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SEK is not accepted abroad. Is it the end of cash in Sweden?

Published by Karl Martin Karus in category Articles on 21.06.2023
Gold price (XAU-SEK)
24457,40 SEK/oz
  
+ 13,40 SEK
Silver price (XAG-SEK)
310,90 SEK/oz
  
- 0,25 SEK
Picture of Flag od Sweden with Tavex logo

It is uncommon to bring cash from Sweden on vacation and exchange it for local money elsewhere. But as of late, Tavex has heard from a number of sources that foreign banks or exchange offices do not buy in or exchange Swedish kronor in cash.

The Danish krone suffered a similar outcome from a prior similar development in Denmark, and it appears that the pattern has now expanded to Sweden. Although there isn’t much information available right now. We, at Tavex, are searching for answers and will update you when additional details become available. For a while, the Swedish Krona has been extremely competitive abroad.

PS! We always recommend exchanging travel currency before departure.

You can now exchange money at Tavex without leaving home! – At Tavex you can now buy desired currency online! Check out here -> (I add link or even a banner with visuals later)

Sweden, Norway and Denmark are all in the top ten list in the world for countries that use the least cash in everyday life. Abroad, it often looks different. Arrange your travel currency before departure and – although it is rare – do not take your Swedish cash abroad.

Sweden, Denmark, and Norway – the most cashless countries in the World

Sweden, Norway, and Denmark are among the top ten nations in the world for having the least amount of currency in circulation. It frequently appears differently abroad. Decide on your travel currency before leaving and avoid taking Swedish currency with you if possible.

Read more about topics on cashless societies:

  1. Cashless Society – benefits and negative effects it could bring
  2. The advent of a cashless society: why is it important to prevent it?
  3. Sweden is planning to launch Digital Currency “e-krona “backed by a Central Bank
  4. Swiss people vote to ban cashless society

What do we know so far?

Since the beginning of the month, there have been problems with exchanging Swedish kronor abroad. Reports of problems have come from various countries, such as Thailand, the Baltics, and the Middle East. Swedish banknotes are not being exchanged at several foreign banks and exchange offices. Tavex is aware of the issue, and we recommend exchanging money before traveling.

This problem seems to be because Swedish banks no longer want to buy back Swedish money from abroad. Consequently, foreign banks also stop exchanging Swedish money because they cannot resell it.

The exact reason why Swedish banks no longer buy Swedish currency is not known, but it is believed to be related to money laundering. A similar situation occurred with Danish banks, and the Danish Riksbank stated that the banks could not fulfill their obligations under the anti-money laundering rules.

The Riksbank has also acknowledged the problems with exchanging Swedish kronor abroad. They are investigating the issue further to determine its cause. However, they cannot intervene in the exchange process or dictate the banks’ actions.

Gold price (XAU-SEK)
24457,40 SEK/oz
  
+ 13,40 SEK
Silver price (XAG-SEK)
310,90 SEK/oz
  
- 0,25 SEK

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