Banks in Sweden, compared to their U.S. counterparts, are similar in structure. The Sweden banking institutions fees and rate charges are some of the lowest in the European Union. Sweden’s Central Bank, the Riksbank, is responsible for monetary policy. When working with banks in Sweden, the exchange rate is always of primary concern. The Nordea, Fören-ingsSparbanken, Svenska Handelsbanken and SEB are the four major banks that control a majority of the industry.

Sweden commercial banking for U.S. companies is most often a smooth transition. Nevertheless, it's prudent to enlist U.S. services and research all the relevant rules and regulations, even if your business feels comfortable with the international banking process. Each country offers its own banking opportunities and challenges, and Sweden banks are no different. Therefore, before your company decides to work with these banks, there are a few items to consider.

1. Know the current economic conditions that will affect your banking in Sweden.

2. Use both U.S. and Sweden banking agencies to assist in the working relationship.

3. Contact a Sweden banking institution to establish a working relationship.

Action Steps
The best contacts and resources to help you get it done

Understand the macroeconomic conditions that influence the Sweden commercial banks

Banks in Sweden, even the international ones, need a sound national economy to operate efficiently. If the local economy is not well, then chances are commercial banking in Sweden will follow suit. That's why it's important that your company understand the current Swedish economic conditions before you think about working with banks in Sweden.

I recommend: Review the Economic Survey of Sweden from the OECD Economics Department for a better understanding of the country's economic history. You can also examine the Bankers Academy overview of the Swedish economy.

Utilize foreign and domestic services when working with a Sweden bank

Because of the global nature of commerce in the 21st century, agencies specialize in assisting businesses that want to establish a banking presence in a foreign country.

I recommend: Contact the Invest in Sweden Agency and the U.S. Department of Commerce for tips and guidance in working with banks in Sweden. Their goals are to establish commerce between countries and they have much more experience with the process than most businesses. Visit the Banking Industry Today website frequently for the latest Swedish banking news.

Speak to a representative for corporate banking in Sweden

When banking in Sweden, your company will have two options when it comes to choosing a bank to work with. If your company isn't familiar with international banking, it may be better to choose a bank with offices in the U.S. These banks are more apt to cater to American businesses. However, if you want a bank with more local experience and expertise, a Swedish based bank is probably your best choice.

I recommend: Evaluate the services available from HSBC, which is an international bank with banks in Sweden. Review the commercial banking alternatives available at Nordea Bank AB. Then you can compare Sweden banks to the international bank and make a choice that best fits your company's needs.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be sure to get every account stipulation that you agree to in writing before depositing money in a commercial bank in Sweden because there can be confusion due to the language barrier. This can cause serious problems if you agree to an erroneous account stipulation or rate charge, and it you don't catch it before you deposit funds.

Sweden banking institutions specialize and market to different needs. Swedish commercial banking is highly sophisticated and user-friendly, and allows for easy use via Internet, and Sweden is a highly English-speaking country. These factors make banking in Sweden an attractive possibility. Chose the Swedish banking institution that best meets your goals:

1. General commercial banking, including loans, credit, checking and savings

2. Mortgage loans and credit

3. Business financing of commercial ventures

4. Fund savings

Universal banks offer general banking services for personal and commercial needs, including all types of deposit, checking and credit services. Obtain mortgage credit from specialized mortgage banks. Stick to one of the financing commercial banks in Sweden if you must finance commercial business.

Action Steps
The best contacts and resources to help you get it done

Compare Sweden banks based on your needs

Contact one of the major Swedish institutions based on the kind of service you need. However, be assured that the primary Sweden commercial banks will meet all of your general commercial and personal banking needs and may be the only stop you must make when banking in Sweden. An advantage of these Swedish bank institutions is that they all have English-speaking staffs and English-language web sites.

I recommend: The primary universal banks in Sweden are Nordea, Swedbank and SEB. I recommend these banks for all of your general Sweden commercial banking needs. Take out mortgages through the mortgage arm of Swedbank. Finally, obtain commercial financing through Kommuninvest or Landshypotek.

Evaluate foreign banks that conduct commercial banking in Sweden

Don't forget the large, reputable foreign banks who have presence in Sweden. Corporate banking in Sweden is conducted through these banks as well. Consider these options when conducting business both in Sweden and the larger European theater.

I recommend: Contact Danske Bank Sweden to compare services with Sweden banks.

Check with both US and Swedish agencies to ask about Swedish commercial banking

Both Federal and Swedish institutions can answer your questions when you consider Sweden commercial banking.

I recommend: Contact the U.S. Commercial Service, which provides a wealth of knowledge about banking in Sweden, including lists of U.S. subsidiaries doing business in Sweden, helpful tips about selling into Sweden and information about fair trade.

Consider investing with Sweden banks

The variety and number of mutual funds has increased dramatically in Sweden in recent years. Consider the more than 70 fund management companies when looking for an investment. These fund managers are often a branch of the universal banks mentioned above.

I recommend: Check out Swedbank Robur, named Fund Manager of the Year for 2007.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Sweden banking institutions have developed a very sophisticated ability to conduct banking services via telephone. Check to make sure you have a cellular phone that functions overseas if you travel to Sweden, to take full advantage of the banking technology.

The economies of the world reaches new levels of interconnection with each passing year and the banks in Sweden can offer an opportunity to participate in these markets. However, there are some basic differences between banking in the U.S. and banking in Sweden. First, there's currency exchange rates between the Krona (Swedish currency) and the Dollar. Next, you have the regulatory differences of the two banking systems, which affect the process of setting up corporate and personal bank accounts. In total, it's simply important to understand the current economic conditions in Sweden before opening a bank account in this country.

If your company can successfully appreciate the aforementioned issues, opening an account in one or more of the international or Swedish banks can afford you with noteworthy business investments and development opportunities. Nevertheless, before opening an account with a Sweden banking institution, you need to consider a few items, such as:

1. Understand the basic structure and history of Sweden banking.

2. Contact a Sweden commercial banking enterprise with international ties to make the transition easier.

3. Utilize the currency exchange rates and the regulations effectively when banking in Sweden.

Action Steps
The best contacts and resources to help you get it done

Review the Sweden banks operation history and their current economic environment

Your company can't begin to properly manage funds in the Swedish banks if you don't know the basic economics of the Swedish banking industry and the country as a whole. Economic conditions will have a strong influence on the strength of international banking in Sweden. In addition, with a proper knowledge base of banks in Sweden basics, it'll greatly simplify the process.

I recommend: Review the summary of the Swedish economy from the U.S. Department of Commerce's U.S. Commercial Service Sweden. Use the global economic comparison information from The World Bank Group to determine where Swedish banks rank.

Think about using an international commercial bank in Sweden

The transition to banking in Sweden is much easier if you choose a bank with offices in both the U.S. and Sweden. These banks are much more in tune with the way American companies do business and will even have programs or offerings specifically for American banks. It's also very convenient to have a local outlet for your Swedish banking needs when you or your employees come back to the U.S.

I recommend: Speak to a representative at the HSBC or ABN AMRO United States, both of which have banking locations in the U.S. and Sweden. HSBC is an international bank while ABN AMRO is a Swedish bank with U.S. outlets.

Utilize the currency rates for the Sweden banking institutions

The timing of when you open an account in a Sweden bank is as important as the decision to begin banking in Sweden itself. Meaning that if you decide to open an account you'll need to time the transaction to take advantage of beneficial currency exchange rates and any positive changes in international banking regulations.

I recommend: Contact Sveriges Riksbank, Sweden's central bank, for information on international banking regulations. Talk to a representative at the Swedish Bankers’ Association for helpful banking information. Use the chart at x-rates.com to convert your banking assets from the Dollar to the Krona, which is the Swedish currency.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you decide to establish an online account for business banking in Sweden, it's important that you verify the security features of the website. While most banking sites use encrypted coding to make sure your money and information is safe, be sure the banking institution has a stated security policy for its online banking before using its application.

Even when you're using a bank in the U.S. it can be difficult to understand some of the terminology, and this is especially true when banking in Sweden. While banking today is largely a global industry, there are still distinct differences that make offshore banking a unique opportunity. In Sweden, you have different currency exchange rate and regulatory and industry structure. All of these aspects of the Swedish banking industry have their own terminology. To make the wisest investment choices you'll need to understand these terms.

However before you begin to research, here are a few key terms to help you navigate the Swedish banking system:

Action Steps
The best contacts and resources to help you get it done

The 'big four' banks

The 'big four' is a term used to define the largest four banks in the Swedish financial industry. At their peak, the 'big four' controlled 80-percent of the deposits in Sweden. Therefore, if you're going to bank in Sweden, chances are you'll transact with one or more of the following Swedish banks: Swedbank, Nordea, Skandinaviska Enskilda Banken and Handelsbanken.

I recommend: Review the Bankers Academy article on the "big four" banks of Sweden.

Co-operative banks

A rising sector of the Swedish banking industry is the co-operative banks. These banks are very similar to the credit unions in the U.S. in that they operate for the benefit of their depositors and not shareholders like the bigger banks.

I recommend: Scroll down the page to view the definition of a co-operative bank at the Swedish Bankers Association.

The Swedish krona

Since 1873, the krona has been the national currency of Sweden. Before you deposit money in any Swedish bank, it's important to know the exchange rate and if the bank offers U.S. dollar deposit accounts.

I recommend: Examine the definition and history of the Swedish krona at Investica.

Swedish Financial Supervisory Authority

The Swedish Financial Supervisory Authority is the regulatory agency whose mission is to promote stability and efficiency in the Swedish banking industry. If you intend to invest any of your deposits in Swedish financial instruments, you need to contact the Swedish Financial Supervisory Authority.

I recommend: Evaluate the information available at the Swedish Financial Supervisory Authority.

Swedish central bank

The Swedish central bank, or Riksbank, controls monetary policy within the country. Another primary goal of the Riksbank is price stability within the Swedish economy.

I recommend: Assess the Swedish central bank primer at Riksbank.

Swedish Bankers Association

It's important that prior to making any deposits in a Swedish bank you understand the industry. The Swedish Bankers Association hasliterature and representatives that can help you with this process.

I recommend: Look down at the bottom of the page at SMi Group for a link and a definition of the Swedish Bankers Association.