How safe, efficient and accessible are payments?

Payments between Nordic countries are not sufficiently efficient

The Riksbank has long emphasised that payments between countries need to be cheaper, faster, more accessible and more transparent in line with the G20's objectives. Several initiatives have been taken to achieve this. You can read about some of these in section “Instant payments are efficient but the supply is limited and they come with risks that need to be managed”. At the same time, the Riksbank assesses that more needs to be done – not least with regard to payments between the Nordic countries.

Published: 12 March 2026

The cost of payments from Sweden to Denmark and Norway depends on the currency used

Many people travel, work and shop across borders, making fast and smooth payments between Sweden and the other Nordic countries essential. If you want to make a bank transfer to Denmark and Norway, there are three main options, depending on the currency in which the payment is sent, which affects the cost of the payment.

Payment in Danish and Norwegian kroner
The most user-friendly option is to send the payment in the recipient's currency, i.e. Danish kroner (DKK) or Norwegian kroner (NOK). The payer's bank uses its own exchange rate to calculate the cost in Swedish kronor and then usually adds a fixed fee of at least 50 Swedish kronor (SEK). The payee receives the amount in their own currency, and the sum corresponds to what the payer has sent. No additional charges are levied by the payee's bank. This option is transparent and predictable for the payer, but can be costly for smaller amounts if the fixed fee is a large part of the total amount.

Payment in euro
If you send the payment in euro (EUR), the bank may not charge a fixed fee, unlike payments in DKK or NOK. It is governed by the SEPA Regulation.^[48] Single Euro Payments Area (SEPA) (ECB), retrieved 19-02-2026. The payee's bank then receives the amount in EUR and converts it into the local currency. This option can therefore be cost-effective for smaller amounts, despite an additional currency exchange. One disadvantage is that the payer does not know in advance exactly how much money the recipient will receive, as there is an additional exchange at the recipient's bank into the local currency.

Payment in Swedish kronor
Sending the payment in SEK usually does not involve any direct costs for the payer – neither exchange fees nor fixed charges. However, the payee's bank will exchange the amount from SEK to DKK or NOK, which may involve both a fixed fee and the payee’s bank setting an exchange rate. This option is usually free of charge from Sweden, but like the second option, the payer does not know how much money the payee will receive.^[49] Cross-border payments offered by the large Swedish banks: are they in line with G20 cost targets? (Riksbank).

Payments within the Nordics are not as efficient and fast as between the Nordics and the euro area

The Riksbank's assessment is that cross-border payments need to be both faster and cheaper, not least between the Nordic countries. The large banks, especially those operating in several Nordic countries, have a particular responsibility here. The banks' efforts to develop solutions and services to facilitate payments to and from other Nordic countries have not been satisfactory in recent years. The Riksbank will therefore initiate a dialogue with the market to ensure that payments within the Nordic region in Nordic currencies are subject to the same principle as payments to or from the euro area – that is, that they cost the same as a payment within the country.