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Here in Sweden most people don't carry any cash and would buy a stick of gum with their card. If you want to give someone money, you "swish" it to them. Swish i

Here in Sweden most people don't carry any cash and would buy a stick of gum with their card. If you want to give someone money, you "swish" it to them. Swish is a massive smartphone app for people to people payments supported by all banks.

Scoundreller 11y ago
Is there any fee/commission for Swish? If there is not, was that a voluntary choice by the banks, or a regulator's requirement?
- fnordsensei 11y ago
  They're supposed to charge 1kr per transaction, flat fee, but they've been putting it off. They're probably getting people used to the service before starting to charge for it. Taking a note out of the drug dealer's book I suppose.
- fredyr 11y ago
  When the Swish service launched (2012) it was only consumer-to-consumer and no fees. Last year they added businesses and charge similarly to credit cards, fee on the creditor side.
- seivan 11y ago
  Not as of now. But as Fnord mentioned, they might be charging 1 kr in the future which is fine. If I were to guess how it works it would be like: The receiver of a swish actually gets the money from their own bank while the sender actually just sends money this their own bank as well. Then the senders bank will set a IOU to the receivers bank to balance things out and that will get fixed in a couple of days (the whole bank day transfers)
- ersii 11y ago
  For person to person / peer to peer - it's currently free. For person to business/organization it will cost the business 2.5 SEK per transaction as well as a monthly fee and/or an activation fee. Prices may vary depending on at which bank the business/organisation opens an account and activates Swish to.