Ikano Bank is a consumer finance bank established in 1995 by

Ingvar Kamprad Feodor Ingvar Kamprad (; 30 March 1926 – 27 January 2018) was a Swedish billionaire who founded IKEA in 1943 and grew into a multinational retail company that became the world's largest furniture seller in 2008. He moved to Switzerland w ...

(the founder of

IKEA IKEA ( , ) is a Multinational corporation, multinational conglomerate (company), conglomerate founded in Sweden that designs and sells , household goods, and various related services. IKEA is owned and operated by a series of not-for-profit an ...

). It offers loans, savings accounts and partner business supplying sales finance to large retailers, including IKEA,

Volkswagen Volkswagen (VW; )English: , . is a German automotive industry, automobile manufacturer based in Wolfsburg, Lower Saxony, Germany. Established in 1937 by German Labour Front, The German Labour Front, it was revitalized into the global brand it ...

Audi Audi AG () is a German automotive manufacturer of luxury vehicles headquartered in Ingolstadt, Bavaria, Germany. A subsidiary of the Volkswagen Group, Audi produces vehicles in nine production facilities worldwide. The origins of the compa ...

Lindex Lindex was founded as a Swedish fashion Chain store, chain in 1954, however since 2007 it became a part of the Finnish Stockmann Group. The company has around 5000 employees and approximately 480 stores in 18 markets in the Nordic countries, th ...

, Hemtex, Skoda,

Shell Shell may refer to: Architecture and design * Shell (structure), a thin structure ** Concrete shell, a thin shell of concrete, usually with no interior columns or exterior buttresses Science Biology * Seashell, a hard outer layer of a marine ani ...

and

Preem Preem is a Swedish petroleum and bio-fuel company (even referred to as a petroleum corporation) with approximately 570 petrol stations and two oil refineries in Sweden, Preemraff Göteborg in Gothenburg and Preemraff Lysekil outside of Lysekil ...

. Ikano Bank has its head office in

Malmö Malmö is the List of urban areas in Sweden by population, third-largest city in Sweden, after Stockholm and Gothenburg, and the List of urban areas in the Nordic countries, sixth-largest city in Nordic countries, the Nordic region. Located on ...

, with branch offices in

Sundbyberg Sundbyberg Municipality ( or ''Sundbybergs stad'') is a municipality in Stockholm County in east central Sweden, just north of the capital Stockholm. Sundbyberg is wholly within the Stockholm urban area and has a 100% urban population. Sundbybe ...

Älmhult Älmhult () is a locality and the seat of Älmhult Municipality in Kronoberg County, Sweden with 17950 as of 2024 It was in Älmhult that the first IKEA (the Swedish furniture company) store was built. IKEA continues to have a large corporate pr ...

Asker Asker (), also called Asker proper (''Askerbygda'' or ''gamle Asker'' in Norwegian), is a district and former Municipalities of Norway, municipality in Akershus, Norway, located approximately 20km southwest of Oslo. From 2020 it is part of the ...

Glostrup Glostrup is a Denmark, Danish town in Capital Region of Denmark, Region Hovedstaden, forming one of the Western suburbs (Copenhagen), western suburbs of Copenhagen. It is the administrative seat of Glostrup Municipality, with an estimated populati ...

Nottingham Nottingham ( , East Midlands English, locally ) is a City status in the United Kingdom, city and Unitary authorities of England, unitary authority area in Nottinghamshire, East Midlands, England. It is located south-east of Sheffield and nor ...

, and

Helsinki Helsinki () is the Capital city, capital and most populous List of cities and towns in Finland, city in Finland. It is on the shore of the Gulf of Finland and is the seat of southern Finland's Uusimaa region. About people live in the municipali ...

. The firm also conducts business in

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

Poland Poland, officially the Republic of Poland, is a country in Central Europe. It extends from the Baltic Sea in the north to the Sudetes and Carpathian Mountains in the south, bordered by Lithuania and Russia to the northeast, Belarus and Ukrai ...

Austria Austria, formally the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine Federal states of Austria, states, of which the capital Vienna is the List of largest cities in Aust ...

Finland Finland, officially the Republic of Finland, is a Nordic country in Northern Europe. It borders Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bothnia to the west and the Gulf of Finland to the south, ...

, and

Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...

via separate companies. At Ikano Bank in Sweden, various fees and charges are levied on users for different services. Some of the key fees include: # Account Maintenance Fees: Many checking and savings accounts have monthly maintenance fees. These fees typically range from $5 to $25 per month and may be applied if the account does not meet the minimum balance requirements (ADV Ratings) (Banknoted). # ATM Fees: Using ATMs outside of the Ikano Bank network can incur fees. These fees are generally a few dollars per transaction. To avoid these fees, it is recommended to use ATMs within the Ikano Bank network (ADV Ratings) (Banknoted). # Wire Transfer Fees: Fees are charged for both domestic and international wire transfers. Domestic wire transfers usually cost around $20, while international wire transfers can be $35 or more (ADV Ratings) (Banknoted). # Foreign Transaction Fees: Using credit or debit cards for purchases abroad or for international transactions often incurs foreign transaction fees, typically 3% of the transaction amount (ADV Ratings) (Banknoted). # Check Ordering Fees: After the initial set of checks is used, additional checks can be ordered at a cost. These fees vary based on the quantity and style of checks ordered (ADV Ratings) (Banknoted)

History

In 1995, Ingvar Kamprad (the founder of IKEA) started ''Ikanobanken'', with one branch office in

Sweden Sweden, formally the Kingdom of Sweden, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, and Finland to the east. At , Sweden is the largest Nordic count ...

. Fifteen years later, Ikanobanken became Ikano Bank, merging with other entities within the IKANO Group. Until 2024, it was owned by its founder's family through IKANO, a group of businesses which also includes insurance, retail, and real estate in many countries. Minority partner, Ingka Investments completed the acquisition of full control of Ikano Bank in 2024.

References

Banks of Sweden Swedish companies established in 1995 Banks established in 1995 Companies based in Malmö 2024 mergers and acquisitions {{Sweden-company-stub