Best Australian Dollar to Swedish Krona exchange rates today (AUD/SEK)
Here’s how to find the best AUD/SEK exchange rate when sending an international money transfer to Sweden.
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Do you need to send money to Sweden? Are you paying a Swedish supplier, looking to settle an overseas debt or transferring money to this nation?
Whatever the case, you should always investigate the best exchange rate for your international transfer before sending money to Sweden. There are several factors to take into account when searching for the highest AUD/SEK exchange rate, so let’s take a closer look at how you can find the best one for your transaction.
Compare some of Australia's best AUD/SEK exchange rates
AUD/SEK: How to get value for money
The exchange rate is a crucial factor determining the total cost of a transaction when you send money overseas. The higher the exchange rate, the more Swedish Krona you’re able to buy with your Australian Dollars meaning the cost of the transfer is lower.
However, there are two issues to be taken into account when locking in the highest possible exchange rate:
- Sending your transfer at the right time. The AUD/SEK exchange rate is constantly fluctuating and influenced by a range of factors, so you’ll want to send your transfer when the exchange rate is at its highest.
- Choosing the right transfer provider. The exchange rate can vary substantially from one money transfer provider to the next, so it’s important to shop around for the best rate available.
Australian Dollar to Swedish Krona exchange rate history
The Australian Dollar (AUD) is the fifth most traded currency on global markets. Replacing the Pound as Australia’s official currency in 1966, the AUD’s value was initially fixed to the value of the British Pound (GBP) but it became a floating currency in 1983.
The Swedish Krona (SEK) was introduced in 1873 and pegged to the value of gold. Throughout the 20th century it was pegged to the British pound (GBP), the US dollar (USD) and the European Currency Unit (ECU), before moving to a floating exchange rate system in 1992.
When Sweden joined the European Union in 1995, the country was required to adopt the Euro (EUR) as its official currency. However, the Swedes resisted these moves to replace the SEK and in 2003 held a referendum voting to keep the SEK as its official currency.
During the 21st century the SEK has traded at a fairly consistent value relative to the AUD. In the decade up to May 2017, 1 AUD has traded largely in the 5.5-7.5 SEK range with the stable economies of both countries contributing to a steady exchange rate. The lowest point for the AUD/SEK rate came in October 2008 following the fallout of the Global Financial Crisis, when 1 AUD dropped to 4.65 SEK.
The table below shows the value of the AUD relative to the SEK in the past 10 years:
|January 2007||January 2012||January 2017|
|1 AUD =||5.394121||7.048381 SEK||6.560931 SEK|
When can I find the best AUD/SEK exchange rate?
Like a seismograph measuring an earthquake, an exchange rate for two free-floating currencies doesn’t stay in a straight line; it’s constantly fluctuating up and down, influenced by everything from economic news to interest rates and election results.
In fact, exchange rates can move significantly not only in the course of a year or month, but also in a timeframe as little as an hour. Visit a foreign exchange website for a graph tracking the movements of the AUD/SEK exchange rate. Observe how the rate has performed over the past day, week, month or year and you’ll see just how much exchange rates rise and fall.
To demonstrate what these exchange rate fluctuations mean for international money transfers, let’s look at a case study. Sasha is an Australian entrepreneur who needs to send AUD$5,000 to Sweden to fund the expansion of his local operations there in the next couple of years.
With no urgent rush to send the money to Sweden, Sasha has the freedom to bide his time and wait for the best exchange rate. When he first decides to send the transfer in June 2016 the AUD/SEK rate is at 1 AUD = 5.99 SEK, which Sasha realises is historically quite low.
Fast forward to August and the rate has risen substantially for 1 AUD to be worth 6.57 SEK. But Sasha still believes the rate has further to rise and decides to wait a little bit longer before sending the transfer. His patience pays off when the rate rises to 1 AUD = 6.96 SEK in November.
By waiting a few months for the best exchange rate Sasha can send 4,850 SEK extra to Sweden, as seen in the table below:
|June 2016||August 2016||November 2016|
|Transfer amount (in AUD)||$5,000||$5,000||$5,000|
|Exchange rate||1 AUD = 5.99 SEK||1 AUD = 6.57 SEK||1 AUD = 6.96 SEK|
|Amount received (in SEK)||29,950||32,850||34,800|
How do I know when to transfer AUD to SEK?
You should aim to transfer AUD to Sweden when the AUD/SEK exchange rate is at its highest.
This is the time when your AUD will be able to purchase the maximum amount of SEK, resulting in big savings.
However, predicting the course of the exchange rate is a tricky task. The list of factors affecting the exchange rate is an extensive one, so forecasting whether the rate and amount will move up or down is by no means easy. These factors include:
- Interest rates in Australia and Sweden
- Inflation in Australia and Sweden
- Overall economic performance of both countries (imports and exports, unemployment rates, consumer sentiment etc.)
- The level of public debt in both countries
- The results of elections in both countries
- Broader economic developments that have an impact on a global scale, such as the Greek debt crisis which has plagued the Eurozone in recent years
Thankfully, there are ways you can make sure you’re informed about AUD/SEK exchange rate developments by:
- Staying up to date with political developments, plus economic and financial news from both countries
- Monitoring the performance of the AUD/SEK rate to gain an understanding of the factors affecting its value
- Looking back at the past performance of the AUD/SEK rate to give you a better idea of whether the current rate represents good value
When is the best time to send AUD to SEK? The chart below tracks the performance of the AUD/SEK rate in the year leading up to 29/05/2017. As you can see, the best times to send AUD to SEK in that time (i.e. when the rate was at its peak) were:
- November 2016, when 1 AUD = 6.96 SEK
- February 2017, when 1 AUD = 6.95 SEK
- December 2016, when 1 AUD = 6.92 SEK
The worst time to send AUD to SEK during that period was in June 2016 when 1 AUD = 5.99 SEK.
How to choose the best transfer provider
Timing your transfer and taking advantage of peaking exchange rates is a crucial part of the transfer process. It’s also critical to shop around for the right transfer provider, with three options to choose from:
- Banks. Sending money via your bank is the most convenient of all the available options, but banks usually offer some of the worst exchange rates on the transfer market.
- Cash pickup transfer providers. Western Union and MoneyGram operate the largest cash transfer networks with hundreds of thousands of locations worldwide. While they do offer fast transfers completed in minutes, their fees can be significantly higher than other options.
- Online money transfer providers. Online transfer specialists offer fast international transfers, combining competitive exchange rates with transparent fee structures that minimise the cost of sending money abroad.
Case study: bank vs money transfer provider vs cash pickup provider
Sharon is the manager of an Australian furniture business importing products from around the world. She needs to send SEK30,000 to a Swedish supplier to cover the cost of her latest product shipment.
Sharon approaches her bank to complete the transfer, but realises their exchange rate is well below the interbank rate quoted in recent financial news reports. She compares her bank with a cash pickup transfer provider and an online money transfer company to see if either can offer better value for money.
As you can see in the table below, the cash pickup transfer company offers the fastest transfer but is the most expensive option. However, if Sharon uses the online transfer provider instead of her bank she can save $233.76 on the total cost of her transaction – that’s an extra $230 straight back into her business.
Sharon’s example shows the importance of comparing your options before sending money overseas. A quick comparison could save you hundreds of dollars, so shop around before deciding on a transfer provider.
|Bank||Cash pickup transfer provider||Online transfer provider|
|Exchange rate||1 AUD = 6.141789||1 AUD = 6.102788 SEK||1 AUD = 6.426999|
|Processing time||2-5 days||10 minutes||2 days|
|AUD needed to send SEK30,000||$4,906.57||$5,095.79||$4,672.81|
|Cost in AUD compared to bank (including fee)||-||$189.22 more expensive||$233.76 cheaper|
What else can I do to find the best AUD/SEK exchange rate
The following tips will help you get the best AUD/SEK exchange rate possible for your transaction:
- Compare multiple quotes. It’s quick and easy to get an online transfer quote, so compare quotes across multiple providers before making your final decision.
- Be wary of online calculators. Many providers offer handy online calculators to help work out the cost of your transfer. Make sure any calculator you use shows the customer exchange rate you’ll receive, not the mid-market rate.
- Send larger transfers. Pay fewer transfer fees by sending your funds in one large transfer rather than multiple smaller transfers.
- Take advantage of fee-free transfers. Some companies waive their fees on large transfers, which can lead to substantial savings if you regularly need to transfer substantial amounts of money.
- Use forward contracts and limit orders. Forward contracts act as a safeguard against exchange rate drops, securing a good rate now for transactions that will be sent in the future. Limit orders take the stress out of searching – you specify the rate you want and the transfer provider does the hard work of sending the money whenever the rate is available.
If you’re willing to shop around for the best exchange rate and time your transfer just right, you can take advantage of market conditions and enjoy substantial savings when sending money to Sweden.
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