Introduction

Cost of living and currency in Sweden

The cost of living in Sweden is relatively high and the country has one of the highest rates of VAT in the European Union. The Swedish currency is the Swedish Krona.

Cost of living

Sweden has a very high cost of living and you will probably find it very expensive compared to your home country. A beer costs around SEK 50 (~ €5) and a cheap dinner starts at SEK 100 (~ €10). A good indication of the cost of living is the monthly minimum required by students upon entry into the country, as stated by the Swedish authorities. This is set at SEK 7,300 (~ €715) per month, however most universities estimate that a student can spend SEK 5,500 (~ €540) a month and survive. VAT on most goods and services is rated at 25%. Hotel accommodation is taxed at 12% VAT and transportation at 6%.

Currency

Sweden’s currency is the Swedish Krona (Sk or SEK) or Kronor in the plural from and is subdivided into öres. SEK 10 is approximately equivalent to €1. The currency has four different coins (50 öre, 1, 5 and 10 kronor) and five different banknotes (SEK 20, 50, 100, 500 and 1,000). The Euro was rejected by referendum in 2003 by more than 56% of voters. At present, there are no plans to organise a new referendum.


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