When you are new to Sweden, you will see that one of the first things that matter is the importance of BankID in everyday life. Since opening an online banking account, making purchases online, or even signing a contract, BankID is commonly the default tool Swedes use to authenticate themselves and make payments.
However, what happens when you do not have BankID yet- or even cannot get one? Don’t worry. It is still possible to make safe and smooth transactions in Sweden. Wise (previously called TransferWise) with a Wise Multi-Currency Card is one of the most suitable options to offer to newcomers, travelers, and expats. The process enables you to make payments at the stores, online, and even using mobile wallets such as Google Pay and Apple Pay- without the use of BankID.
Why Wise Works Without BankID
Wise is a global money service provider which provides multi-currency accounts and debit card. The most important aspect that renders it convenient in Sweden is the fact that one can hold and spend Swedish Krona (SEK) directly. With SEK in your account, you will save high foreign exchange charges that would otherwise be incurred when using USD, GBP, or EUR.
Wise does not use BankID, but rather its own global identity verification system. This allows it to be available to foreigners who are not yet covered by the national e-identification system in Sweden.
Also See: Learning Swedish for Beginners
Step-by-Step Guide to Using Wise in Sweden
The following are the steps to configure Wise and begin transacting without BankID:
- Open a Wise Account
- Register on the Wise web or app free of charge. To have the best experience, they advise you to open your account once you are in Sweden because the process is not complicated.
- Order and Activate Your Wise Card
- Get the Wise Multi-Currency Debit Card. After receiving it through the mail, a letter opens it and act upon the directions, which are usually to enter a code in the letter.
- Add Swedish Krona (SEK) to Your Account
- Deposit your Wise account in your native currency and exchange part of it to SEK. In this manner, you can use your money in Sweden and it will be directly out of your SEK account- sparing you the expensive conversion charges.
- Link Your Card to Google Pay or Apple Pay
- On the Wise app, tap the Cards tab and choose the option to add your card to either Google Pay or Apple Pay.
- Alternatively, you may add the card manually in your mobile wallet application by typing in the card details and authenticating it.
- Start Paying with Your Phone
- Find the contactless payment icon at the stores or restaurants when making payments. All you need to do is unlock your phone, place it close to the payment terminal, and approve the purchase. Money transfers are instant and you will be able to see the transaction in your Wise app.
Extra Tips for a Smooth Setup
- Use a Swedish Mobile Number (+46): Adding a Swedish phone number to your Wise account will allow Wise to identify you as a local customer.
- Provide a Valid Swedish Address: When checking, Wise can request documents on residence. Housing contract uploading or giving an address in Stockholm will accelerate approval.
- Sign Up Abroad? Expect More Verification: When you open your Wise account outside of Sweden, there is a possibility that you will be requested to provide more documentation before your card can be activated.
- Cheaper Than Using Foreign Credit Cards: Paying in SEK with Wise does not have the hidden fees that are usually associated with using a foreign currency.
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Why This Is Ideal for Expats, Tourists, and Students
Whether you are visiting Sweden on a short trip, a study program, or you are planning to spend the long term, Wise offers a flexible method of payment without the use of BankID. It can be used by tourists to make their daily purchases such as train tickets, groceries, and restaurants and international students and expats can use it to establish it as a main payment option until they can access Swedish banking services.
Although BankID is well embedded in the Swedish society, it is not the only method of dealing with money. Wise and a smartphone make it easy to shop, eat, and travel around Sweden without any stress. You can save on unnecessary fees by keeping SEK in your account and make payments with a contactless mobile wallet, and you can also pay like a local, even without BankID.
Newcomers, students, or travelers have Wise as a fast and dependable option as you settle down or prior to you getting access to Swedish banking. It is a no-hustle, low-cost tool that will allow you to spend money without any hassle on the first day.
