The Swedish Krona is the official currency of Sweden and has been since as early as 1873. In the English language, the Swedish krona is sometimes referred to as the “Swedish Crown” as “krona” translates directly to “crown” in English. The Swedish krona is among the top 10 currencies in the world as it is often placed as the 9th most traded currency in the global foreign exchange market. With a status such as this, the currency is quite desirable among online businesses who accept various currencies from around the world. For instance, many of the top online trading brokerages accept the Swedish krona as a viable currency for deposits to their trading platforms.show more
The Swedish krona differs from the worlds top currencies because it does not have a specific symbol to represent the currency. Instead the currency is represented by two letters being, “kr”, the same as various other krone currencies. As well, the abbreviation/code of the Swedish krona is (SEK) and can be used to represent the currency as well. When the currency is written, the symbol “kr” precedes or follows the unit of currency. If the currency is shown with the abbreviation (SEK), it usually follows the currency. For example, it is shown as: 10kr and 10SEK. As well the Swedish krona has a sub unit called “øre”, and it’s equal to 1/100 of a Krona. The “øre” follows the unit of currency when written. The Swedish Krona shares its symbols with other “krone” currencies, including the Danish Krone and the Norwegian Krone, therefore making it easily mistaken for another currency if the currency is not clearly stated. It’s very important to keep this in mind so you know which currency you have selected or that is accepted on the online trading account you are using.
Most transactions involving the Swedish Krona happen within Sweden. However, it is heavily used for online transactions among various online businesses such as online brokers. For traders located outside of Sweden, they must convert their foreign currency into the Swedish krona to trade with many of the Swedish trading brokerages. This can be done in several ways. The most convenient method is to deposit your funds directly into your online trading account to be exchanged for Swedish krona via the online brokers exchange service. Not all online brokerages have this service built into their platforms, but the ones who do will make depositing foreign funds very easy. Another method for exchanging currency into or out of Swedish krona is to use an online currency exchange. These exchanges will charge a small fee, but can easily be used with compatible bank accounts or various e-wallets.
Traders residing in Sweden have the most deposit and withdrawal options when it comes to banking with Swedish Krona. They can deposit and withdraw funds via debit/credit cards, bank transfers, wire transfers, as well as through various e-wallets. As for international traders wanting to bank with Swedish Krona, they will be restricted to using e-wallets, and prepaid cards and vouchers.