If you have money in an account at a branch of a Swedish financial institution in another EU country, the Swedish deposit insurance applies but with the compensation level of the branch country. Therefore, there are no exchange rate risks to consider.
In the UK, for example, the amount of compensation is GBP 85,000, while in Finland it is EUR 100,000. In Norway, which has a higher level of coverage, the equivalent of EUR 100,000 from the Swedish deposit insurance scheme applies.
Topping up – if the level of coverage is higher than in Sweden
Foreign branches of Swedish institutions can apply for supplementary deposit insurance if the coverage is more generous in the branch country than it is in Sweden. This is referred to as topping up. The supplement covers the difference in coverage between the Swedish deposit insurance and the deposit of the branch country’s deposit insurance.
Some countries do not allow topping up. In this case, the branch may apply for a supplemental coverage to the Swedish deposit insurance. However, this only applies to deposits from transactions for certain social purposes, for example if you have sold a private residential property. As a depositor of the branch, you will then be granted the same coverage that applies in the branch country. The following branch(es) have been granted such a supplement:
- Svenska Handelsbanken AB, branch in Finland