Rules for redeeming Swedish banknotes that have ceased to be legal tender
The Sveriges Riksbank Act, Chapter 5, Article 4, states the following:
"In special circumstances the Riksbank may redeem banknotes and coins that have ceased to be legal tender."
The law thus provides the Riksbank with a possibility, although it entails no obligation, to redeem invalid banknotes. However, the General Council of the Riksbank has decided that the Riksbank should pursue a generous policy with regard to redeeming banknotes presented by the general public. An explanation for the delay in redeeming the banknotes is required in each case, though. Consequently, all banks (including foreign banks) must refer their customers directly to the Riksbank.
In addition to providing an explanation for the delay in redeeming the banknotes, it is also necessary to provide:
- Your name, address and telephone number
- The name of your bank, account number. The account number should include a special IBAN code (adds a country code and check digits to the front of the
domestic account number format), which is necessary to transfer money to a foreign bank. Add also your banks BIC (Bank Identifier code).
If the invalid banknotes have had a nominal value of SEK 10,000 or more and have been received from the estate of a deceased person, a copy of the estate inventory deed must also be enclosed. The copy of the deed must show who/which persons are the owners of the estate. If the estate has several part-owners the owners can, if desired, either authorize one of the estate owners or another party to represent the estate or provide the number of the bank account or giro account to which the redemption amount can be transferred.
The Riksbank charges a fee of SEK 100 for each case, regardless of how many banknotes are involved or the size of the amount to be redeemed. If the banknotes have a total value of SEK 100 or less, they are returned to the sender.
The Riksbank no longer has a cashier's office open to the public. We therefore request that you send the banknotes together with a completed form (see link below), preferably by recommended or registered post, to
Sveriges Riksbank
Box 170
SE-431 22 Mölndal
SWEDEN
Phone: +46 31 334 28 06
Administration of these cases currently takes 4 weeks.