Redemption of SEK 3.9 billion in old banknotes ends in July 2027
Sveriges Riksbank will stop redeeming banknotes that have been invalid for more than ten years on July 1, 2027. Holders must submit applications alongside proof of funds by June 30, 2027, with an estimated SEK 3.9 billion in old cash still outstanding.
The June 2027 cutoff for legacy cash
Sveriges Riksbank has established a final deadline for exchanging legacy Swedish currency, ending the redemption of banknotes invalid for over ten years on July 1, 2027.
Applications must be received by June 30, 2027, to be considered.
The central bank estimates that approximately SEK 3.9 billion in invalid banknotes remains in circulation or hoarded in private homes.
To redeem old notes, applicants must submit an online or paper application, mail in the physical banknotes, and provide supporting documentation proving the origin of the money.
If an application is approved, the redeemed amount is transferred directly to a bank or giro account, minus an administrative fee of 300 kronor.
Ten years after the currency overhaul
The decision arrives as Sweden approaches the ten-year mark since its comprehensive banknote and coin changeover.
The Riksbank noted that the public has had ample time to exchange outmoded currency.
Beyond the passage of time, the central bank pointed to practical and financial hurdles: obtaining required verification documents, such as historical bank statements, becomes exceedingly difficult after a decade.
Furthermore, maintaining the administrative infrastructure to process manual, case-by-case verifications is no longer cost-effective for the institution.
Time runs out on mattress money
Closing the window sensibly frees the central bank from an inefficient administrative routine.
Demanding decade-old documentation alongside a 300-kronor fee guarantees that most of the SEK 3.9 billion remains unredeemed.
For households, it marks the definitive end of an already cashless transition.