International Money Transfers to/from Norway

The cheapest way to transfer money to or from Norway is not with your bank. Various services exist to facilitate such transfers, and they’re quick and cheap. Here’s how they work.

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Every year, thousands of newcomers to Norway face the same question: What’s the best way to transfer my savings into a Norwegian bank account?

Usually, it’s a one-off lump sum to cover initial living expenses, housing deposits, or just to tide you over until your salary kicks in.

Meanwhile, expats already living in Norway often need to send money back home, perhaps for a mortgage, student loans, or to support family members.

In both cases, saving money on the transfer means more in your pocket.

Why You Should Avoid Using Your Bank

Most people’s first instinct is to go through their bank. It feels convenient and secure—but that decision could cost you a lot.

👉 Open a free CurrencyFair account here to see live exchange rates and calculate your potential savings.

Traditional banks typically hit you in two ways:

1. Poor exchange rates – Banks often add a margin of 3–6% on top of the real (mid-market) exchange rate.
2. High transfer fees – On top of the bad rate, you’ll likely pay a flat transfer fee that can be as high as €30 or more.

To put that into perspective: If you're transferring €10,000 to Norway, you could lose up to €500 in hidden costs.

Specialist Services Offer Better Value

The good news? There are reliable services designed specifically for international transfers that offer much better rates and lower fees. These are safe, regulated companies that move money digitally, cutting out the middlemen.

CurrencyFair: A Trusted Favourite

CurrencyFair is one of the best-known services for expats in Europe, including many of our readers. It’s especially good for larger one-off transfers, like moving your savings to Norway.

• Lower fees: Typically under 1%, including exchange margin.
• Better exchange rates: Often significantly better than high-street banks.
• Fast: Transfers usually arrive within 1–2 business days.
• Safe: CurrencyFair is regulated and trusted by thousands of customers.

Example: Transfer €10,000 to Norway via CurrencyFair and you could end up with NOK 2,000–2,500 more in your Norwegian account compared to using a bank. It's as simple as that.

👉 Open a free CurrencyFair account here to see live exchange rates and calculate your potential savings.

Other Transfer Options

Formerly known as TransferWise, Wise is another excellent choice, particularly for smaller, regular transfers (e.g. sending part of your salary home each month).

• Transparent pricing: You always see the real exchange rate.
• Low fees: Fixed, upfront cost per transfer.
• Easy to use: Clean mobile app and fast sign-up.
• Multi-currency account: You can hold balances in multiple currencies, including NOK.

PayPal is fast and widely known but comes with high fees and poor exchange rates. It's best avoided for large transfers.

Revolut can be a good option if you already use it, but it's more suited for spending in foreign currencies than for large international bank transfers.

Things to Keep in Mind

When transferring money internationally, always consider:

• Exchange rate used: Is it the real mid-market rate or with a markup?
• Fees: Flat fees and percentage-based fees can add up.
• Transfer speed: Some services are instant, others take a couple of days.
• Country coverage: Make sure your home country is supported.
• Transfer limits: Particularly for large one-off amounts.

International money transfers are a part of life for anyone moving to or from Norway. But there’s no reason to give away hundreds of kroner in fees every time.

By switching from your bank to a specialist transfer service like CurrencyFair or Wise, you’ll keep more of your money, whether it’s a one-time lump sum or a regular payment.