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International Money Transfers

Norwegian money

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.

Stop!

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:

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About the Author: David Nikel

Originally from the UK, David now lives in Trondheim and was the original founder of Life in Norway back in 2011. He now works as a freelance writer for technology companies in Scandinavia.

3 Comments

  1. Glad I came across this post. I am moving next year to Oslo and was trying to figure out if I should use a bank transfer to move my savings. CurrencyFair it is then.

    Thanks.

    P.S. Just listening to your first podcast too.

  2. How about PayPal? If you first transfer money into your PayPal account so there is a balance there, then the cost of then sending it abroad is pretty low.

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