Sweden is a country that readily accepts international students into their educational system. Schools in Sweden like Blekinge Institute of Technology, Dalarna University, Halmstad University, etc. have become a hive for foreign students. The reason for this is not far-fetched - Sweden is one of Europe's fastest-growing economies and its tertiary institutions are top-notch.

Being an international student in Sweden comes with its own fair share of challenges; academically, socially, financially, etc. However, you must understand that as an international student, your finances are an important part of your daily life both as an individual and a student in Sweden so you need to plan ahead for your financial life before you travel down to begin your academic pursuit in Sweden.

Now that you know that having a bank account as an international student in Sweden is non-negotiable, let us go through the process of opening a bank account, factors to consider when choosing a bank account and some of the best banks for international students in Sweden that you can get started with.

How to Open an International Student Bank Account in Sweden 

Step 1: Choose a bank that suits your plan and needs.

Step 2: Find out all the documents required by the bank and get them ready.

Step 3: Visit the bank, get the account opening form and begin the application process.

Step 4: Submit the application form with the required documents.

Step 5: Some banks will ask for an initial deposit before processing your request.

Step 6: Once your account gets activated, you will receive your account number and other details.

The Documents Needed to Open a Student Bank Account in Sweden

• Your Swedish identity number.
• A valid passport (if you don't have a Swedish identity number).
• Student ID.
• Details of your study (duration of study).
• Proof of legal status (residence permit or visa).
• Proof of income or source of funds.
• Evidence of Swedish residence.

The Best Five Banks For International Students In Sweden

ICA Banken.

This is one of the best options for international students looking to study in Sweden because of its free services and benefits.  ICA Banken has one of the easiest account opening processes, which can also be done online without a Swedish identity number.

Some of the benefits you enjoy when you open ICA Banken’s student loyalty (Stammis Student) account include;

• Free debit card: ICA Banken's MasterCard debit card is free during your study. Even if you are an already existing customer, once you begin to study you can start enjoying their free debit card service.
• Free budgeting apps: Their online platform and mobile app will help you as an international student to track your transactions, budget and plan your financial life during your stay in Sweden.
• Interest on student loans and grants: Most international students in Sweden are usually given loans and grants to ease their financial burdens. If you opt to receive your student loan through your ICA student bank account you can gain interest on the amount paid in.
• Student home insurance plan: As an ICA student account holder you have the privilege of enjoying some of their insurance services like home and travel insurance plans at a small fee.

If you want to open a bank account with ICA Banken as an international student in Sweden, start here.

Danske Bank.

Danske Bank offers student accounts to international students in Sweden without an identity number, using their passport details instead. Their student account is majorly for students under 32 years of age. This account type offers benefits like;

• Advisory services: You can contact their financial aid team to discuss your financial situation and get free financial advice.
• Multiple account type: With Danske, you can open more than one type of bank account (savings account, budget account and salary account)
• Free Card Services: As a Danske student account holder, you also get to use your bank cards and online banking platform for free.

If you want to open a bank account with Danske Bank as an international student in Sweden, start here.

Nordea.

Nordea offers different types of accounts including student accounts for international students in Sweden. When you open a student account with Nordea, you get to enjoy benefits like;

• A Nordea Gold card: This is a free benefit enjoyed by student account holders in Nordea. It includes services like travel insurance and Product Safety Insurance.
• Free banking services with the Nordea mobile app for student account holders.
• Discount of about 25% for purchase of home insurance policy.
• You will also get to enjoy all of their students' benefits until your 31st birthday (even after the completion of your studies).

If you want to open a bank account with Nordea as an international student in Sweden, start here.

Citibank.

Citibank doesn't exactly offer a student account plan, but it has affordable services that suit the needs of international students in Sweden. Some of the packages that international students can enjoy include;

• Citibank basic banking account: You can open this account without making an initial deposit but this account type charges a monthly fee of $12. 
• Citibank Access Account: This account has a lower monthly fee of $10, but you need to make an initial deposit during the account creation process.

If you want to open a bank account with Citibank as an international student in Sweden, start here.

Factors to Consider When Choosing a Bank as an International Student in Sweden 

Before you go ahead and open an account with any bank in Sweden, you need to consider factors like;

• Bank charges: Do your research and find out if the bank fee you will be charged is suitable for your budget.
• Branch locations: Though you can bank from anywhere at any time, some people still prefer to have the physical location of their banks close by, if you are like that confirm that the bank you chose has a branch close to you.
• Online banking services: Most banks have an online banking service, but you still need to find out if the platform of the bank you are choosing is effective and efficient.
• Customer service: If possible ask about how smooth their customer service is from existing customers before you open an account with any bank.
• Special benefits for students: Some banks offer loans, low fees or discounts to students, as usual, do your research and choose the bank with the best offer.

Wrapping Up

The Sweden banks mentioned in this post are the best for international students to consider when it comes to opening an account.

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