Banks have improved their performance – but more is needed

Under Swedish law, consumers have the right to open a payment account^[67] A payment account is often referred to as a current account, transaction account or similar. The difference between a payment account and a savings account is that it can be linked to payment services such as debit cards, bank giro payments, direct debits, etc. with basic functionalities, albeit with certain restrictions.^[68] Chapter 4 a, Section 1 of Lag (2010:751) om betaltjänster. This right does not apply, for example, if it is in breach of anti-money laundering and counter-terrorist financing rules or if the bank has special reasons. You can read more about this in the fact box “Right to a payment account”.

The banks are obliged to do what they can to manage the risk of money laundering and terrorist financing on a case-by-case basis, that is for each customer, even if the risk is elevated. This could include, for example, restricting how the consumer can use the account or strengthening the monitoring of it.^[69] For a more detailed description of the regulatory framework, see The Payment Council's Committee for the Availability of Payment Services' survey of the right to a payment account (Riksbank). It may also mean that they do not offer all consumers access to a payment account. However, banks should not restrict consumers' access to payment accounts more than necessary.

In previous Payment Reports, the Riksbank has pointed out that the banks appear to be denying consumers access to payment accounts to an increasing extent. The Riksbank believes that access should be improved by the banks taking more risk-reducing measures instead of denying consumers access to payment accounts or cancelling them. Finansinspektionen shares this view.^[70] See, for example, Payments Report 2025 (Riksbank). In a report published in October 2025, the Finansinspektionen states that the four largest banks included in its survey have improved their work on this issue, for example by introducing technical solutions to limit the functionality of certain payment accounts. This is positive. Finansinspektionen also writes that the banks need to continue their improvement work so as not to restrict consumers’ access to payment accounts more than necessary.^[71] Uppföljning av bankernas arbete med rätten till betalkonto (Finansinspektionen, Swedish only). The Riksbank shares Finansinspektionen’s view.

To make it easier for banks to make the right decisions when the right to a payment account and the money laundering regulations collide, the Government has tasked Finansinspektionen with providing guidance in this area.^[72] Uppdrag till Finansinspektionen att underlätta för bankerna att uppfylla sina skyldigheter att tillhandahålla grundläggande banktjänster (Government, Swedish only). The Riksbank considers this to be an important measure for improving access to a payment account. According to the Riksbank, the work of issuing guidance and ensuring that the banks subsequently follow the guidance should be prioritised to reduce financial exclusion in Sweden. Until the guidance is in place, banks should continue to work to ensure that they have the processes and technical capacity to take all possible risk mitigation measures before they can refuse or terminate a payment account. The Riksbank's position on this issue is developed in section “There must be payment methods for everyone”.

A faster appeal process would be positive

If a consumer appeals the bank’s decision to refuse or close a payment account to the National Board for Consumer Disputes, it often takes around six months for the Board to deal with the case. In a report on the right to a payment account, the Payment Council's Committee on the Accessibility of Payment Services^[73] The Payments Council (Riksbank), retrieved 19-02-2026. concludes that it would be desirable for that process to take two months instead. This is how far in advance a consumer should be informed if the bank decides to cancel the consumer's payment account. A faster appeals process would also make it easier for people staying in Sweden for a limited time, such as visiting researchers.^[74] The Payment Council's Committee on the Accessibility of Payment Services' survey of the right to a payment account (Riksbank).

Alternative options needed for people without a payment account

Anyone who cannot access a payment account faces major problems in their daily lives. Being outside a regulated payment system may mean relying on others or using unregulated payment systems, which can increase the risk of being exploited as well as money laundering.^[75] This was discussed, among other things, in the Payment Inquiry's final report Staten och betalningarna (SOU 2023:16), Chapter 6.5.1. Swedish only. Therefore, people without a payment account need to be able to make essential payments, such as paying rent and buying food, in a safe way so that they can function in society.

At present, it is very difficult to pay bills without a payment account, for example. In January 2026, this is only possible in 32 locations in the country^[76] Tillväxtverket Pipos Serviceanalys, retrieved 08-01-2026. , which the county administrative boards have been warning about since 2022 in their annual monitoring of access to basic payment services.^[77] See, for instance, Bevakning av grundläggande betaltjänster 2024 (Länsstyrelsen i Dalarnas län, Swedish only). The possibilities to pay without a payment account need to be improved and should be predictable and standardised across the country. To identify possible areas for improvement, the Payment Council's Committee on the Accessibility of Payment Services will analyse the current state of payments without a payment account and the solutions developed in other countries.