If you are planning on relocating to Norway to work and live there, one of the first questions you will face as an expat is how to open a bank account in Norway. Mostly a cashless country, banks in Norway play an important role not only in managing your money but also in giving access to various essential services. In this article, we review the best banks in Norway for foreigners and provide tips on opening a Norwegian bank account.
Banks in Norway
Currently, only around 3% of all national transactions are made in cash, so opening a bank account in Norway is a must for all residents. Furthermore, a Norwegian bank account most often enables its holder to use it for authorisation for many essential purposes through a so-called BankID. Still, even when dealing with the best banks in Norway for foreigners, the procedure might not be as straightforward. But before we explore how to open a bank account in Norway, let’s have a look at the country’s banking system.
There are over 120 banking institutions operating in the country, including commercial, savings, and foreign banks, available for opening a bank account in Norway.
The main Norway banks are the following:
DNB
Founded in the early 19th century, this is the country's largest and most popular bank, holding over 55% of the domestic market. It has over 60 branch offices in Norway and an extensive international presence in Europe and globally. One may also say it is the best bank in Norway for foreigners since it is the only one offering online banking in English. At the same time, DNB is notorious for its bureaucracy, especially if you want to open a bank account in Norway as a newcomer to the country.
Nordea Norway
It is a branch of Nordea Bank Abp, a Finnish financial group with international presence. If you want to open a bank account in Norway, Nordea offers a wide network of more than 200 branch offices and ATMs across the country.
SpareBank 1 Sør-Norge
One of the largest banks in Norway was formed after a recent merger of two banks, SpareBank 1 SR-Bank and SpareBank 1 Sørøst-Norge. With around 40 offices and a market share of over 5%, it is a retail-focused institution. Thanks to its strong customer support, it is considered to be one of the best banks in Norway. For foreigners, banking can be a challenge as most of the services are provided in Norwegian, but opening a bank account in Norway as an expat is easier here than in other institutions.
Other major local and international banks in Norway include:
- Handelsbanken Norway
- Sparfebanken Vest
- Vekselbanken
- BNP Paribas Norway
- Swedbank Norway.
If you prefer to open a bank account online, then Skandia Bank, Bank Norwegian, and DinBank are the possible options to look into.
Once you open a bank account, you can send money from Norway back home beneficially and quickly. Check profee.com for more information about overseas transfers from Norway.
Types of bank accounts in Norway
Banks in Norway offer a standard set of accounts available for retail customers, namely:
- Basic current account is ideal for everyday transactions
- Savings account holds a deposit on which interest is paid
- Salary account is a dedicated type of account where salary is credited
- Student account often comes at lower fees and with some additional features
- Joint account is shared between two people, such as spouses
- Business account is necessary for carrying out business activities and offers specific features (for example, invoicing).
If you are looking at how to open a bank account in Norway as a non-resident, keep in mind that you may face restrictions and, in many cases, are only eligible for savings accounts, especially without a D-number. Plus, the banks usually require non-residents to deposit a rather large amount.
Opening a bank account in Norway: identification number
Before looking into how to open a bank account in Norway, any expat must have a Norwegian ID (social security) number. A unique 11-digit number, of which the first six digits indicate your date of birth, is necessary to pay taxes, rent property, work, and open a bank account in Norway.
Depending on your duration of stay, there are two types of national identity numbers: temporary and permanent.
- Temporary ID number (D-number) is issued to those who are planning to stay in Norway for less than 6 months, for example, for work or business, as an owner of a residential property, or as an individual opening a bank account in Norway.
- Permanent ID number is assigned if you are going to live in Norway for more than 6 months and your relocation was approved by the authorities. You will be registered as a resident in the National Population Register.
Some banks accept applications from temporary ID holders but with others, only those with a permanent ID number can open a bank account in Norway. Some of the best banks in Norway for foreigners offer applying for an ID number on your behalf as a service.
Any newcomer to Norway must remember that bureaucratic procedures here take time since they most probably will involve communication by mail; this includes the process of opening a bank account in Norway. For example, you need to wait several weeks for a letter with your ID number or the PIN code to your bank card to arrive; overall, when figuring out how to open a bank account in Norway, do not forget to allow for up to several months before you can fully use the service.
USEFUL TIP
To open a bank account in Norway with minimal delays, make sure that your residence address is correct and listed on the Posten Bring (the Norwegian postal service) website. Label your mailbox with your name.
It is also possible to request the bank to hold your card and BankID for you to pick up instead of mailing those.
If you are accustomed to more advanced banking services in your country, then opening a bank account online might seem like a more efficient alternative. However, this option is available either from mobile banks like DinBank or to those who already have opened a bank account in Norway with another institution and have been assigned BankID there.
Explore: Digital wallets vs traditional banks, what’s best for international transfers.
Documents required to open a bank account in Norway
Once you have secured your temporary or permanent ID number, you need to make an appointment with the bank branch, usually by filling out a form on their website or by email. Today, it is almost impossible to find a Norway bank branch that you can visit without an appointment. Most banks in Norway are open Monday to Friday, 8:30 am – 3:30 pm.
On the day, you will need the following documents in addition to your ID number:
- passport
- passport-size photo
- rental agreement.
To open a bank account in Norway, some banks might also ask for your employment contract, if applicable, and/or for a letter of recommendation written by your bank in your home country. Be ready to explain the reasons for your needing a Norwegian bank account if necessary.
If your application to open a bank account in Norway is successful, you will receive a debit card shortly. However, getting a credit card from a bank in Norway is usually possible only after a year of living in the country. This is because you need to submit at least one tax return and show that your household bills are being paid on time.
Keep in mind that if you have not used your account within 2.5 months, it will be terminated.
BankID
BankID is one of the most common electronic proof of identity in Norway that gives its holder access to various public and private services at the highest level of security. It was launched in 2004 and today is used by all banks in Norway.
It can be delivered as a one-time code generator, scratch card, an app, and so on. BankID’s applications include your bank account login, electronic signature, access to services, and many more. For example, you might need BankID to make a deposit to a bank account in Norway when signing a rental agreement.
As your proof of identity, the same BankID is used for you across all banks. BankID components (e.g. apps, security codes) may need periodic renewal for security, but your BankID identity remains linked to your account.
Fees and charges
Unless you require additional services such as ID issuance, opening a basic current account is free. There are annual service card fees, and most banks in Norway charge around 300 NOK (25 EUR) for a standard Visa card. If you have opened a bank account in Norway that has benefits like insurance or travel miles, then you might be charged extra.
Withdrawing money from ATMs is charged between 3 and 40 NOK depending on the type of ATM and your card.
If you need to transfer money internationally via a Norway bank, be ready to pay between 0.5% and 2.25% plus additional charges of 20-30 NOK per transaction. You will have to know the recipient’s international bank account number (IBAN) and the SWIFT address or BIC (Bank Identifier Code) of the recipient’s bank. Plus, the currency exchange rate for NOK might not be in your favour, and it may take several business days for your transfer to be delivered.
None of this will be an issue, however, if you send money abroad with Profee, an licensed online money transfer service. As secure as the best banks in Norway, it offers instant delivery to over 90 destinations worldwide and one of the best exchange rates on the market. Moreover, Profee’s customers have access to multiple hot deals, including zero-fee transfers and special promo rates and can benefit from its generous referral programme. Get the Profee app or check the web converter for the most satisfying money-transfer experience!
