Opening a Bank Account in Sweden
Key things to consider when applying to be a new customer at a Swedish bank
Understanding the business: The customer’s ability to explain what their company does is vital, so that the bank understands and is comfortable with that from a “Know Your Customer” (KYC) perspective: What the company does, who it buys from, who it sells to, how money flows in the organisation etc.
Solid financials: A company’s overall financial situation is important in banking relationships so to become a banking partner I Sweden, strong financials or a solid plan to get strong financials is important. The better track-record and the stronger the future plan, the easier it is for the bank to assess the company and to onboard it.
Boots on the ground: Having a Swedish-based director with access to the BankID identification system is important and makes the onboarding and handling processes much easier and could be a deciding factor for the bank.
Keep it simple: Complex ownership structures are sometimes difficult to understand and it takes time. So before contacting a bank, it is important for a company to create a clear picture of the organisation, including beneficial owners. What else should UK companies look for in a local banking partner?
Comprehensive Banking Solutions: Access to tailored products and services in Sweden and across the Nordic countries is important for UK firms in order to manage risks and capture growth opportunities. Also, the ability to have access to simplified subsidiary management through unified account structures and streamlined operations is key.
Professional currency management solutions that facilitate efficient handling of SEK, NOK, DKK, EUR, GBP, USD and all other major currencies is an important area. Currency risks are sometimes neglected but will be essential for any UK firm, small or large. Finding a banking partner that offers currency risk management advisory to optimise currency flows and reduce exchange rate risks is key.
