Sweden has just confirmed it once again: it will not be joining the eurozone anytime soon. According to a poll published in early June 2026 by Statistics Sweden, only 28.7% of Swedes are in favour of adopting the euro — compared to 32% last year. More than half of the population is now frankly opposed to it. This comes as no surprise. And Sweden is not alone: six member countries of the European Union remain outside the eurozone. Sweden, Denmark, Poland, Czechia, Hungary, Romania — six active economies, six common trading partners for thousands of French SMEs. Six countries where you pay your suppliers, receive clients, and sign contracts. And yet, a stubborn idea persists among many business leaders: "We are in Europe, so it's simple." That is where the problem starts.
"We are in Europe": the misconception that costs dear
When a French SME thinks about its international payment costs, it naturally thinks of its suppliers in China, the United States, Morocco or the Emirates. Asia, Africa, the Gulf — that is what seems "international".
Poland? Sweden? "That's Europe, it should be simple."
This shortcut is understandable. The SEPA area has indeed simplified euro transfers within the Union. But as soon as a country keeps its own currency, the "simple" transfer disappears. You step out of the classic SEPA. You enter the world of currency exchange — with all that this implies in terms of fees, delays and risk.
And many SMEs learn this the hard way, often long after signing their first contracts with these partners.
What a transfer to Stockholm, Warsaw or Prague really hides
A transfer in Swedish Krona (SEK), Polish Zloty (PLN) or Czech Koruna (CZK) is not a SEPA transfer. It is a foreign exchange transaction, processed via the SWIFT network, with several layers of costs that accumulate discreetly.
SWIFT fixed fees. Your bank charges an issuance fee on each international transfer — often between €15 and €30 per transaction, sometimes more depending on the institution and the amount. On frequent payments to suppliers, this quickly adds up.
The margin on the exchange rate. This is the most significant — and most invisible — cost. Your bank does not apply the market rate. It applies its own rate, incorporating a margin that generally represents 2 to 4% of the converted amount. On a transfer of 50,000 PLN, this margin can represent several hundred euros — without you seeing a single dedicated line on your statement.
Correspondent banks. Depending on the correspondent banks involved in the routing, transit fees may be deducted along the way, further reducing the amount actually received by your beneficiary.
The volatility of "peripheral" currencies. The Polish zloty, the Czech koruna or the Hungarian forint can move significantly in a few weeks. An order signed at one rate and paid a month later can cost several percent more — without the supplier's price having changed by a single penny.
A concrete example: an SME working with a Polish supplier
Let's take a French SME that buys PLN 200,000 worth of goods per quarter from a Polish supplier.
With its traditional bank, it incurs:
An exchange margin of 3% on the EUR/PLN conversion → approximately €1,400 per quarter
SWIFT fees of €20 to €25 per transfer, representing potentially €80 to €100 if it sends 4 transfers
Uncertainty regarding the rate applied at the time of execution
Over the year, the extra cost linked to exchange rates and bank fees can exceed €5,500 to €6,000 — for purchases made in a European Union country, from a perfectly legitimate supplier.
This is not "exotic" international business. It is regular intra-European trade. And yet, the costs are very real.
Why your bank does not tell you about it
Traditional banks have no incentive to alert you to these costs. The exchange margin is built into the displayed rate — it does not appear as an explicit commission on your statement. You see a rate, you make the transfer, you move on.
This lack of clarity is not minor. It prevents SME managers from comparing, negotiating, or simply understanding what they are actually paying. And it is all the more damaging as volumes increase.
What can be done differently
The good news is that alternatives exist — and they do not require changing your bank or restructuring your financial setup.
Authorised payment intermediaries allow access to rates much closer to market conditions, with transparent fixed fees and no hidden margin on the exchange rate. In practice, this means paying your Swedish, Polish, Czech or Hungarian suppliers in their currency, at the best time, with total visibility over what you pay.
It is also possible to secure a forward rate — meaning locking in today the rate at which you will convert in 30, 60 or 90 days. A particularly useful tool when "peripheral" currencies experience periods of volatility, which regularly happens with the PLN, CZK or HUF depending on the local political and economic context.
OSolto: structured access to the best exchange conditions, without changing banks
OSolto is a payment intermediary authorised by the ACPR and registered with ORIAS (No. 26004337). Its role is to aggregate the best international payment infrastructures available on the market — notably through its partners Ebury and CurrencyCloud — to give its transactions beneficiaries access to competitive, close-to-market exchange conditions on more than 30 currencies.
Concretely, OSolto gives you access to:
Exchange rates much closer to interbank conditions than those offered by retail banks
Named payment accounts in your name — funds never transit through OSolto
Transparent fixed fees, with no hidden margins on the rate
A dedicated account manager, who can advise you on the optimal timing for conversion and the use of forward hedging tools
Free account opening, with no commitment
Whether you pay a supplier in Warsaw, Gothenburg, Budapest or Bucharest, the costs are the same as for a supplier in Seoul or São Paulo: real, calculable, and optimisable.
Take control of your European currency flows
If your company regularly works with partners in countries outside the euro zone — even within the European Union — a quick analysis of your flows could reveal significant savings.
Get a free analysis of your foreign exchange costs by booking an appointment with an OSolto expert.
→ Book an appointment → Test the OSolto simulator
Frequently Asked Questions
Do transfers to Poland or Sweden go through SEPA? No. SEPA covers transfers in euros. As soon as you pay in the local currency of a country outside the euro zone — PLN, SEK, CZK, HUF, RON, DKK — the transaction falls outside the SEPA scope and goes through the SWIFT network, with associated fees and currency conversion.
Does my bank apply a margin on the exchange rate without telling me? Yes, in the vast majority of cases. Traditional banks build their margin into the rate displayed at the time of the transaction. This margin does not appear as a separate fee line on your statement, making it difficult to identify without comparing the applied rate to the market rate at the same moment.
Can I secure a rate in advance for my payments in PLN or SEK? Yes. Via OSolto, it is possible to set up forward contracts that allow you to lock in today the conversion rate you will use in 30, 60 or 90 days. This is a hedging tool accessible to SMEs, without the need for a dedicated finance department.
Does OSolto replace my bank? No. OSolto is complementary to your existing bank. You keep your usual bank account for your day-to-day operations in euros. OSolto only intervenes on your foreign currency flows, making them cheaper and more predictable.
Is OSolto a regulated company? Yes. OSolto is authorised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and registered with ORIAS under number 26004337. The funds for your payments are safeguarded in segregated accounts in your name — they never transit through OSolto's own accounts.
