I timely message, as I will be doing same on my 1999 V70. My car has 56K and at the last service interval, the dealer suggested replacing the fluid because it was "dirty". The cost will be $64. Euro auto transmissions can be up to four grand in price, so I see this procedure as a no brainer.

Get to the real source and visit Bay 13 at VolvoSpeed. Directions for you, procedures and steps. The cooling hose on the rad is reusable, tygon tubing (1/2 dia) and a 5-gallon bucket. This is how the dealers do it also..... Seperate the upper hose and point toward bucket, slip tygon (3 ft) over trans hose, prepare to dump ATF (Dextron) down the filler, have a friend start the car and pump out the reservoiur. Stop motor, refill, do again....this is a pretty complete flush.....
Cant imagine Volvo ever saying to leave it alone (Fords influence is growing)

Visit volvospeed.com for some great FWD maintenance/repair info.

That board does not get as much activity as this one, but their FWD stuff is better, not quite as good as the 700/900 FAQ here, but quite good.
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96 855R, 95 855,854, 90 744 Ti - 310,000 miles driven

I replace mine often. As I understand, there are two ways to do this. The best way requires special equipment that removes all the transmission fluid before filling it. The second approach is a drain and fill. The second method is much cheaper, doesn't require special equipment, but leaves some of the old transmission fluid in the transmission case. I use the second approach but do it at 20-25K intervals. T