Send money to Norway
Thinking about buying a house in Norway, or transferring money to family or friends who live there? Or perhaps you’re a business owner who needs to make payments to overseas staff based in Norway. Whether it’s personal or corporate related, there are plenty of reasons why you may need to make an international money transfer (IMT). If this is your first time and you’re not familiar with what to do, then read on for a breakdown of the process and even a few tips.
Alternatively, if you’re planning a trip to Norway in the future, then it’s a good idea to read up on Mozo’s Travel Money section. There you’ll find information on transferring Australian dollars (AUD) to Norwegian krone (NOK), even what you need to know about the most suitable travel cards and exchange rates.
FAQs about transferring money to Norway
How do I actually transfer money to Norway?
The first step to transferring money to Norway is to have your recipient's bank ID numbers and their account details on stand-by. The second is to work out how much you want to send. Then once you’ve figured those out, it’s time to choose which provider you’ll transfer money with. Banks and foreign exchange (FX) specialists are the two most common types of IMT agents in Australia, each with their own pros and cons.
|Financial Agent Type||Pros||Cons|
Where you safely keep your money.
|- Convenient - no need to create a separate IMT account |
- Option to transfer money at the branch
|- Typically less competitive exchange rates and fees than FX specialists|
- In-branch services limited to business hours
|Foreign Exchange Specialist |
As their name suggests, FX specialists are experts in transferring funds overseas and exchanging foreign currencies, as these are the main focus of their business. Companies include: OFX, TorFX, WorldFirst, SendFX, Transferwise, etc.
|- Generally costs less than a bank|
- Just as safe - all FX specialists featured on our site are ASIC-regulated
- Access to IMT tools like limit orders and forward contracts to reduce your FX risk
- More flexible - transfer funds online 24/7
|- Some specialists may have minimum transfer limits that don’t suit you|
- No physical branches so you’ll need to be okay with remote customer support
How do I compare IMT providers?
When deciding which specific IMT provider to pick, one of the most important things you’ll need to look at is exchange rates, as even the smallest difference in rates impacts how much Norwegian Krone you would receive from the same amount of Aussie dollars sent.
But there’s also more than just rates to weigh up. Here’s a quick summary of what else you need to be aware of:
- Transfer fees: In addition to the exchange rate, IMT providers may also charge a fee for each transaction, which could range from $0 to $32. The more transfers you make, the more fees you’ll end up paying. So if you’re planning on making regular transfers to Norway, it would be wise to pick a service with minimal fees.
- Transfer limits: Some providers have high minimum limits of up to $10,000, whereas others may cap the maximum amount you’re allowed to transfer in one go. So be sure to choose a provider that caters for how much you want to send.
- Transfer speeds: How urgently are you looking to send money to Norway? While some IMT providers may promise near instant transfers to certain countries, typically it could take between 1-5 business days for your funds to clear and for your recipients to see the money in their account. The good news is a number of FX specialists do offer real-time tracking so you’ll be able to see where your money is at all times and receive updates on its expected arrival time.
- Online vs phone vs in person: There are a number of ways you can transfer money - at a branch (only available with some banks), over the phone or online. However each method will vary in fees - for instance, online will usually be cheaper than in-branch services.
Is it safe to send money to Norway online?
As risky as the internet may sometimes seem, there certainly are secure ways of sending money overseas online. The safety of your IMT ultimately comes down to a couple of factors:
- Firstly, have you picked a reputable IMT provider? Ensure they’re properly licensed with domestic government bodies (ASIC and AUSTRAC), offer good customer service, and are well-rated on major review sites like Feefo and TrustPilot.
- Secondly, have you taken personal precautions to protect your information? This includes steps like creating a strong password, installing the latest anti-virus software, and downloading the most recent updates for your PC or mobile phone.
Can I make a one-off transfer to Norway?
Of course. Most IMT providers will allow you to make both one-off and multiple transfers, although minimum or maximum limits may apply. If you’re planning on multiple transfers however, you may also want to check with your IMT provider to see if they can sort out a better deal for you. For instance, becoming a regular customer and sending above a certain amount could earn you benefits, like lower commission fees and waived transfer fees.
How do I set up a money transfer to Norway?
Decided on which path to take? Whether you’ll be signing up with an online FX specialist or visiting a bank branch in person, some crucial pieces of information you’ll need for a successful transfer to Norway include:
- Recipient's name, address and account details
- Their bank’s name and address
- Their bank’s SWIFT/BIC code - this is a 8 or 11 digit codes that identifies banks around the world
- Details of your own account from which money will be withdrawn for the transfer
- Amount you would like to send
- Your sending and receiving currency (in your case, it would be AUD and NOK)
Ready to make a transfer to Norway? Look below for a snapshot of today’s exchange rate offers, or head on over to our international money transfers hub to weigh up even more providers.