To send money abroad isn’t any new thing for expats anywhere around the world. The common denominator that expats in Sweden or any other place have to contend with is the need to send money home. Whenever people make the bold step to explore what lies on the other side of the world, the proximate expectations of those left behind is gifts if not a complete change of their lives courtesy of the expat’s forays abroad.
Even if one is not sending money to help kinsmen out, they carry out development projects at home such as house building, Sacco contributions, investments and what not. An expat living in Sweden will have almost similar if not entirely the same script. As sure as tomorrow will come, anyone thinking of moving to start life in Sweden should start considering ways to send money abroad from their Swedish bank accounts.
Before you as an expat in Sweden thinks about sending money abroad, also entertain the idea of improving yourself through Property Loans for Expats in Sweden.
Opening a bank account in Sweden
As a starting point when opening a bank account , expats need to fully disclose the intended use of their bank accounts in Sweden. Ordinarily, the bank will present you with a form to fill out declaring how much you intend to transact out of Sweden and possible reasons. As part of the due diligence, banks in Sweden will want to know if you as their client have a bank account abroad.
All in all, foreigners living and working in Sweden will need to find out what means are available to send money home. Collectively, these means of sending money abroad fall under the umbrella name of international money transfer methods in Sweden. You get to find quite a number of such transfer service providers with different pros and downsides. Let’s take a quick tour to understand the whole ecosystem of sending money abroad in Sweden.
It is never too late to know about opening a bank account in Sweden as a foreigner.
Getting started about sending money abroad
The cliché that many makes the world go round never gets any old. Nobody well understands it more than a foreigner working abroad as so many cases needing financial help will keep coming your way. But even if your transfers abroad don’t necessarily go to help other people, an expat too will have own personal needs to spend money abroad. For instance, you might have a child studying in one while you’re in the other, or you might even be moving. If you find yourself in any of these cases, you might be looking for the best of many ways to transfer money.
Facts to consider before sending money abroad from Sweden
We always fall victim to the folly that in order to send anyone money, the difficult part should be actually getting that money, That means to send it needs not to make anyone scratch their head at all. It may turn out to be a rude shock that as many means of sending money may be available, some may end up being so expensive, experience delays to complete transactions, charge a lot in transaction fees and many such inconveniences that could be so draining. Here are some of the facts that could help any expats in Sweden to send money home.
Desired destination for the transfer; simply put as where to the money is being sent
Dealers that provide services for money transfer abroad have bases and operations in specific destinations. While some of the providers make it a basic requirement that you must have a bank account in Sweden to access their services, others only need you to sign up directly. Carefully check out the most convenient option for you for a great customer experience. If you use a company such as Western Union, you automatically benefit from its widespread coverage and presence across cities globally. So, with this broad reach, you and the recipient can just physically visit their premises.
Speed taken for completion of the transfer
We live in an era where things need to be speedy. Nobody wants to use a sluggish money transfer system to send money home. It would be nerve wracking for the recipient to just sit there waiting for god knows how long before the transfer can arrive. In fact, service providers that whose systems delay it the transfer risk pitying the sender against recipients with thoughts of monkey business going on. We all need and actually shop for an international money transfer system that is tap tap…everything working seamlessly and hassle free.
For some transfer services, it may take up to days for the funds to reflect on the recipient’s side. You can just imagine the level of anxiety that such delays evoke in the receiver who really needs to solve a problem. In fact, it gets worse if the money is needed to help in an emergency situation. Although some people don’t really mind how long it takes for money to reach the receiver, a good number minds and would go for options where the money transfer happens instantly. If your recipient needs a fix and needs to cash the money urgently, certain users may charge an extra amount for that speedy transaction.
Allowable maximum limits one can send
As part of the international financial regulations especially targeting money related crimes, international money transfer service providers set limits. You will normally have a cap on the amount of money you can send per transaction or day. This may be frustrating but considerably all for a good reason. It is all about a balance of interests between the service providers and you as a customer.
The service providers will need to protect themselves and customers as much as you too want a freehand to send as much as you want. Just keep it reasonable and don’t expect to send millions of dollars in one go. That will fail big time as the limits set by the service provider will refuse the transaction completely .
Charges levied on international money transfer by the specific service provider
International money transfer services charge their clients a service fee. Like any services, you will have to part with some amount to get your money transmitted to your recipient abroad. This amount is charged over and above whatever the currency exchange rate is applied for that given transaction.
International money transfer companies and agent services in Sweden
To benefit from the services of various international money transfer dealers, it is possible to use a savings or checking account. With the various necessary documents, you can easily sign up to any select provider. companies that specialize in sending money, such as Western Union, MoneyGram, and Worldremit. Also in the park are some other increasingly popular options including Remitly, Wise, PayPal, Xoom, Wise and Paysend.
Western Union for international money transfer
Ask any expat and it’s likely that they already know a thing or two about western union. To any average expat in whichever part of the world, World Remit passes as a highly popular provider with a wide coverage. The amazing part with the service provider is that the likelihood of finding a dealer within your locality is very high.
In over two hundred countries and distributed across five hundred thousand individual locations across the world, customers can always carry out their transactions and send queries if any. Just be diligent to check how much it costs compared to the other providers around.
Using MoneyGram
If Western Union leads the park of best international money transfer providers globally then MoneyGram comes second. The use of “if” in this case is informed by the reality that different people look at different parameters to know which provider meets the bill. With a presence in more than two hundred countries and roughly three hundred and fifty thousand retail locations, MoneyGram remains convenient for recipients to cash out the money sent. The money will be ready for the recipient to cash on the same same day it’s sent on MoneyGram.
Transfer money abroad via PayPal
There has been hullabaloo and complaints abound how PayPal carries out its operations in certain parts of the world. Cases of abrupt notices of account freeze or closure have hit customers but then if nothing suspicious happens on your account, PayPal shouldn’t give any troubles at all. It is such a seamless transfer system between a sender and recipient both who need to have a PayPal account. But as an important point, just keep everything clean with no signs of surprising activity. It’s possible to get both debit card or credit cards with PayPal.
Common checks done before sending money abroad in Sweden
International money transfer services in Sweden do necessary due diligence and checks all the time as part of the know your customer requirements No service provider wants to find themselves involved in compromising situations like facilitating money laundering and such illicit activities.
In most cases, the documents for verification should be ready when signing up. If this isn’t done when signing up, it may be asked every time you initiate a transaction. The time for providing these requirements, details and verifications will ideally depend on the chosen provider.
Part of this process involves photo ID and address verification. The type of document asked depends on a checklist that the provider has. But, extra verification may be needed in situations where a few gaps in your customer declaration may be existing. If you are providing photo ID, it needs to include the following:
- Your most recent photograph
- Your full name
- Your date of birth
- Validity of the document (invalid/expired documents are unacceptable)
For those planning to use an address in Sweden as a proof of residence, the specific checks that will come along with it will include;
- Your full name
- Your full current residential
When signing up for international money transfer services in Sweden, only valid documents help. Any documents issued by authorities outside Sweden may be valid but will fall short of the requirements. Remember, the service providers always ask customers to declare which country they live in. As a general practice, the documents provided must match your selected country of residence.