How Non-Residents Open a Bank Account in Norway


The fact that Norway continually ranks among the nations with the highest Human Development Index scores makes news frequently. Its high rankings on lists like the World Happiness Report, the OECD Better Life Index, and the per-capita income of the World Bank are other noteworthy achievements.

Even for non-residents, public universities with no tuition give an alluring prospect for young individuals considering relocating to Norway. Therefore, it is not surprising that both tourists and immigrants are interested in visiting Norway.

It frequently makes headlines that Norway consistently ranks among the countries with the highest Human Development Index ratings. Other notable accomplishments include its high placements on lists like the World Happiness Report, the OECD Better Life Index, and the World Bank’s per-capita income.

Public institutions that charge no tuition, even for non-residents, present an enticing opportunity for young people thinking about coming to Norway. It follows that the desire in visiting Norway among both visitors and immigrants is not surprising.

How do banks operate in Norway?

Although Norway is a part of the European Economic Area (EEA) and has close relations with its European neighbors, it is not a member of the European Union and does not use the Euro (EUR) as its official currency. Instead, it continues to utilize the Norwegian Krone, its native currency (kroner in plural). Because of this, European employees won’t be able to deposit their Krone-denominated salaries using their Euro-denominated bank accounts.

Norwegian bank account types

It will crucial for you to register two common accounts in Norway so that you can receive payment and contribute to taxes owed to the Norwegian government.

A Norwegian bank will allow international investors to open savings accounts. Depositing a minimum of EUR 100 000 in NOK is the requirement set forth by the banks. This requirement is no longer necessary when opening a bank account if you live in Norway.

If you already have a bank ID, you can open a current account at any Norwegian bank without much difficulty in 2022. To obtain an ID number that enables him to open a bank account in Norway, a foreign investor must also get in touch with the Norwegian Tax Administration.


What Paperwork Is Necessary for Norway to Open a Bank Account?

If you are not a citizen of Norway, creating a bank account may require additional paperwork and extra time, unless you are a member of the European Union or are from one of the following nations: the United States, Canada, Iceland, Japan, Switzerland, New Zealand, Singapore. Opening a bank account in Norway should be considered as soon as possible after moving here, especially if you anticipate staying for longer than six months.


The required paperwork for this process must be known by a foreign investor planning to create a bank account with a Norwegian bank in 2022.

The provision of a Norwegian identity number, which can obtain by a foreign investor in two weeks based on the EEA registration or the acquisition of a residence visa in Norway, is one of the most crucial prerequisites. The bank may apply for a national identity number on your behalf if you don’t already have one.

In order to open a bank account in Norway, you must be above 18 and have a current passport. Your 11-digit national identification number must be presented in order to request that a bank open an account.

All Norwegian citizens and residents granting this number since it is necessary to have one in order to pay taxes, start a business, access healthcare, and get social security benefits.

When a foreigner is given a visa to enter the country, they will be given their national identity number.

What is the BankID for Norway?

Norway’s BankID is a digital identification number that is functional across the country and has several uses outside of banking. It will function in all public offices and banks in Norway. You can use it to apply for daycare services, create accounts at different banks, sign papers electronically, register or modify your postal address, and more.

You will require a bank to provide you with a special BankID in order to create a bank account in Norway. When applying for a Norwegian BankID, you must at the very least provide your bank with the necessary paperwork, which is as follows:

Passport in good standing; Norwegian National Identity Number (or D Number); Norwegian address proof (such as a utility bill, leasing agreement, or government form)

Option 1: Opening a Bank Account in Norway with a High Street Bank

Due to their reduced international fees, more seamless user experiences, and lack of physical branches, digital banks have become extremely well-liked and widely used throughout Europe.

Due to their reduced international fees, more seamless user experiences, and a lack of physical branches, digital banks have become extremely well-liked and widely used throughout Europe.

Norwegian Bank AS

Since its establishment in 2007, Bank Norwegian has grown to become one of the biggest financial institutions in both Norway and the Nordic region. It is a digital bank that possesses a complete license from the Norwegian government and is covered by the nation’s deposit insurance program. Bank Norwegian has assets worth 17.5 billion NOK as of 2015.

Sparekonto: You will receive 0.6% interest on your first deposit of krona, which is high by European standards. Once your total deposits reach 250,000 NOK, the interest rate will drop to 0.1%. Completely online applications are accepted, and there are no setup or monthly maintenance fees.

DNB Bank

You can conduct all of your financial business with DNB Bank online and in English:

Internet Banking Current Account: Web-based banking Get a Norwegian IBAN with a current account, plus make domestic and international payments, use loans and credit cards, and trade stocks.
Savings Account: Get free money transfers across DNB accounts, 0.25% interest on your savings, and limitless free withdrawals.

Sparebank 1 SMN

You must show your passport, another form of identification, and your residence permission from Norway when you visit the bank. After that, you must complete an electronic form so that the bank may register your information.

An invitation to return to the bank to pick up significant papers, including your contract with the bank, should arrive in the mail in two weeks. Your account will be opened as soon as you sign the agreement, and your debit card will arrive in the mail.

Current Account: 275 NOK one-time debit card fee, which entitles you to debit transactions both in-person and online. Internet banking offers free domestic payments.

Option 2: Opening a Digital Bank Non-Resident Bank Account

Due to their reduced international fees, more seamless user experiences, and lack of physical branches, digital banks have become extremely well-liked and widely used throughout Europe.



An emerging digital bank calls Lunar only conducts business in Nordic countries. You can use a Lunar bank account and its Norwegian IBAN for anything, from getting your Norwegian paycheck to paying your taxes in Norway, if you have a full bank license in Denmark.

Standard: Get a physical Visa debit card connected to the cutting-edge Lunar app for no monthly fees, and take advantage of a 1.35% interest return on your NOK savings.
Premium: Get all the advantages of ordinary membership for three accounts and three cards for 79 NOK per month with a premium. Get free baggage and accident insurance when you purchase flights and travel with your Lunar card.
Pro: Get your own metal Lunar card with the engraving of your choice for 179 NOK per month. Pro has a total of six accounts, which is helpful if you’re in charge of your immediate and extended families’ finances.



See how you may spend in Norway like a local by looking at a detailed overview of Revolut’s many account offerings:

Standard: The Standard option comes with no upfront expenses, a free debit card, an EU IBAN with no monthly fee, and a UK sort code. ATM withdrawals are free up to 2,000 NOK per month for you. There are no fees associated with currency exchanges of up to 1,000 British pounds into NOK per month.

Plus: Monthly fees for Plus accounts, which include a debit card, are 35.99 NOK. The monthly ATM withdrawal cap is still set at 2,000 NOK, and the monthly currency exchange cap is still set at 1,000 GBP. You get benefits like return protection and round-the-clock customer service.
Premium: Monthly costs for premium accounts are 76.99 NOK, which includes a debit card. Additionally, withdrawals from ATMs up to 4,000 NOK are free.

Metal: Metal accounts have a monthly fee of 139.99 NOK, which includes a debit card. Up to 8,000 NOK in ATM withdrawals are free each month, and there are no fees associated with any additional currency swaps. Additionally, you receive 1% cash back outside of Europe on all purchases and 0.1% cash back within Europe.

Option 3: As a non-resident, open a wise multi-currency account


A Visa debit card and 10 personal bank account numbers are provided to you as part of the cutting-edge current account known as the Wise Multi-Currency Account (including a UK sort code, US account number, and EU IBAN).

The Wise Multi-Currency Account, like Revolut, enables you to keep Norwegian Kroner and make purchases in the nation like a resident. If you’ve just arrived in Norway and need to access NOK without paying outrageous fees at an exchange bureau at the airport, this is incredibly helpful.

Wise has the following advice against opening an account in the UK without valid proof of address, even though the same is true in Norway:

You then have the option of providing proof of address from a predetermined list of documents or sending in a picture in which you are carrying your identification. If you’re still waiting to move to the UK or haven’t yet had bills and other documentation registered in your name, this can be a terrific alternative.

product attributes

  • US, Eurozone, UK, Australia, New Zealand, Singapore, Romania, Canada, Hungary, and Turkey local bank information;
  • up to 56 currencies, including NOK, can be held, exchanged, or topped up;
  • a Visa debit card with many currencies that is practical for paying in NOK without incurring foreign transaction fees;
  • Utilize the robust international money transfer service offered by Wise directly from your account balance.

Transferring to NOK in Norway by Foreigners

Consider moving to Oslo from Germany and wanting to spend in NOK before registering for a Norwegian BankID to see how helpful Wise can be for foreigners living there. You can: With the Wise Multi-Currency Account:

  • Transfer euros from your German bank account to your Wise Euro account; convert to NOK at the mid-market rate, less a reasonable fixed cost (for example, if you convert €1,000.00 to NOK, the total fee will be roughly 0.48% or €4.85);
  • Keep the converted money (10,035 NOK),
  • Use your Wise debit card at Norwegian merchants to make payments in NOK.

How to Transfer Funds to Norway

Transfer Funds to Norway

You’ll need to transfer some of your money to Norway once you’ve figured out how to open a bank account there. Your foreign currency must change into Norwegian Krone in order to complete this transaction.

You must visit your home bank and select one of two methods to deposit money into your new Norwegian account using your home currency:

Send a bank transfer through a third-party money transfer service; send a wire transfer straight through your bank.

Utilize a service for online money transfers

We advise using a money transfer specialist whether you want to send Norway pennies or your entire income. Although it is only one of many, Wise is one such business. Use the real-time comparison tool below to search for the services that are most affordable for your budget and from your home country to Norway.

Make use of a foreign exchange broker

Foreign exchange brokers can be your best option if you’re transferring sizable sums of money (i.e., anything above €30,000) into your Norwegian bank account. These brokers can be more cost-effective for sending big sums of money across borders and will negotiate favorable exchange rates for you. Examples could be your life savings, liquid assets, or profits from your business.


Can you e-transfer to Norway from Canada?

Funds are typically accessible within 1-2 business days. If you have a National Bank account, you can also transfer a straight Interac e-Transfer from Canada to Norway. Unfortunately, it can often be highly expensive and incur large fees to send money to Norway via WU or bank.

How long does a Norwegian bank transfer take?

The quickest way to send money to Norway is through Fin. do, which makes money transfers to your recipient available in minutes. Transfers can take 1-2 days, depending on the bank that issues the recipient’s credit card

Is Venmo functional in Norway?

Due to the fact that users of the app must be physically present in the United States in order to make transactions, Venmo is not available overseas. To get a Venmo account, you’ll also need a US bank account, and if you want to receive a Venmo credit card, you’ll also need a Social Security Number.

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