Banks and bank accounts

Last updated: 16 3 2020


A bank is a company that works mainly with three things: payments, savings and lending. If you are under 18 years old you are not allowed to take loans, but you can save money and make payments if your guardian allows you to. A child's parents are usually the child's guardian. In order for you to be able to have savings and make payments, banks offer various services such as bank accounts, internet banking, bank cards and banking by phone.

Bank account

You have to have a bank account in order to be able to manage your personal finances. The account you need can be a lönekonto (salary account), transaktionskonto (transaction account), personkonto (personal account), privatkonto (current account) or a betalkonto (payment account), for example. It doesn't matter what the account is called. The important thing is that it gives you access to the following services:

  • Deposits, such as salaries or benefits
  • Payments in the form of account transfers, brevgiro (payment order by letter) or autogiro (direct debit)
  • Cash withdrawals

How to get a bank account when you have been granted a residence permit

If you have been granted a residence permit you have to get registered in the population register as soon as possible. You will then also be issued a Swedish personal identity number. Once you have that you can apply for a Swedish ID document, and once you have your Swedish ID document you can apply to open a bank account.

Before you can become a customer at a bank and get access to banking services, the bank needs to check your identity. The bank also needs to find out where your money is coming from and how you are going to use its banking services. You will therefore be asked a number of questions before you can have access to banking services.