The three letter currency code for the Swedish krona is SEK — symbol is kr. The domestic currency in Sweden is the Swedish krona. Moreover, Sweden has introduced the e-krona, which is expected to replace cash. Since 1992 it is considered a floating currency that is regulated by the Swedish central bank. The krona is a fiat currency.
- It is authorized to operate as a MSB in most states.
- No — Sweden does not currently use the euro and there are no immediate plans to adopt it.
- Nonetheless, all previous mintages of the 1-krona (since 1875) and 2-kronor (since 1876) were still legal tender until 2017, though 2-kronor coins were extremely rarely seen in circulation as they have not been issued since 1971.
- The first design featuring the Head of Mercury was printed in 1939 and became invalid after 31 December 1987.
- ⚠️ Although Sweden is a member of the European Union, it is not part of the Eurozone and does not use the Euro as its official currency.
- The card is compatible with GBP transactions, allowing you to make purchases in the UK without currency conversion fees, as long as your card balance includes GBP.
Wise is a Money Service Business (“MSB”) registered with FinCen, not an FDIC-insured bank. We use the real, mid-market rate with no sneaky mark-up to hide the fees.Learn more Over the past week, the value of Swedish krona has remained relatively stable, with a 2.602% increase compared to its value 7 days ago.
- If you see exchange rates or prices listed in SEK, it means they’re in Swedish currency — the krona.
- An e-krona would be a central bank digital currency (CBDC), complementing cash and the existing SEK rather than replacing it entirely.
- Sweden’s strong GDP and low unemployment bolster confidence in its currency.
- Coins currently in circulation are 1 krona, and 5 and 10 kronor.
- Goods can still be priced in öre, but all sums are rounded to the nearest krona when paying with cash.
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In 1992, Sweden implemented a floating exchange rate for SEK, and it has been allowed to float against other currencies since then, with the Sveriges Riksbank occasionally intervening to fx choice review stabilize the krona. If you see exchange rates or prices listed in SEK, it means they’re in Swedish currency — the krona. The exchange rate of the Swedish krona against other currencies has historically been dependent on the monetary policy pursued by Sweden at the time. While some tourist spots accept major foreign currencies, the Swedish Krona is preferred and ensures fairer exchange rates.
kr banknote controversy
The only party in the Riksdag that supports Swedish entry in the euro (as of 2015) is the Liberal Party. As of 2014update, support for Swedish membership of the euro among the general population is low. In February 2009, Fredrik Reinfeldt, the prime minister of Sweden, stated that a new referendum on the euro issue will not be held until support is gained from the people and all the major parties. The Swedish government has argued such a course of action is possible since one of the requirements for eurozone membership is a prior two-year membership of the ERM II. According to the 1994 accession treaty (effective 1 January 1995), Sweden is required to join the eurozone and therefore must convert to the euro once the convergence criteria are met.
It is among the top currencies currently trading in the world Forex (FX) market. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies. This currency calculator is provided in the hope that it will be useful, but WITHOUT ANY WARRANTY; without even the implied warranty of MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. It is authorized to operate as a MSB in most states.
Are there any restrictions on the amount of currency you can bring into Sweden?
In 1991, aluminium-brass (“Nordic gold”) 10-kronor coins were introduced; previous 10-kronor coins are not legal tender. 5-kronor coins minted since 1954 are legal tender but tend to be kept by collectors for their silver content. The 2-kronor coins contained 40% silver until 1966, which meant they had been for several years worth much more than face value, so most have been bought and melted down by arbitrageurs, and the rest are kept by collectors. In 1968, the 2-kronor switched to cupronickel and the 1-krona switched to cupronickel-clad copper (it was replaced entirely by cupronickel in 1982).
On 25 March 2009, the Riksdag formally decided to enact the law to abolish 50-öre coins as legal tender. The öre would still remain a subdivision unit for electronic payments. On 18 December 2008, the Riksbank announced a proposal to phase out the 50-öre, the final öre coin, by 2010.
Danish Krone to Swedish Krona converter.
Through monetary policy, the Riksbank plays a crucial role in defending the value and credibility of the Swedish krona both domestically and on the global stage. The international ISO currency code for the Sweden’s currency is SEK, which stands for Svenska Enkrona or simply “Swedish crown.” Equals Money accounts are equipped with a multi-currency IBAN, allowing you to receive payments and manage funds in 38 global currencies (including SEK), without the need for currency conversion. The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News. If you really want Swedish krona cash before departure, you can save money by ordering online. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
Looking for the historical SEK exchange rates? You’ll now see the value of the converted currency according to the most recent exchange rate. Despite this, the öre still exists for pricing and accounting purposes, especially in electronic payments and retail receipts where prices can include öre fractions and are then rounded to the nearest whole krona for cash payments. Traditionally, the Swedish krona was divided into 100 öre, with the öre serving as the krona’s subunit and smallest currency unit (similar to other foreign currencies, such as cents for the dollar or pence for the pound). If launched, it would position the Swedish krona profile at the forefront of the future of money, setting an example for other countries considering their own central bank digital currencies.
Currency reserves for the Swedish krona
During World War I, the convertibility of the three currencies to gold was suspended, and they were no longer mutually interchangeable. The name “krona” and “krone” both mean “crown” in English. The “krona” was used in Sweden, while the “krone” was used in Denmark and Norway. This is to prevent money laundering and the financing of terrorist activities.
While their gold parities remained during most of the interwar period, these currencies were generally quoted at varying market rates. Goods can still be priced in öre, but all sums are rounded to the nearest krona when paying with cash. What’s your thoughts on the Swedish currency, the krona? The E-krona is currently (early 2023) in pilot phase 2, follow the progress at Riksbanken. The krona, the current currency of Sweden, was introduced as part of the Scandinavian Monetary Union, which was in effect from 1876 to the start of World War I. The union included Denmark, Norway, and Sweden. Many Swedes use the mobile app Swish (similar to Venmo in the US) for banking and mobile payments.
BER is a comparison website only and not a currency trading platform. With the yen down thinkmarkets review sharply against major currencies, winter in Japan offers rare value on hotels, food, transport, and skiing. No, the Swedish krona is freely available and convertible. Resources for Expats, Travelers and Entrepreneurs Navigating Life and Trade in Sweden with the Swedish krona.
IKEA Swedish Bistro
The union created a common currency system based on the gold standard to make trade easier between the Nordic countries. Before the SEK, Sweden used the Swedish riksdaler, but in 1873 the country joined Denmark and Norway in forming the Scandinavian Monetary Union, which introduced the krona (crown). Yes, you can make bulk payments in SEK using an Equals Money account. If you’re an existing payments customer and do not have access to an online account, please speak to your account manager or get in touch with our team. For investors, tourists, and businesses, understanding the Swedish krona means understanding Sweden’s modern, fxprimus broker review innovation-driven economy and its deep ties to global trade and finance. Sweden is part of the European Union but famously voted against adopting the euro in a 2003 referendum, choosing instead to keep the SEK as a cornerstone of its national identity and economic policy.
The currency and precious metals prices displayed on our site are aggregated from millions of data points and pass through proprietary algorithms in order to deliver timely and accurate prices to our users. We partner with leading data providers to bring you the latest and most accurate prices for all major currencies and precious metals. Exchange rates can fluctuate by the minute while markets are open. To view rates between the Euro and the Swedish Krona for a particular year, click on one of the links below. Most international cards are accepted, though fees may vary depending on your bank.