Norway's economy runs on kroner. Every year billions flow into the country from abroad. Expats, freelancers, and businesses sending money to Norway face hidden costs. Transfer fees and poor exchange rates can erase 5% of your money. Smart senders use specialized services instead of traditional banks.
How International Money Transfers Work
Money moves through correspondent banking networks. These networks add layers of fees. Banks often mark up exchange rates by 3-4%. This markup is invisible to most customers. A 10,000 euro transfer could lose 400 euros before arrival. Digital platforms cut out middlemen. They use direct currency purchases at interbank rates. Wise (formerly TransferWise) pioneered this model. It shows the exact fee upfront. Customers see the real exchange rate with a small transparent charge.
Top Services for Sending Money to Norway
Compare three leading options. First, Wise charges 0.5% on average for euro to krone transfers. Transfers usually complete within one business day. Second, Revolut offers free transfers during weekdays. Weekend transfers add a 1% fee. Revolut works best for smaller amounts under 10,000 euros monthly. Third, OFX provides large transfer services. It offers locked exchange rates for amounts over 10,000 euros. OFX assigns a personal dealer for complex transfers.
Avoiding Common Transfer Mistakes
Never use your home bank's standard international transfer. Banks like HSBC or BNP Paribas add high fees. Check if the recipient's Norwegian bank charges incoming fees. DNB and Nordea sometimes deduct 75 kroner from incoming transfers. Always compare the total received amount. Use comparison tools like Monito or SaveOnSend. These sites show real-time costs across 20 providers. For regular transfers, set up scheduled payments. Most platforms allow monthly automation. This saves time and secures consistent rates.
Timing Your Transfers for Best Rates
Currency markets fluctuate daily. The krone moves against major currencies. Transfer 10,000 dollars on Tuesday versus Thursday. The difference could be 500 kroner. Use rate alert tools. XE Currency app sends notifications when rates hit targets. Avoid transferring on weekends or holidays. Markets close and rates become less favorable. Consider splitting large transfers. Send half now and half next week. This averages out rate volatility. Norwegian kroner often strengthens in autumn. Plan larger transfers before seasonal shifts.
Frequently Asked Questions
What is the cheapest way to send money to Norway?
Wise typically offers the lowest costs for amounts under 50,000 kroner. Its average fee is 0.5% with real exchange rates. Compare specific amounts on Monito.com for exact pricing.
How long do transfers to Norwegian banks take?
Most digital transfers complete in 1-2 business days. Traditional bank wires take 3-5 days. Delays happen during Norwegian holidays like Constitution Day (May 17).
Are there limits on sending money to Norway?
No government limits exist on incoming transfers. Providers set their own limits. Wise allows up to 1 million kroner per transfer. Revolut Business permits 250,000 kroner monthly.
Do I need a Norwegian personal number to receive money?
No. You only need the recipient's bank account number (kontonummer) and SWIFT/BIC code. The money arrives without identification requirements.
What documents are needed to send large amounts?
Transfers over 100,000 kroner require source of funds documentation. Prepare salary slips, invoices, or sale agreements. Providers verify these within 24 hours typically.
Can I send money to Norwegian savings accounts (BSU)?
Yes. Use the regular account number. Note that BSU accounts have annual deposit limits (27,500 kroner in 2025). Exceeding limits triggers tax complications.
How do taxes affect international money transfers?
Norway does not tax incoming transfers. The sender's country might impose taxes on large outgoing amounts. Consult a tax advisor for transfers exceeding 500,000 kroner.