Sweden: SWIFT/BIC Codes & Payment Info

Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g., SWIFT BIC, IBAN, and beneficiary bank address).

Currency & Clearing Information: Sweden is a member of the European Union (EU) and is adopting best payment practices within the community, although the country has not adopted the euro.

Account Restrictions: Residents and non-residents are permitted to open and maintain domestic or foreign currency accounts either locally or abroad.

SEPA: Strict formatting standards and SEPA guidelines exist in Europe regarding cross-border payments. IBAN and SWIFT BIC are required for all euro payments. SEPA standards apply for euro payments to beneficiaries with accounts in Sweden.

Payment Formatting Rules for SEK:

• Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
• Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials), and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary.
• Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxSExx or xxxxSExxxxx.
• Reason for Payment (SWIFT MT103 F70): Purpose of payment is recommended.

Additional Information: The beneficiary bank may choose to process incoming SWIFT messages before the value date in Field 32.