The Norwegian krone (NOK) is the official currency of Norway. One krone is divided into 100 øre. The plural of krone is kroner. In April 2010, the Norwegian krone was the 13th most traded currency in the world.
Banks in Norway rely on SWIFT codes to facilitate incoming overseas money transfers. As a result, if you wish to send money to a Norwegian bank account, you will need the bank’s SWIFT code. The corresponding table lists SWIFT codes of some prominent banks in Norway.
Andreas had to relocate to the United States because of work. Since he planned to return in a couple of years, his wife and children continued living in Norway. While his wife had a job, he decided to keep sending her some money so the family could maintain the same lifestyle as before. Turning to an American bank to carry out the transfers was an option, but he decided to compare all his alternatives. This is how the top bank and money transfer company stood head-to-head.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||$1 = NOK 7.4340||$1 = NOK 7.6235|
|Amount received for $2,000||NOK 14,756.49||NOK 15,247.00|
|Transfer time||2 to 6 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||NOK 490.51|
Andreas had more to gain by turning to the money transfer company than a better exchange rate, lower fees, and a quicker turnaround time. The company he selected let him lock in exchange rates whenever he found them to be favorable, and he could also schedule his transfers in advance.
If the recipient does not have a bank account, or if you want to send money to Norway as quickly as possible, consider using the services of companies such as Western Union, MoneyGram, or Ria. These companies have extensive agent networks across Norway.
|WESTERN UNION IN NORWAY|
|Oslo World Net Telecom Storgata 24 Oslo||Forex Jonas Lies Gt4 Lillestrom|
|Bergen Mommona Kaffeteria Olav Kyrres Gate 28 Bergen||Weirah Net Baneveien 1 Bergen|
|MONEYGRAM IN NORWAY|
|Oslo MoneyGram Store Storgata 26 Oslo||Kaah Express Storgata 34C Oslo|
|Bergen Mommona Kaffeteria Olav Kyrres Gate 28 Berge||Weirah Net Baneveien 1 Bergen|
Levels of crime in Norway are typically low, although you should exercise basic precautions. Instances of petty crime such as bag snatching and pickpocketing in and around Oslo, at airports, and at train stations tend to increase during the tourist season, between May and September. Remain vigilant when walking after dark, and avoid shortcuts and poorly lit or desolate streets.
The information you will need depends on the transfer method you choose.
Norges Bank (the central bank of Norway) watches over the country’s payment systems to maintain stability in its financial sector. There are no currency restrictions in place, which gives you the ability to send money to and from the country freely.
If you have more than NOK 25,000 when entering Norway, you need to declare it to the country’s customs authorities.
To transfer more than NOK 25,000 out of the country, you need advance approval from the Norwegian Customs, and you need to carry out the transfer using an approved bank or money transfer company. Failure to comply may lead to temporary confiscation of the excess currency, a significant fine, and even arrest.