The Color of Money

By:

Mellanie Griffin-Michael

Published:

Countries

Demographics

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I thought it might be worthwhile to mention what I’ve learned about money/banks/credit card usage here in Sweden.  Swedish currency is called krona, or crown in English, and it’s a lot prettier than dollars!  At the time of this writing, $1 = 7, 51 SEK.   A trip to a bank or currency exchange to get kronors will be necessary for using cash in Sweden.  This can be done in the US, but the rate is better if exchanged here.

Currency exchanges offer lower fees than banks, and unless your home bank has an agreement with a Swedish bank (or your bank has a branch in Sweden you can access) you could have fees for ATM and teller withdrawals from your home bank. These fees vary bank to bank and I’ve heard everything from flat fees for ATM withdrawals (as my bank does) to fees of up to 10%.  These fees can be in addition to whatever the ATM bank/company charges, so you have to check that out before you use your card.

About cards…

Almost everywhere in Ó¦rebro accepts credit cards – MasterCard and VISA.  There are not many places that will take American Express or Discover outside of the larger hotels and resorts.  Most of Europe uses credit cards that have a chip embedded in them instead of the magnetic strips most American cards use.  You can use your card with the magnetic stripe, but you’ll have to “swipe” it, and you use your PIN.  VISA and MasterCard may charge fees for using your card internationally, so it’s good to check that with your card issuer.  Additionally, you may not be able to get cash back from purchases using your card, even if you have one with a chip.  From what I can tell, this varies by card issuer as well as local merchant so it’s probably better (and safer) to just get cash from an ATM or bank location. Debit cards with a VISA symbol seem to work just fine for purchases and ATMs, but no cash back at local merchants.

One last thing, I’ve learned that cash that has any type of mark, writing or staining will probably be refused by merchants, currency exchanges, and banks in Sweden.  There seems to be some general belief that bills that have been marked are possibly stolen (as in from a bank robbery). I thought this was just a rule for foreign bills, but my housemate discovered a few weeks ago that it applies to Swedish krona also.  So don’t write on your Swedish money!

Mellanie Griffin-Michael

<i>*BASAA Scholarship</i> Hello! My name is Mellanie, and I am a third year psychology student at Lesley University. Lesley’s campus is in Cambridge near Boston, MA but I am located in Atlanta, GA. What a commute, right?? Actually, I am an adult student in the online bachelor’s program. I’m also the mother of two “traditional-aged” college students, and when I’m not studying, or working as the receptionist at a user experience research firm, I am likely to be found listening to music, spending time with friends, practicing my Russian or some combination of the same. I’m planning to travel to Orebro University in Sweden as an exchange student for the fall semester. In addition to taking psychology and Swedish social policy courses, I will also be learning the Swedish language. Additionally, I plan to visit St Petersburg and try out my Russian skills, and to work with a local women’s or children’s charity during my six months abroad. As a non-traditional student, the idea of simply returning to school to pursue my dream of becoming a psychologist seemed so large and almost insurmountable when I started this journey. Now, I am not only looking at the finish line on my bachelor’s degree, but also at being the first adult online student from my school to participate in the exchange program. Not to mention traveling outside of the U.S. for the first time in my life. It’s exciting, humbling, and a little scary…but I’m ready. Adjö för nu (“Goodbye for now” in Swedish)!