|ICA BANKEN||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to SEK||NO MINIMUM||5/7 DAYS||5.0%||11.834|
|EUR € - to SEK||NO MINIMUM||5/7 DAYS||5.0%||10.126|
|BROKER RATES||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to SEK||From £100||From 1 DAY||From 0.7%||12.37|
|EUR € - to SEK||From £100||From 1 DAY||From 0.7%||10.584|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Answer: Using ICA Banken services, the exchange rates shown are typical. All banks have individual rates and commission structures for international currency transfers. Find the latest exchange rates for an overseas bank using our Bank Rate Comparison below:
Save on the exchange rate conversion when transferring money overseas from your ICA Banken account in Swedish krona, euros, the UK pound & other currencies. ICA Banken international money transfers to or from Sweden have higher transaction charges, due to a less competitive exchange rate offered by ICA Banken. Skip to: Sweden Money Transfer Specialists
Typically, sending funds to or from your ICA Banken account in Swedish krona (SEK), the UK pound or US dollar overseas bank account will involve a margin rate of 5.0% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your ICA Banken account in Sweden needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of 1,000,000 Swedish krona (SEK) using ICA Banken services would have a transaction exchange rate margin of around 5.0% – or 50,000 SEK. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only 7,000 SEK in total, which is a large saving over the bank service.
International money transfers from ICA Banken could take longer to arrive than using a private currency exchange provider and you will also need to be an existing ICA Banken account holder to use their services. ICA Banken may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of £5000 (or 50,000 SEK).
Unless you pay a premium, ICA Banken’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
ICA Banken is a Swedish bank created in 2002 and is owned by the retail chain ICA AB. The bank has over 500,000 customers in Sweden. ICA Banken makes it easier for local customers of ICA’s Swedish stores to manage their finances and in the process strengthens their ties to ICA.