How to open a bank account in Norway
Opening a bank account in Norway may sound like a daunting task, but it really isn’t that difficult if you follow the right steps. This guide on how to open a bank account in Norway will take you through the process and help you choose the right bank.
Before we get into all the steps and documentation that you will need to open a Norwegian bank out, Let’s talk about some of the features and benefits of a Norwegian bank account.
What do I get with a Norwegian bank account?
There are many ways to manage your money here in Norway. You can pay bills directly, withdraw cash from an ATM, or transfer money to and from other accounts. Also in Norway, a bank for withdrawing and depositing funds is also called bankkonto. What features does a bankkonto offer a new account user?
Well, Norway is part of the European Economic Area (EEA) which means you will provide an IBAN (International Bank Account Number). An IBAN allows to transfer and receive money free from charges and fees from any country with the European Union.
Also with an IBAN, you can send funds between other accounts in the SEPA Euro payment Area (SEPA). We have an article on the SEPA and IBAN account in our blog post, so take a look for more information on both services.
Another thing you can be happy about with Norwegian banks is the fact that they are very modern. Most banks have a mobile app that helps you transfer and send money in a matter of seconds. You can also manage your funds directly from the app without having to go to the bank's physical location.
What do you need to open a Norwegian Bank Account?
When it comes time to open an account, you can fill out the paperwork online and then visit your local branch. You’ll need identification and proof of address, such as your passport or driver’s license and a utility bill (such as telephone or internet). The process generally takes less than 30 minutes.
If you plan on withdrawing money while visiting Norway, remember that many banks will have different fees for currency withdrawals if you’re not from Norway. For example, Norwegian banks charge kroner 200 for each withdrawal up to kroner 10,000 from outside of Europe. There are also ATM fees associated with international withdrawals. If you're going to be working there for more than three months, it's important that you get yourself set up with these things.
Some other documentation that would be good to have in hand when visiting the bank includes:
Photograph for a passport
- D-Number, or Norwegian National Identity Number
- Proof of Norwegian residence (utility bill or rental contract)
- Proof of employment or enrolment in a school
These documents are good to have in hand, as the documentation needed to open an account differs from bank to bank.
Alternative Banking option in Norway
If you are looking to open an account in Norway but want to skip all of the process and documentation needs we have stated above. There are a number of mobile and online banks in the European union providing bank account with IBAN accounts and facilitating SEPA transfers.
Some of those mobile banks include:
Open an account with Transferwise and transfer money abroad. If you’re moving abroad, setting up your new life can be complex, particularly if you’re going to be working or studying abroad. That’s where TransferWise can help. TransferWise is a leading provider of international transfers and currency exchange that allows you to save up to 90% on international transfers.
The online bank also provides different bank account with IBAN and SEPA transfers. You can also get a business bank account with Wise.
The internet and smartphone technologies have completely redefined what it means to be a modern consumer. With N26’s app-only banking model, you don’t have to go into any branches to open a Norwegian bank account or deal with paper checks (though there is free transfer money between people through N26 ). Plus, thanks to recent changes announced by German authorities, opening an N26 account isn’t as difficult as it used to be.
You can do pretty much any operations that you would need to do in Norway with an N26. In addition, N26 has different accounts to choose from and the standard account provided is absolutely free.