Trying to find a good deal for sending money to Norway? You’re in luck because there’s a world of options out there. And the best part is, you can access all those options in one place - Mozo’s free exchange rate calculator below! Simply plug in the amount of money you’re looking to transfer and let us calculate the best Norwegian Krone exchange rates available for you right now.
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If you’re still debating between some of the options listed above, you can do two things -
Option 1: Click on the ‘More info’ button on the exchange rate calculator for a detailed explanation on the shortlisted provider’s key features, transaction limits, additional charges and transfer speed. This will help you understand the fine print and conversion process a little better so you can make a more informed choice.
Option 2: Read our guide below for a broader understanding of the best ways to send money to Norway. We’ll run you through the varying providers and their related costs based on your needs.
So you decided to go with option 2. Let’s start our guide with the most obvious question - how will the money travel from your bank account in Australia all the way to the recipient’s bank in Norway? The quick answer is that you’ll need to pick a provider that’s offering the best NOK (Norwegian Krone) exchange rates, double check on any hidden costs, set up an account with them after you’re satisfied with the offer, confirm the amount of money you’re sending and book your deal!
Now, let’s dive a little deeper into the process.
Have you thought about the different kinds of IMT providers you can choose from? Take a look at your main options with their pros and cons.
Banks. When looking for options to send money overseas, most people are tempted to skip the research and set up a quick transfer with their bank. It is afterall, a trusted name that you’re used to dealing with. While this is a major advantage, if you’re after the cheapest deal, this may not be your best bet. That’s because banks generally apply a bigger margin on the exchange rate and charge a higher transfer fee compared to money transfer specialists.
Online IMT specialists. These are companies that focus solely on international money transactions and are known to offer competitive exchange rates at a low fee. Even if you’ve never heard of the company before, as long as it’s regulated by ASIC, you can rest assured they’ll handle your money safely.
Peer-to-peer platforms. If you need to send a small amount of money to Norway, you should consider going with a peer-to-peer platform, because these generally don’t have a limit on the minimum amount of money you can transfer and charge a lower fee compared to banks. So say you want to send $150 to your aunt in Bergen, if you use a peer-to-peer platform like TransferWise, you’ll only pay a $2 transfer fee. Now compare this with a major bank, that’ll charge you around $30 for making the transfer at a branch!
Talking of comparisons, here’s a case study that’ll help you understand the difference between the three options.
Scenario: Banks vs IMT specialists vs peer-to-peer providers
Alex is an Aussie citizen who’s moving to Oslo for two years on a project. He wants to make an online transfer of $30,000 to an account in Norway to help him get started with things like rent and utilities before his salary kicks in. For picking a provider to send the money, he uses Mozo’s exchange rate calculator above to compare the best deals from a big bank, an IMT specialist and a peer-to-peer platform. Here’s what he found:
|Fees and features||Major bank||IMT specialist||Peer-to-peer provider|
|NOK exchange rates||5.9279 NOK||6.2530 NOK||6.2436 NOK|
|What he’ll get for $30,000||177,718 NOK||187,589 NOK||187,282 NOK|
|Online transfer fee||$20||$0||$4|
|Transfer limits||Subject to daily withdrawal limit||$200 minimum||No transfer limits|
|Transfer speed||1-2 days||1-2 days||1-2 days|
*Data correct as at 6/7/2016
It’s easy to guess who he decides to go with!
At Mozo, we always stress the importance of reading the fine print before signing off on any financial transaction. It may sound a bit tedious, but it’ll be worth it when it saves you some precious dollars at the end of the day.
Here are some of the common fees that you should be aware of:
Extra fee for transferring money in person. Banks generally apply a higher fee for making a transfer at a branch, compared to sending money online. The difference is usually around $12-$14 - so if a bank is charging $20 to send your money online, they’ll charge around $30-$32 for making the transfer in person.
Extra fee for making changes to the booking. If you want to make changes to your booking after you’ve confirmed all the details, you may need to pay an amendment fee of around $25 to the provider. That’s why it’s wise to double check all the details to avoid any unnecessary charges.
Charges from the receiving bank in Norway. Just like your provider may charge a fee to transfer the money overseas, the recipient’s bank may also levy a fee for receiving the Norwegian Kroner into their account.
Now that you know all about finding the best exchange rates and uncovering the hidden fees and charges, you can go ahead and register an account with the provider of your choice. For setting up the transfer they may need the following information:
- Proof of identity, for example, your driver’s licence, medicare card or passport number
- Full name and address of the recipient's bank
- Recipient's name, address and account number
- SWIFT/BIC Code of the recipient’s bank
The final stage from your end will require you to tell the provider how many Aussie dollars you want to exchange, confirm that you’re happy with the exchange rate and then make the payment. After the provider receives your funds, they’ll send the money to the recipient’s bank.
Ready to find the best deal for exchanging your Aussie dollars to Norwegian Kroner? Simply scroll up to the top of this page to get started!