The union created a common currency system based on the gold standard to make trade easier between the Nordic countries. Before the SEK, Sweden used the Swedish riksdaler, but in 1873 the country joined Denmark and Norway in forming the Scandinavian Monetary Union, which introduced the krona (crown). Yes, you can make bulk payments in SEK using an Equals Money account. If you’re an existing payments customer and do not have access to an online account, please speak to your account manager or get in touch with our team. For investors, tourists, and businesses, understanding the Swedish krona means understanding Sweden’s modern, innovation-driven economy and its deep ties to global trade and finance. Sweden is part of the European Union but famously voted against adopting the euro in a 2003 referendum, choosing instead to keep the SEK as a cornerstone of its national identity and economic policy.
- The exchange rate of SEK depends heavily on the monetary policy of Sweden.
- SEK has a strong currency correlation with the currencies of other Nordic countries, such as the Danish krone (DKK) and the Norwegian krone (NOK).
- The Krona has been a trusted currency for over a century, showcasing Sweden’s strong economy and political stability.
- Despite being pegged to gold for most of the interwar period, these currencies were generally quoted at fluctuating market rates.
- On 11 September 2012, the Riksbank announced a new series of coins with new sizes to replace the 1-krona and 5-kronor coins; the new coins arrived in October 2016.
- How we use money is always changing… From bartering to using coins, writing cheques, introducing banknotes, ending the gold standard….the way society uses money has
- Learn how to use it, when to exchange it, and why it matters in global finance.
Which country will join the Euro next?
A 100-kronor banknote (3rd design since 1898) was printed 1986–2000 with a portrait of the botanist Carl Linnaeus and on the reverse was a drawing of a bee pollinating a flower. A 50-kronor banknote (3rd design since 1896) was printed 1996–2003 with a portrait of the singer Jenny Lind and on the reverse was a picture of a silver harp and its tonal range. A 20-kronor banknote (a new denomination) was printed 1991–1995 with a portrait of the writer Selma Lagerlöf and on the reverse was an engraved interpretation of a passage from the book The Wonderful Adventures of Nils. With the introduction of a 10-krona coin in 1991, production of 10-kronor notes ceased and a 20-kronor note was introduced.
There are no restrictions on the amount of foreign currency you can bring into Sweden. To use Swish it requires a Swedish bank account and social security number (person nummer). It is possible to get cash from ATMs using these credit cards, although there may be a fee for the withdrawal. Sweden is known for being a cashless society.
The first banknotes, the 20, 50, 200, and 1,000 krona, were issued on 1 October 2015 with the other two notes, the 100 and 500 krona, followed on 3 October 2016. On 6 April 2011, the Riksbank announced the names of the persons whose portraits would decorate the new series of banknotes that would be introduced in 2015. Invalid banknotes can be redeemed via the Riksbank, with an administration fee of 200 kronor. The 10,000 krona banknote was always printed in small quantities as it was one of the most valuable banknotes in the world. Replacement banknotes featuring Dag Hammarskjöld became valid on 1 October 2015, but were circulated in considerably fewer quantities (less than 3.5 million), thus reducing the supply of cash in Sweden.
💸 Can You Send Money from Turkey to Sweden?
This also included the reintroduction of the 2-kronor coin, while the current 10-kronor coin remained the same. The reasons may have included low purchasing power, higher production and distribution cost than the value and the coins cannot be used in most parking machines and vending machines. A new 5-kronor coin was designed in 1974, at a time when there were political efforts to abandon the monarchy and the young inexperienced king.
In everyday Swedish life, prices in shops, restaurants, and online stores are shown with “kr” to indicate Swedish kronor. This evolution has allowed the SEK to remain resilient and responsive to global economic shifts while supporting Sweden’s reputation for monetary independence. This means that today the SEK’s value is determined by market supply and demand, with Sveriges Riksbank (Sweden’s central bank) occasionally intervening to maintain price stability and control inflation. However, when the Bretton Woods system collapsed in the early 1970s, Sweden shifted to a policy of adjustable pegs against a basket of currencies to better reflect its diverse trading relationships.
Understanding the SEK (Swedish Krona)
- This means that today the SEK’s value is determined by market supply and demand, with Sveriges Riksbank (Sweden’s central bank) occasionally intervening to maintain price stability and control inflation.
- The Vasa banknote without security thread became invalid after 31 December 2013 at which time there was only 10 million in circulation.
- No, the Swedish krona is freely available and convertible.
- Discover the Swedish Krona (SEK)—Sweden’s official currency since 1873.
- The declining use of cash in Sweden is going to be reinforced cyclically.
- With PayPorter, sending money from Turkey to Sweden is fast, secure, and cost-effective.
Swedish residents and international visitors often highlight SEK’s advantages over the Euro. Always consult a financial advisor before venturing into forex or currency-based investments. Sweden’s strong GDP questrade review and low unemployment bolster confidence in its currency.
Are there any restrictions on the amount of currency you can bring into Sweden?
The first two designs of 1,000-kronor banknotes (printed from 1894 to 1950 and 1952–1973) became invalid on 31 December 1987. All remaining five krona and ten krona banknotes became invalid after fbs forex review 31 December 1998. All remaining one krona banknotes became invalid after 31 December 1987. On 11 September 2012, the Riksbank announced a new series of coins with new sizes to replace the 1-krona and 5-kronor coins; the new coins arrived in October 2016. Remaining 50-öre coins could be exchanged at banks until the end of March 2011.
In 1992, Sweden implemented a floating exchange rate for SEK, and it has been allowed to float against other currencies since then, with the Sveriges Riksbank occasionally intervening to stabilize the krona. If you see exchange rates or prices listed in SEK, it means they’re in Swedish currency — the krona. The exchange rate of the Swedish krona against other currencies has historically been dependent on the monetary policy pursued by Sweden at the time. While some tourist spots accept major foreign currencies, the Swedish Krona is preferred and ensures fairer exchange rates.
In 1991, aluminium-brass («Nordic gold») 10-kronor coins were introduced; previous 10-kronor coins are not legal tender. 5-kronor coins minted since 1954 are legal tender but tend to be kept by collectors for their silver content. The 2-kronor coins contained 40% silver until 1966, which meant they had been for several years worth much more than face value, so most have been bought and melted down by arbitrageurs, and the rest are kept by collectors. In 1968, the 2-kronor switched to cupronickel and the 1-krona switched to cupronickel-clad copper (it was replaced entirely by cupronickel in 1982).
Thanks to PayPorter’s international money transfer services and secure infrastructure, transfers to Sweden reach recipients in a short time. Sweden’s official currency is the Swedish Krona (SEK).The international currency code for the Swedish Krona is SEK. The Swedish krona is used exclusively in Sweden and is issued by the country’s central bank, Sveriges Riksbank.
This pairing helps distinguish the Swedish krona from other Nordic currencies that also use the “kr” symbol, like the Norwegian krone (NOK) or Danish krone (DKK). Over the 20th century, the Swedish krona underwent several important monetary adjustments that shaped its role in both the domestic and global economy. Although the Scandinavian Monetary Union dissolved in 1914 with the outbreak of World War I, Sweden kept the krona as its national currency. The history of the krona reflects Sweden’s strong commitment to monetary stability. Equals Money allows bulk (batch) payments in 35 global currencies (including SEK).
When is the best time to convert EUR to SEK?
The krona, which means crown in Swedish, has been Sweden’s currency since 1873 and is also expressed by the symbol KR. Click on Swedish Kronor or Euros to convert between that currency and all other currencies. Use «Swap currencies» to make Swedish Krona the default currency. Our comprehensive tool provides detailed insights into the past performance of the Swedish krona against major global currencies.
According to Skingsley, «what some consumers, smaller companies and local clubs often see as a problem, is not so much getting hold of cash, but being able to deposit it in a bank account.» The Swish mobile payment system was established in Sweden in 2012 and become a popular alternative to cash payments. Invalid old banknotes of any age can, however, be deposited in the Riksbank, and the value be sent to a bank account. In 1991, the largest banknote worth 10,000kr that was in circulation since 1958 was declared invalid and no longer was legal tender. Notwithstanding this, on 14 fxcm broker review September 2003, a consultative Swedish referendum was held on the euro, in which 56% of voters were opposed to the adoption of the currency, out of an overall turnout of 82.6%. Dagens Nyheter journalist Björn Wiman went further in his criticism, condemning the Riksbank for selecting Nilsson at all for the 500-kronor banknote.
Live EUR to SEK Currency Converter
In order to use a credit card to pay or withdraw cash, it must have a chip and a personal identification number (PIN). The ISO code SEK and currency sign “kr” are commonly used. Wise works with a local bank partner to offer the service in India with the approval of the Reserve Bank of India. Since 2011, millions of people have used Remitly to send money with peace of mind. First, it offers financial independence, allowing Sweden to set its own exchange policies.