How to Send Money from Norway

In this article, you’ll find out how to send money from Norway to other countries within and outside of the European Economic Area (EEA). 

If you are looking for portable customized investment solutions for expats, which is what I specialize in, you can contact me by filling out this form, email me (advice@adamfayed.com) or use the Whatsapp feature.

In most cases, it makes sense for expats to invest money while living abroad rather than sending money home to buy houses and invest in their home country.

This is due to taxes and other reasons. In some cases, governments such as the UK government may even classify you as a local tax resident if you strengthen your “ties” to the country.

This article will be updated regularly, but there are times when the information is out of date and should not be construed as legal, tax or financial advice.

Introduction

Norway, officially known as the Kingdom of Norway, is a country in northern Europe. Together with Sweden and Finland, it makes up the Scandinavian Peninsula. It is governed by a constitutional monarchy with King Harald V as the head of state and Prime Minister Jonas Gahr Støre as the head of government. 

The country has a GDP per capita of $65,800 with an economy that is considered one of the freest in the world. Transactions are performed in its official currency, the Norwegian krone (NOK). Citizens enjoy a high quality of life with sufficient access to health, education, employment, and recreation.

If you intend to move or have already established a residence, how to send money from Norway is one of the situations in which you’ll find yourself. Because of this, we’ve listed down a couple of options that provide competitive offers for this purpose.

How to Send Money From Norway

1. TransferGo

TransferGo supports international and local transfers in 63 different countries. They offer three different types of money transfer services, which vary depending on the processing time and transfer fees. In general, a money transfer completed within 30 minutes costs 29.99 NOK. Longer processing times are priced cheaper at 19.99 NOK for a same-day transfer and 10.99 NOK for a next-day transfer. A maximum amount of 10,000.00 GBP (121,930.91 NOK) per transaction can be sent when paying by credit or debit card. 

For example, sending 10,000 NOK to the USA will cost 14.99 NOK. With an exchange rate of 1 NOK = 0.10104 USD, the recipient will get $1,010.40 USD by the next day. If the transfer is not urgent, then you can opt to pay 9.99 NOK instead. The recipient will get the money two days after it is sent. 

  • Payment methods: bank transfer, credit card, debit card, Google Pay, Apple Pay
  • Receiving methods: bank account
  • Transfer fee: 10.99 NOK – 29.99 NOK 
  • Transfer time: within 30 minutes or up to the next day

2. Wise

Wise offers a competitive money transfer service using the mid-market exchange rate to almost all countries in the world. Users can avail of a fast transfer, an easy transfer, or a low cost transfer. In general, sending money from Norway will be charged a fixed fee plus a specific percentage of the amount to be sent. The maximum amount that can be transferred is 11.5 million NOK.

Fees charged by Wise for money transfers from Norway to the USA.

Sending 10,000 NOK from Norway to the USA through Wise will cost 67.42 NOK for a fast and easy transfer. With an exchange rate of 1 NOK = 0.101394 USD, the recipient will get $1,007.10 USD. A low cost transfer is around 30% less, with a price of 51.53 NOK. As the sender, you will pay 10,000 NOK. This is because the transfer fee is deducted from the amount to be sent.

  • Payment methods: bank transfer, credit card, debit card
  • Receiving methods: bank account
  • Transfer fee: fixed fee plus a percentage of the amount to be sent
  • Transfer time: instantly or up to 2 working days 

3. Small World

Small World is a money transfer service that has gained the trust of its 15 million customers worldwide. The transfer fee and receiving method will largely depend on the country of the recipient. But your first online money transfer with them is free of charge. Regular rates apply thereafter. When paying by a bank card, there is a maximum amount of 20.000 NOK per transaction.  

When sending 10,000 NOK from Norway to the USA, a 30.00 NOK fee will be charged. With an exchange rate of 1 NOK = 0.0995 USD, the recipient will get $995.23 USD, either through their bank account or cash pickup. As the sender, you will need to pay 10,030.00 NOK to initiate the transfer. 

  • Payment methods: bank transfer, credit card, debit card, mobile top-up
  • Receiving methods: bank account, cash pickup, airtime top-up, mobile wallet
  • Transfer fee: depends on the receiving country
  • Transfer time: instantly or within the day

4. CurrencyFair

CurrencyFair offers fast and secure online international payment and foreign exchange services in more than 150 countries and 20 currencies. Transfer fees are fixed at 3.00 EUR, or its equivalent. They also add a 0.45% markup to the foreign exchange rate. This makes them 8 times less costly than the use of similar services from banks.

How to send money from Norway: CurrencyFair offers an affordable international payment service
CurrencyFair charges a fixed fee and an exchange rate markup for money transfers.

Sending 10,000 NOK from Norway to the USA will be charged $4.00 USD. With an exchange rate of 1 NOK = 0.10105 USD, the recipient will get $1,006.50 USD. The transfer fee is already included in the money sent. Because of this, the sender will pay an exact amount of 10,000 NOK in this particular situation. The minimum amount that can be quoted is 65 NOK, while the maximum amount is 50 million NOK.

  • Payment methods: bank transfer
  • Receiving methods: bank account
  • Transfer fee: 3.00 EUR, or its equivalent
  • Transfer time: 0-1 business days 

5. WorldRemit

WorldRemit supports transactions in 70 currencies throughout 130 countries worldwide. Transfer fees and receiving methods will be determined by where the money will be sent to. In general, they charge a fixed fee on top of the amount to be transferred. 

For example, sending 10,000 NOK from Norway to the USA will cost 39.00 NOK. With an exchange rate of 1 NOK = 0.10045 USD, the recipient will get $1004.50 USD in their bank account by the next working day. As the sender, you will need to pay a total of 10,039.00 NOK to proceed with the transfer. In this situation, the amount that you pay should not exceed 400,000.00 NOK. This means that the most that you can send is the aforementioned maximum amount minus the transfer fee.

  • Payment methods: credit card, debit card, prepaid card, Trustly 
  • Receiving methods: bank account
  • Transfer fee: fixed fee, depending on the receiving country
  • Transfer time: instantly or up to 2 working days 

6. Local Bank Account 

Traditional and digital banks can also be utilized when sending money from Norway. The top traditional banks in the country are Bank Norwegian AS, DNB Bank, and Handelsbanken. On the other hand, digital banks that operate in the country are Bunq, Revolut, and N26. Doing so provides the convenience of doing transactions with just one account. 

Conclusion

How to send money from Norway isn’t much of a challenging feat. There are a multitude of ways to do so that can be completed without getting up from your chair. The information presented above is based on a simulation of a money transfer as of this writing. Fees, exchange rates, and other details are subject to change. Because of this, the best way to determine the specifics of the transfer is to head on over to the sites themselves.

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