Riksbank report says euro payments are often cheaper than Nordic-currency transfers

Payments between Nordic countries are often cheaper and faster when made in euros rather than in Nordic currencies, according to a report by the Riksbank and other Nordic central banks, announced by Sweden’s central bank on 28 October 2026.

The report examines household costs for cross-border payments. The Riksbank says euro payments can be cheaper even between two countries outside the euro area; the announcement does not say this applies to every such payment.

The report attributes the lower costs for euro transfers mainly to European Union rules covering cross-border payments in euros. Comparable rules do not apply to payments between Nordic countries in their own currencies, according to the Riksbank.

The announcement also says costs for consumers who use payment cards abroad vary considerably between Nordic countries, without giving specific prices or comparisons.

For payments in Nordic currencies within the region, neobanks generally offer lower costs than traditional banks, the Riksbank says. The report suggests increased competition could help bring costs down over time.

The Riksbank also identifies TIPS cross-currency, an infrastructure initiative launched by the European Central Bank, Danmarks Nationalbank and the Riksbank. Banks can use the infrastructure, which the central bank says could improve cross-border payments in the Nordics and reduce costs.

The full report is titled “Cost of cross border payments in the Nordics.”