Swedish Krona SEK currency account

wizzards

I plan to sell shares in a Swedish company and the proceeds can be in SEK with very small broker costs. To get the best exchange rates to GBP and avoid additional bank transfer fees etc I was hoping to use a facility like Transferwise to exchange to GBP.

However to receive the proceeds in SEK I need an account that accepts SEK from the broker from which I can then make payments via Transferwise. I looked around but there seem to very few possibilities to open an account online taking SEK that has few charges from which I can send payments via Transferwise to a sterling account. I am doing this to avoid the 2.5 % + commission the share broker will charge me on top of the 55 SEK fee.

If anyone has ideas if it is possible to open a low cost Swedish Krona account that allows me to transact this way that would be great.

eDicky

Can you not give the broker the SEK account details that TransferWise will give you for payment, for the funds to be paid directly?

wizzards

I thought of that but I won't know the net amount until it trades so that doesn't help.

Also it states on transferwise as follows

You must manually send the money from an account in your name. Money coming from friends & relatives can’t be accepted.

Hence I can't get someone else to send it i.e. the broker.

eDicky

You're right, the share broker would have to initiate the transfer by signing up with TransferWise. Presumably this is not likely.

wizzards wrote: »

I am doing this to avoid the 2.5 % + commission the share broker will charge me on top of the 55 SEK fee.

What is this commission being charged for? A non SEK payment or any non SEPA payment, or what?

wizzards

The 2.5% commission is to change the cash to GBP on top of any exchange rate difference. The 55 SEK charge is for the wire transfer to an account for SEK or GBP. Also the broker is unlikely to use the rates of exchange that Transferwise use. Hence for example 80K GBP of share sales thats going to cost me some money overall. If I can open a SEK current account then I can just pay 55 SEK fixed fee and the rest is under my control to use a foreign exchange broker of my choice to change the money to GBP.

Only other option I am investigating is to transfer the shares to another broker and see if I can get a better deal but then I have probably to pay a transfer fee.

So fees are as follows for converting my SEK into GBP

Currency conversion fees;
(in addition to Commission and Payment Fees)
Payment Value GBP_______Foreign Exchange Spread
£0.00 - £99,999.99________2.50%
£100,000 - £999,999.99____0.80%
£1,000,000 and over_______0.50%