Send money to NorwayThinking about buying a house in Norway? Then an international money transfer is probably high on the horizon. You can even transfer money to family and friends who live in Norway or for your business there. And if you’re not familiar with what to do, then read on, we’ll give you a quick sticks break down on the procedure and even a few tips.
You travelling to Norway for a holiday? Then it’s a good idea to read up on Mozo’s Travel Money section. There you see great information on transferring Australian money to Norwegian krone, even what you need to know about the most suitable travel cards and exchange rates.
How do I actually transfer money to Norway?
First step to transferring money to Norway is to have your recipient's bank ID numbers and their account details on stand-by. Without these, you won’t be able to make a transfer. Secondly, work out how much you want to send. Thirdly, choose between a bank or Special FX. If you’re still not sure, read on to find out more:
|Financial Agent Type||Pros||Cons|
| Banks |
Where you safely keep your money.
|Names and brands that you regularly use and trust.||Higher transfer fees than other IMT providers. Limited service - only available during business hours.|
| Specialist FX |
Or Foreign Exchange Specialist transfer funds and exchange foreign currencies everyday. Companies like: CurrencyFair, HiFX, OzForex etc.
|Quick and safe international money transfer, costs less than banks. More flexible - transfer funds 24/7.||Since currencies change everyday, trading Australian dollars for krone may vary from one day to the next.|
International Money Transfer Tip:Want to double check if the BIC or SWIFT code is correct? Visit http://www.swift.com/bsl to check your numbers if you’re uncertain.
Is wiring money to Norway risky?Unfortunately anything you do online can be risky if you don’t take precautions. Before transferring money online, shopping, posting updates on social media pages or doing your regular online banking, you need to:
- install the latest anti-virus software like McAfee
- download the latest updates your PC or mobile.
Can I make a one-off transfer to Norway?Of course. You can make a one-off transfer, and you can make multiple international money transfers. It’s really up to you how many or little times you transfer money across. If it is multiple however, you may want to check with your IMT provider if they can sort out a better deal for you.
How do I compare IMT providers?We know you’re busy, which is why we’ve taken the time to compare as many IMT providers for you. Don’t worry. It wasn’t hard for us. We love what we do!
Just remember - your overall fee will depend on the rate you choose. So if you’re transferring a large sum, then you’ll appreciate securing the smallest rate available. But there’s more than just rates to weigh up. Here’s a quick summary of what you need to be aware of:
- Limits: Some providers have minimum amounts that you need to transfer, others don’t have any minimums. Compare the transfer amount requirements as a starting point to which direction you’ll take.
- Rates: The smallest difference between rates can make a real impact on the overall fee paid, especially when you’re transferring a large amount. So do your sums before choosing an money transfer provider.
- Transfer speed: Some IMT providers will promise immediate transfers and others may promise up to 8 days. The real transfer time depends on many factors. You can be certain that funds will take probably 3-5 business days to clear before your recipient can see the money in their account.
- Fees: There are some providers who will charge anything from zero to $40 to begin your currency exchange and transfer to Norway. You want to secure the best deal, because the more transfers you make, the more fees you pay in the end. It adds up!
- Online vs phone or in person: You’ll find that online IMTs offer the best in terms of fees and charges. They're currency rates are pretty competitive too. The best thing about going about your business online? Flexibility. Available 24/7 from the comfort of your desk, or anywhere!
How do I set up an international money transfer?Have you decided which path to take yet? Online, in person or over the phone? Working this out first, will determine your best next steps.
- Will you be logging on to your online bank account or app?
- Visiting a branch?
- Filling out a form online?
- 1. Full name and address of the recipient’s bank
- 2. Recipient's name, address and account name
- 3. Account number or International Bank Account Number (IBAN)
- 4. SWIFT/BIC code of your personal account you're transferring funds from
- 5. Amount you would like to send.
IMT must-know terminologyBIC - Bank Identification Code
SWIFT - Society for Worldwide Interbank Financial Telecommunication IBAN - International bank account number Recipient - The person or party who receives the money being transferred IMT - International money transfer IMO - International money order.