Warning: The cheapest way to transfer money to or from Norway is not with your bank!
We get a lot of queries from foreigners about to move to Norway asking what is the cheapest way to transfer money to Norway when they move. Plus, we get just as many questions from expats already living here, wanting to know the cheapest way to send money back home from Norway.
The most typical scenario involves a one-off transfer of significant savings from your home country to your new Norwegian bank account. This is the money you plan to use for a house deposit, and for living expenses until you have found a job and/or your salary is paid.
The first idea most people have is to simply call their bank and arrange an international money transfer.
We don’t recommend making a direct transfer between bank accounts in different countries.
Although it's relatively easy, you are hit in two ways: transfer fees and an inferior exchange rate. Depending on the countries involved, banks can make up to 6% margin on the exchange rate, as well as charging a high fee.
The Fair Alternative
We highly recommend Currency Fair as a safe, cheap way to transfer money to and from Norway.
Whereas, banks can charge in the region of 2-4%, Currency Fair charges less than 1%, AND gives you a much better exchange rate.
When transferring USD $10,000 to Norway, Currency Fair can secure you an extra 2,240kr when compared to a typical bank. That's money that will cover a set of good quality winter clothing, or a return flight from Oslo to one of Norway's most exciting destinations.
It's basically free money, and once you've discovered how easy it is to transfer money with Currency Fair, you'll never turn to your bank again!
How It Works
Check out this video to see exactly how the process works: