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.
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.
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.
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.
- 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.