SWEDEN

Export Atlas in PDF

Sweden is one of the wealthiest economies in Europe, with a GDP per capita in purchasing power parity around 20% above the EU average. The consensus-approach to labour market relations is the main pillar of the country’s economic model. This is characterised by centralised wage negotiations, high taxes and an advanced welfare system. In this regard, the main challenge for policymakers in the coming years will be to support employment of the low-skilled and migrants.

Manufacturing, which accounts for around 15% of gross value added, is a key sector in Sweden’s export-based economy – exports are equivalent to more than 45% of GDP. The country has a competitive advantage in green technologies. Indeed, Sweden, like other Nordic countries, has long been committed to sustainable development and is now one of the OECD countries with the lowest greenhouse gas emissions per capita. Environmental objectives are increasingly integral to every policy area. 

While Sweden is part of the EU, it has not adopted the euro so the country has an independent monetary policy. 

Summary

BNP Paribas established its business in Sweden in 2006, with a business centre located in Stockholm. While Sweden is well-served by local banks, many multinational corporations are seeking an international banking partner that can provide pan-European services. BNP Paribas is one of the few non-Nordic banks with direct access to the local clearing house in Sweden, enabling the bank to deliver a cohesive domestic and international cash management and trade finance offering.

BNP Paribas is also one of the only non-Nordic banks to provide direct local clearing system access across Norway, Sweden and Denmark, providing a pan-regional capability. BNP Paribas' trade centre for the Nordics provides a single entry point to its extensive network of branches and local trade finance expertise in more than 60 countries around the world. BNP Paribas is recognized by corporate clients as the top-international bank in the Nordics (ahead of several local & regional banks): First International Cash Management Bank in the Nordics – Kantar Prospera 2021.

Currency

  • Sweden uses the Swedish krona (SEK).

Bank accounts

  • A company is resident in Sweden (i) if it is incorporated in Sweden and registered in the Companies Register as having a Swedish place of business or (ii) for foreign companies if they are having their actual place of management in Sweden.

Factoring

Sweden is serviced from Denmark.

Please consult the Denmark pages.

BNP Paribas Cash Management Capabilities

Cash collections
Cheque collections
Direct debit collections
Domestic incoming transfers
Virtual IBAN
Virtual accounts
International incoming transfers
Card acquiring

Payments & collections

Cash use is in terminal decline. According to the Sveriges Risksbank, in 2020, only 9% of all payments in shops were made in cash; many Swedish merchants have stopped accepting cash.

Electronic credit transfers are the most widely used instrument by companies for supplier, payroll and tax payments. Debit card payments are favoured by consumers and represent the most used payment instrument by value. Contactless payments either via card or mobile payment apps such as Swish are widely used. In May 2021, the Riksbank launched a new phase in its e-krona project. The central bank published its “e-krona pilot phase 1” report in April 2021; it is currently on hold in anticipation of the eventual implementation of an E-Euro. 

Electronic banking services are available from all banks. The Nordic Payments Council (NPC) has developed XML-based message implementation guidelines for customer credit transfers, payment cancellation requests and payment status reports. So far, this is only used in the customer-to-bank space as the payment infrastructure is still based on old stands, but a common bank modernitsation project has been initiated with the aim of moving to end-to-end XML processes by the end of 2026. The international payment messaging standard ISO 20022 is the main standard in the Swedish instant payment flow. Multinational companies also use the SWIFT for corporate messaging standards. Transaction and balance reporting and transaction initiation services are available on a domestic and cross-border basis.

Online banking is available from most Swedish banks. Online electronic invoice and bill presentment schemes are available from the larger Swedish banks. Over 80% of Swedish residents use online banking for bill payments. Mobile banking services are provided by almost all of the country’s banks.

Short term investments

Interest payable on credit balances

  • Interest-bearing current accounts are permitted for residents and non-residents.

Demand deposits

  • Demand deposits are available for residents and non-residents.

Time deposits

  • Time deposits are available in SEK and or major foreign currency for terms up to two years. One-year terms are the most common.

Certificates of deposit

  • Domestic banks do not commonly issue certificates of deposit.
  • Certificates of deposit are available in SEK, EUR and USD.
  • Maturities of three and six months are most common.

Treasury (government) bills

  • The National Debt Office (Riksgäldkontoret) issues Treasury bills with maturities of three, six and 12 months. The minimum investment is
    SEK 5,000.
  • A six-month bill is issued every third month. A three-month bill is issued in other months.

Commercial paper

  • Domestic commercial paper is issued by companies and public authorities. Terms from overnight to 12 months are permitted.

Money market funds

  • Domestic money market funds are available.

Repurchase agreements

  • Repurchase agreements with maturities ranging from overnight to one week are available.

Banker's acceptances

  • Banker's acceptances are not used in Sweden.

BNP Paribas Trade Finance Capabilities

Documentary credits
Documentary collections

International trade

  • As a member of the European Union (EU), Sweden follows the EU customs code and applies all associated regulations and commercial policies.
  • Trade with countries in the European Economic Area (EEA) and Switzerland is exempt from tariffs and other controls.