Local credit union won't do. So long, "People before profit".

July 11, 2011 2:19 PM

International banking filter: I'm moving to Stockholm from Seattle in about a month. What's the best way to set up an account in Swedish krona when the person supporting me will be giving me money in US dollars? Also, what is the cheapest and fastest way to transfer money from US accounts in USD to the Swedish (or international?) SEK account?

I will need the account to pay for rent, bills, set up a phone/internet accounts, and draw cash for daily expenses. I plan to use my Amex charge card (which is getting transfered to Sweden) for everything else.

Also, what is the best way to make an initial deposit to open the account? I could bring up to 10K USD in cash with me without having to fill out customs paperwork, but would that really be the best way to go? I will still need the equivalent of about 25K USD in an account under my name as soon as I get there. Can I set up the account before I get there?

I am a dual citizen if it makes a difference, and will be registered as a Swedish resident the day I arrive. I have no source of income for the time being other than financial support from the US.

We plan to talk to a financial adviser if necessary, but I'd like to know what my options are. Anything else I haven't considered?

posted by halogen to Work & Money (2 answers total)

I cannot answer your question with regard to Sweden, but I can recommend you look at Money Bookers. Once you have it set up, their rates are very very good. It takes about a week for both sides to transfer money and to get it out again.
posted by devnull at 3:00 PM on July 11, 2011

Be aware that if you have 10K+ in a foreign bank account, you have to report it to the IRS. Fines are draconian. Here's a lot of info.
Full disclosure: website is my partner's business but this page has very important info for you. Good luck on your upcoming move.
posted by lois1950 at 3:41 PM on July 11, 2011