Ikano Bank Explained
Ikano Bank is a consumer finance bank established in 1995 by Ingvar Kamprad (the founder of IKEA). It offers loans, savings accounts and partner business supplying sales finance to large retailers, including IKEA, Volkswagen, Audi, Lindex, Hemtex, Skoda, Shell and Preem.
Ikano Bank has its head office in Malmö, with branch offices in Sundbyberg, Älmhult, Asker, Glostrup, Nottingham, and Helsinki. The firm also conducts business in Germany, Poland, Austria, Finland, and Russia 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:[2] [3]
- 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 Älmhult, Sweden. 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.[4]
Notes and References
- Web site: Ikano Bank Group Facts & Figures . 2016 . Ikano Bank . 19 August 2017 . 19 August 2017 . https://web.archive.org/web/20170819231344/https://www.ikanogroup.com/-/media/group/newsroom/publications/financial-reports/ikano-group_features-facts-and-figures-2016.pdf?la=en-gb . dead .
- Web site: Ikano Bank AB Company Profile - Ikano Bank Overview . 2024-07-16 . www.advratings.com.
- Web site: Banking . 2024-07-16 . Ikano Group . en.
- Web site: Ingka Investments completes acquisition of Ikano Bank . Retail Asia. 2024-04-02. en.
