Sweden has a mission to become one of the first cashless countries in the world. That being said, it is imperative that if you reside in Sweden, you need to open a bank account. If you have a business, you need to fully comprehend how to use online banking in order to get the best services for your business needs or when you want to apply for a loan or smslån on sverigekredit.se. But how are online banks performing online to help business get the cash flow they need to keep their business afloat?
Payment Instruments
Credit transfers are the dominant means of payment, based on a transfer form or directly by using the bank number. Cheques have a diminishing role as means of payment in Sweden. Their volume usage is currently negligible. Direct debit usage continues to increase and there are two different methods for business to business and business to consumer transactions.
Cards
The use of cards in Sweden has increased during the past years, leading to a decrease in the use of cash as a way of payment for purchases. Credit cards are widely accepted, but debit cards have gained the most in importance.
Electronic banking
Electronic banking services are highly developed and increasingly popular. In recent years almost all sorts of banking services suited for electronic processing have been migrated to the internet.
Online banking in Sweden is a system accessible from the internet which provides rapid access for setting up payments, viewing information about your account and authorizing several payments at once. All information is in available immediately on the baking service so you can always know what your business liquidity is. These services are available in Sweden, Denmark, Norway, Germany, Finland, United Kingdom and Ireland and enable you to send payments to anyplace around the world. Business Online also supports online collection, via SEPA Direct Debit and local Direct Debit schemes as well as local electronic and paper invoices. Data can also be integrated in the company’s accounting system or communication can be set-up directly from your own system to the Swedish bank of your choice.
Taxation
The corporate tax rate is 26.3%. Swedish companies and Swedish branches of foreign companies are subject to the same tax rules. VAT is 25% on the price charged and is chargeable on the sale of most goods and services.
Liquidity Management
Swedish banks offer several flexible liquidity management solutions to help you streamline your daily cash flows. They also offer both domestic and cross-border cash pool. You can enjoy real-time zero balancing services domestically in the Nordic countries, Germany and the United Kingdom.
Although it is speculated that online banking in Sweden is complicated and don’t offer services to its full potential, steps are taken to make banking better and easier for Swedish business owners and all other residents of the country. Thus, if you live abroad and choose Sweden as your new home, remember to take your ID card with you when opening a bank account!
