Internet Banking is very secure in Sweden. It is also a little complex and very different that what I am used to in Toronto!
When you sign up for a bank account, you will be given a small keypad on a keychain that allows you to access a secure code to log in to your bank account. This secure code changes every time. You will also be given a larger version of the keypad that allows you to insert your credit card and then access you account.
I decided to sign up with SEB, and their system is great except that it does not currently have an English site for the online bank platform. They do have agreements with SU though for international students, so it is really easy to sign up.
Transferring money can be done online, and needs the keypad as well in order to verify different steps in the process. In order to ensure accuracy, I would recommend asking a bank representative to review the features before you get started on your own!
Generally, you open your clicker, and hold down the red button at the bottom, then enter your pin code. Then, the online bank site will prompt you to click and hold a certain number down, then you will be prompted to enter two different codes on your clicker before the log in code is finally generated. Once you are logged in you can send money to your friends accounts as long as you have all of their bank details. You will use the clicker again to verify all transactions.
Since I am frequently out with friends and classmates for fika and study sessions, we have gotten into the habit of having one person pay each time to avoid confusion. This was sometimes chaotic, but ever since I was introduced to the mobile transferring app called Swish, this has gotten much easier. Swish is a mobile payment app which makes it possible to accept and send Swish payments from individuals using a phone number. Recipients must also have Swish in order for this to work.
There are a few steps you will need to take before you can access this app. Using your online bank account, there should be an option to activate Swish. Follow the instructions on your bank’s webpage. You will also need to download another app called Mobile BankID. This app allows you to access your secure pages from a mobile device like a tablet or smartphone.
Once you enter your phone number into the Swish app, you will receive an activation code via SMS. You can start Swish, enter your pin code on BankID when it pops up, and then you will be all set. You will now be able to transfer money back and forth with friends with only their phone number!
This takes banking to an entirely different level convenience wise, and while I am still getting used to the app, it has been great so far.
Just remember that you can ask a representative from the bank to walk you through these steps once you are approved for an account. Good Luck!