, along with a highly-educated workforce and mixed economy.
With all of that in mind, you might expect the currency of Sweden and the Euro to be relatively stable. Is that the case? Well, not quite.
At the time of writing, the exchange rate for the Euro to Swedish Krona is 1 EUR = 10.93 SEK. But in the past, the rate has exceeded 11 — and on the other side of the scale, the EUR/SEK exchange rate has dropped well below 9.
Several external factors influence how the Swedish Krona and Euro pair with one another.
Is the Euro accepted in Sweden?
Although Sweden’s official currency is not the Euro, that doesn’t mean that you can’t use it anywhere. In a small selection of areas, you might be able to get away with using Euros.
Sweden shares a border with Finland, and you will find a number of towns close to the border between the two countries. Haparanda is perhaps the most famous example; it forms a twin town with Tornio on the Finnish side.
Haparanda is one of the few municipalities that voted in favor of EUR adoption at the 2003 referendum.
In Haparanda, many stores will let you pay in both EUR and SEK. You will also see signs that show how much items cost in each currency.
Another town where you can use Euros is in Högnäs, which is in the south of Sweden. Other areas in Southern Sweden, such as Malmö and Helsingborg, also accept Euros in some places; you can sometimes use Danish Kroner as well.
If you visit Stockholm, some tourist shops will accept Euros as payments. On top of that, some ATMs will let you withdraw Euros — and you can pay for taxi services in the same currency.
While a range of towns and cities in Sweden accept EUR payments, that is by no means universal. As a result, you’re much better off using Swedish Kronor instead.
How do I get Swedish Kronor for my trip to Sweden?
If you plan to visit Sweden, knowing how you can get Swedish Kronor for your trip is a good idea. You’ve got a couple of options, and you shouldn’t struggle too much.
The best way to use Swedish Kronor in Sweden is to pay via card. However, you should consider using a mobile-only bank like N26, Monzo, or Revolut. Your traditional bank may charge you for spending and withdrawing money abroad, but the mobile banking services mentioned above will not.
On the off-chance that you need to withdraw money on your trip, you will find ATMs throughout every major town and city in Sweden. Try to use the ATMs at official banks, such as Handelsbanken and Nordea. Using the touristy ones will often give you a worse exchange rate.
Another option for getting Swedish Kronor for your trip is to use your local post office. If you want to take physical money with you, this is a better option than using exchange bureaus at airports — where you’ll often get a worse rate.
Will Sweden adopt the Euro in the future?
As mentioned earlier in this article, Sweden has an obligation to adopt the Euro in the future. But at the time of writing, there is no plan in place to do so. On top of that, many people in the country still do not want to use the Euro as their official currency.
For Sweden to adopt the Euro, the process would likely be drawn out. It could potentially include another referendum, and the SEK would need to be pegged to the Euro for a few years. As such, you’re safe to get Swedish Kronor for any trips in the foreseeable future.
Can I use the Swedish Krona in the other Nordic countries?
If you want to do an extended trip throughout the Nordics, and maybe even to Estonia, knowing the currency rules is a good idea. In bordering regions of Finland, you might also be able to use the Swedish Krona.
Similarly, you can also use SEK when shopping on many ships that travel between Sweden and the likes of Finland and Denmark.
For the most part, however, you will need to use different currencies.
Below is a breakdown of the official currency for each Nordic country:
- Finland (including Åland): Euro.
- Denmark (including the Faroe Islands and Greenland): Danish Krone.
- Iceland: Icelandic Króna.
- Norway (including Svalbard): Norwegian Krone.
While Estonia isn’t officially a Nordic country, it does have a lot in common. The currency here, and for the other Baltic states, is the Euro. Since withdrawing cash is both inconvenient and unnecessary, your bank card will be your best friend.
Sweden: A full EU member, but not part of the Eurozone
Sweden has been part of the EU since 1995, and it has since contributed to the wider European community. But when it comes to currency, things are a little more complicated.
The relationship between Sweden and the Euro will likely change over time, with the country obliged to adopt it at some point — but don’t expect that to be soon.
The Swedish Krona has remained the main currency of Sweden since 1873, but you can use Euros in some parts of the country. Nonetheless, you’ll have a much easier time if you choose to use SEK instead of Euros.
Citizens of EU and EEA countries, along with Switzerland, can move to Sweden without needing to endure too much paperwork. For those from other nations, including the UK, things are a little less clear.
If you want to move to Sweden, we’ve written a full guide.
Scandification: Discovering Scandinavia.
