Which is stronger in Sweden; dollar, Euro, or Swedish Krona?

Question

Dear All,
I am moving to sweden this week to study a program of about 4 years... I am from Egypt... and I should have some money with me there ... my question is which currency is better for me to change my local currency for it before I leave to Sweden.... which is better for one like me to have in sweden ( not just pocket money, but a good amount to transfer/open an account in a swedish bank there ) ..should I change my Egyptian bank account into Dollar, Euro or Swedish Krona?? what about the pocket money also?? Also what is the best universal bank that has a branch in sweden to deposit, transfer my money into it??
I know that Yahoo answers will never fail me,
Thanks

Answer 1

You cannot travel around carrying large amounts of cash.

I assume you'll have a hard time finding SEK in Egypt, so change your pounds into EUR. Just enough cash to get by the first week or two.

Then open an account with a Swedish bank (e.g., with SEB = Skandinaviska Enskilda Banken, but Swedish banks are all unlikely go bankrupt) and transfer funds from Egypt to that account.

Answer 2

The Swedish Krona (SEK) is related to the Euro, and in fact Sweden is expected by law (Schengen Agreement) to change its currency to the Euro, although there is no deadline set. The USD (US-American $) is rather weak, and in Europe you better stick to local currencies or the Euro. So forget about USD at the moment - especially since any changing will cost you a fee.

For the first weeks take some Kronas with you (if not available take Euros), and open a bank account at a swedish bank as soon as possible. Check out their conditions (e.g. free (Maestro) debit card - maybe they have special conditions for students!) and transfer the money you need in Sweden directly from ypur egyptian account. Swedish banks are likely only to accept Kronas on your account there.

I can't tell you about the "best" bank in Sweden. In your place I'd go to several of them asking for their conditions (for students!). Then compare and decide yourself. Because you're going to stay for 4 years this research and comparison may pay off in the long run.

Answer 3

I am not from Sweden, so I do not know about local banks.
The general rule with money is to change as few times as possible, because you loose money every time.
So changing in Swedish Krone is the best bet.

The only reason not to do that is when you think one of the other valuta is going to raise more than the cost of changing will make you loose.
At the moment the Dollar is low, but I do not see it change into a raise any time soon. I would not bet on it, last year people also said that it was so low, it could only go up, and till now it has just gone down even more.

The Krona is pegged against the Euro at a rather fixed rate, but could be changed if the values start to get stressed too much. (Most likely not enough of a difference for you to be useful.)

If the money at home is stable against the Euro or Krona, try to keep it at an Egyptian bank account and use a debit card to get the money out of the ATM. (That is if your bank does support that kind of action.)
If your money is less than stable, the Krona is your best bet.

Maybe you best open a bank account in Sweden before you start transferring money, so you can send it over direct, getting it changed into Krona at the same time.

Answer 4

As the only legal tender in Sweden is the Swedish krona you will need this. It makes no sense changing money twice, first from your currency into dollars or euros and then secondly from one of those into kronor. You'll pay double bank charges that way.
You should talk to your bank in Egypt to see what they recommend. If you have a bank card or debit card which will give you access to cash from an ATM when you arrive that should solve the immediate problem of having some pocket money.
Then you should ask your bank about transfering funds from Egypt to Sweden and also whether they can recommend a bank with which they already deal. If not then all Swedish banks are reliable if not always very helpful, especially to foreigners.
I speak from the experience of having moved to Sweden myself in the past.

Answer 5

Sweden Dollar