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.
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.
Why You Shouldn’t Use Your Bank
The first idea most people have is to simply call their bank and arrange an international money transfer. However, 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%. However, that’s not the only benefit. It also 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:
After you’ve watched the video, sign up for an account at Currency Fair to see how much you can save.
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.
Does one need a bankaccount in Norway to use Currency Fair?
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.