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Recommend way to take money into Sweden

Whats the best way

Kegzmc
post 31.Jan.2013, 10:54 AM
Post #1
Joined: 17.Jul.2012

I am returning home next week and would like to bring a small amount of cash from my account back to Sweden to assist in purchase of a car. The sum is 9000 Eur.

What is the best way to do this in terms of exchange rate value etc.

1. Transfer it from foreign account into my Swedish account?
2. Take it over in cash and lodge into account
3. Exchange for KR and pay for car?

Any thoughts appreciated.
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oddsock
post 31.Jan.2013, 11:03 AM
Post #2
Joined: 19.Dec.2008

I transferred a few thousand euros to Sweden when I came here. I did it by bank transfer, only took a couple of days. You can do it yourself on the internet banking (at least you could on mine) with the IBAN number details of your Swedish account.

But the euro is fairly weak at the moment! When I transferred my Euros here I got 11.4 kroner to the euro! Although that was a bit of an exceptional time...

I've been told that there are people called "Forex agents" who will get you the very best exchange rate. But I think they are only worth the money if you are transferring huge amounts.
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Bender B Rodriquez
post 31.Jan.2013, 11:21 AM
Post #3
Joined: 25.Mar.2006

Point 1 is recommended. Point 2 can be difficult since you need proof that the money is legitimate. People, stores and banks are not very fond of cash in Sweden.
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Kegzmc
post 31.Jan.2013, 11:29 AM
Post #4
Joined: 17.Jul.2012

Taking cash wont be a problem (for me at least) I know the person well I'm buying the car off. If I thought I'd better a better rate for doing that I would consider it.

Is it ok to go to my local branch here in Sweden and deposit 8.5k Eur?
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oddsock
post 31.Jan.2013, 12:17 PM
Post #5
Joined: 19.Dec.2008

They don't accept that much cash, somebody started a topic on here a few weeks ago saying they weren't allowed to deposit a few thousand without producing receipts or proof that it was their money.

You probably would get a better rate doing a bank transfer anyway than depositing in cash. If both accounts are in your name then the money will sail through no problem.

Unless you are doing a Bertie of course, but I can't help you in that case, haha.
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Kegzmc
post 31.Jan.2013, 12:56 PM
Post #6
Joined: 17.Jul.2012

Haha, good aul Bertie. Do you know how much I can lodge in bank in one lodgement? I could go into bank multiple times I suppose. Once a week for 2 months?
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PDX
post 31.Jan.2013, 01:05 PM
Post #7
Location: Stockholm
Joined: 2.Aug.2011

Just out of interest (and the bank will ask you the same) - why in the world do you still insist on withdrawing and then depositing cash instead of doing a wire transfer? You will get much better rate with the direct transfer anyway.

There are no limits as to how much you can withdraw or deposit in cash - I have had no issues with amounts larger than already mentioned. It is just that due to money laundering laws, you need to prove (with appropriate documents) the origin of the money.

~~~PDX~~~
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Mpf
post 31.Jan.2013, 05:55 PM
Post #8
Location: Stockholm
Joined: 5.Jul.2006

If transferring money from UK to Sweden you might be able to use SEPA instead of SWIFT. Transfers are then made on the same banking day and don't incur commission of transfer fees. Payments are made in Euro though. I notice some banks do charge for delivery though. CitiBank doesn't if you have an account with them I believe.
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Essingen
post 31.Jan.2013, 06:17 PM
Post #9
Joined: 2.Nov.2008

QUOTE
If transferring money from UK to Sweden you might be able to use SEPA instead of SWIFT.

You'd lose more through the exchange of GBP to EUR (particularly with a UK bank) and then conversion to SEK than you would pay for a 'normal ' international payment.

Make sure that the payment is transferred out of the UK in GBP and the currency conversion is done by the Swedish bank...unless of course you want to contribute to re-capitalising a UK bank.
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Mpf
post 1.Feb.2013, 11:10 AM
Post #10
Location: Stockholm
Joined: 5.Jul.2006

I agree with Essingen although if the OP already has the money in EURO they can transfer it to a EURO Swedish acocunt in which case there would be no exchange rate to talk of. There is no commission charge with SEPA and some don't even charge a processing fee although most do which is nominal compared to other forms of electronic transfer. I think it is swings and round-a-bouts and the OP will need to do their own research to see which works best v which is cheapest.

That said I think it would be crazy to bring it in as cash. Electronic transfers within the EU and EEA is so much cheaper and quicker than it use to be.
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oddsock
post 2.Feb.2013, 08:09 PM
Post #11
Joined: 19.Dec.2008

Yes, transferring to and from Eurozone bank accounts is free (well, obviously the bank has their own exchange rate, but you won't get better). I have done this many times.
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