Money Issues
How high is the cost of living in Umeå? How do I get access to my money once I am in Sweden? How can I finance my time in Umeå? We are sure you have many questions, so let us try to answer a few of them.
How much Money do you need?
Although student budgets can differ in relation to lifestyle and priorities, you should NOT count on being able to live on less than 7,300 SEK a month, which is the minimum amount stated by the Swedish Migration Board. This sum is also slightly less than what Swedish students live on. Therefore, before you leave home, please make sure that you have your funds in order. It will save you a great deal of unnecessary stress and contribute to a much more enjoyable exchange experience. At www.studyinsweden.se, under “Living in Sweden”, you will find an example of a budget and a few examples of the prices of some everyday items.
Financing your stay
As a student at a Swedish university you are allowed to take up part-time work during the terms, without having to acquire a separate work permit. Getting a job is not always that easy though, especially when you do not speak Swedish. Employing students for odd jobs around the university is not an established practice in the way that it is in many other countries. With this in mind, we do not advise you to expect to finance your stay by working during your study period in Sweden.
Transferring Money
The easiest way to transfer money from abroad is to open a bank account in Sweden and to ask the person who sends you the money to deposit it directly into your Swedish account.
Note! Personal cheques from abroad are not cashed in Swedish banks. A bank-to-cheque drawn to a Swedish bank is the best type of cheque. Travelers’ cheques are useful, especially for covering unexpected expenses. Cash transfers can also be made through the Forex MoneyGram or through Western Union and picked up at their offices/agents in Umeå.
Cash & Credit Cards
Cash-machines/ATM:s are called Bankomat and you can withdraw money from your bank at home if you have a VISA card or MasterCard. You can usually pay with your VISA or MasterCard in all stores, as well as in pubs and clubs, but student pubs or smaller kiosks usually do not take credit cards. Other internationally recognised credit/debit cards may also be accepted. If you are unsure if your card will work in Sweden, ask your bank for advice.
