Payments in Sweden 2020

Swedish banknotes and coins – the Riksbank's new responsibility for cash handling

The banks too will have a broader responsibility

Published: 29 October 2020

Even some of the larger banks will be given greater responsibilities regarding cash. At present, they are responsible for ensuring that cash withdrawals and deposits of daily takings function. In November 2019, the Riksdag adopted an amendment to the Payment Services Act as a result of proposals put forth in the inquiry Secure access to cash (SOU 2018:42), the so-called fast track to the Riksbank Inquiry. The amendment applies as of 1 January 2021 and means that no more than 0.3 per cent of the population shall have to travel more than 25 km to a place where it is possible to withdraw cash, and that no more than 1.22 per cent shall have to travel more than 25 km to a place for the deposit of daily takings. It is, however, up to the banks concerned to determine how these services are to be provided. For example, there is no requirement for manual cash services over the counter to be provided to a specific extent. The problem of the declining supply of manual cash services will therefore probably also persist in the future (see Are payments in Sweden efficient?).