If you want to transfer money to Norway, you probably know you are not the only one. Seeking recommendations from people you know might help you narrow down on a suitable overseas money transfer company, but finding the best way to send money to Norway requires that you address your individual needs. After all, while a particular company might serve someone well, you might benefit more by turning to one of its competitors.
Transfer Money to Norway
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Norwegian krone (NOK) is the official currency of Norway. One krone is divided into 100 øre. The plural of krone is kroner. In April 2010, the Norwegian krone was the 13th most traded currency in the world.
Banks in Norway rely on SWIFT codes to facilitate incoming overseas money transfers. As a result, if you wish to send money to a Norwegian bank account, you will need the bank’s SWIFT code. The corresponding table lists SWIFT codes of some prominent banks in Norway.
Popular Currency Corridors
When it comes to cross-border remittances, considerably more money flows out of Norway than into the country. In 2016, over U.S. $2.17 billion was sent as remittances from Norway to other countries. During the same period, U.S. $593 million was sent as remittances to Norway from different parts of the world.
The corresponding table shows you how much money moved across popular incoming and outgoing currency corridors during 2016. The numbers are listed in American dollars.
How Do I Compare Companies When Sending Money to Norway?
Start by looking for companies according to where you live. Then, compare the ones that let you transfer money to Norway across the following parameters.
- Cost of the transfer. How much your transfer costs depends on the fees you end up paying and the exchange rate you get. You might come by a seemingly great exchange rate accompanied by a steep fee, and the reverse holds true as well. An easy to way find the cheapest way to send money to Norway is to look at how much money the recipient will receive at the end of the process.
- Speed. Transfers to Norwegian bank accounts may take up to six working days. The actual turnaround time depends on where you live, the service provider you select, and the speed at which the receiving bank processes the transfer. If you are looking for the fastest way to send money to Norway, consider transferring it to a cash pickup location because these transfers tend to process almost straight away.
- Payment methods. You may select any service provider if you want to pay through a bank account transfer. Not all companies let you pay using credit or debit cards, although a few even accept payments via region-specific methods such as SOFORT, iDEAL, and POLi.
- Customer service. Some of the leading overseas money transfer companies provide local phone support in different countries. Several offer online chat support, and most let you get in touch via email. Websites such as Trustpilot and Feefo give you an easy way to determine where these companies stand when it comes to customer reviews.
How to Transfer Money to Norway?
You may initiate the process of sending money to Norway depending on the medium you find most comfortable.
- Online. Several banks let you wire money to Norway online, although you might want to compare them with the top money transfer companies. This is because the latter tend to do better when it comes to cost effectiveness, speed, and customer service.
- Over the phone. Some companies let you transfer money to Norway over the phone, and you may even get access to a dedicated currency dealer if required.
- In-person. There is a good chance that your local bank will let you send money to Norway in person. However, given the cost effectiveness factor, you might be better off using the services of money transfer companies that operate out of physical locations or have agent networks.
Andreas had to relocate to the United States because of work. Since he planned to return in a couple of years, his wife and children continued living in Norway. While his wife had a job, he decided to keep sending her some money so the family could maintain the same lifestyle as before. Turning to an American bank to carry out the transfers was an option, but he decided to compare all his alternatives. This is how the top bank and money transfer company stood head-to-head.
|Bank||Money Transfer Service|
|Exchange rate||$1 = NOK 7.4340||$1 = NOK 7.6235|
|Amount received for $2,000||NOK 14,756.49||NOK 15,247.00|
|Transfer time||2 to 6 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||NOK 490.51|
Andreas had more to gain by turning to the money transfer company than a better exchange rate, lower fees, and a quicker turnaround time. The company he selected let him lock in exchange rates whenever he found them to be favorable, and he could also schedule his transfers in advance.
Cash Pickup Locations in Norway
If the recipient does not have a bank account, or if you want to send money to Norway as quickly as possible, consider using the services of companies such as Western Union, MoneyGram, or Ria. These companies have extensive agent networks across Norway.
|Western Union in Norway|
|Oslo World Net Telecom Storgata 24 Oslo||Forex Jonas Lies Gt4 Lillestrom|
|Bergen Mommona Kaffeteria Olav Kyrres Gate 28 Bergen||Weirah Net Baneveien 1 Bergen|
|MoneyGram in Norway|
|Oslo MoneyGram Store Storgata 26 Oslo||Kaah Express Storgata 34C Oslo|
|Bergen Mommona Kaffeteria Olav Kyrres Gate 28 Berge||Weirah Net Baneveien 1 Bergen|
Safety Tips for Picking Up Cash in Norway
Levels of crime in Norway are typically low, although you should exercise basic precautions. Instances of petty crime such as bag snatching and pickpocketing in and around Oslo, at airports, and at train stations tend to increase during the tourist season, between May and September. Remain vigilant when walking after dark, and avoid shortcuts and poorly lit or desolate streets.
What Information Do I Need to Transfer Money to Norway?
The information you will need depends on the transfer method you choose.
- Transfer to bank account. The information you need includes the recipient’s complete name, a bank account in the same name, the name of the receiving bank, and the receiving bank’s SWIFT code.
- Transfer to cash pickup location. You will need the recipient’s complete name and the location of a cash pickup center from where the recipient will collect the transferred money. The recipient will need to present a transaction number and an acceptable form of ID to get the money.
Regulations When Transferring Money To and From Norway
Norges Bank (the central bank of Norway) watches over the country’s payment systems to maintain stability in its financial sector. There are no currency restrictions in place, which gives you the ability to send money to and from the country freely.
If you have more than NOK 25,000 when entering Norway, you need to declare it to the country’s customs authorities.
To transfer more than NOK 25,000 out of the country, you need advance approval from the Norwegian Customs, and you need to carry out the transfer using an approved bank or money transfer company. Failure to comply may lead to temporary confiscation of the excess currency, a significant fine, and even arrest.
When you want to send money to Norway the next time, make sure you compare the leading money transfer companies across different parameters. If you wish to save even more money, look for ongoing promotional offers.
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