Best Way to Send Money to Norway

When sending money to Norway from the UK, most people will only consider traditional bank transfers. 

But although familiar and secure, international bank transfers are usually slower and more expensive than alternative methods. 

In this article, I will explain the most efficient transfer options to help you find the best way to send money to Norway.

Best Way to Send Money to Norway: My Verdict

Most people will find online transfer services the best way to send money to Noway.

Providers like Currencies Direct, OFX and TorFX offer competitive exchange rates and lower fees than traditional banks. 

With specialist online transfer services, you can conveniently send money from the comfort of your home or office, saving time and hassle. 

Plus, many online services offer quick transfer times, typically ranging from a few hours to 2 business days, depending on the provider and the delivery method chosen.

However, while online transfers generally offer competitive rates, exchange rate fluctuations may still impact the final amount received by the recipient.

Some services like Remitly limit the amount you can send in a single transfer or within a specific time frame, which could be inconvenient for sending large amounts. 

Although user-friendly, not all recipients may be familiar with or comfortable using these services.

In this situation, you could use an alternative method for sending money to Norway, such as traditional bank transfers.

Popular banks like NatWest, RBS and Nationwide offer a secure and direct method of transferring funds, and many people are already familiar with the process. 

However, it can take 2 to 5 business days for a bank transfer to reach the recipient’s account in Norway, making it less suitable for urgent or time-sensitive transactions. 

Also, the exchange rates offered by banks may not be as competitive as those offered by online services, making the total transfer cost less effective, especially for large amounts of money.

What’s the Cheapest Way to Send Money to Norway?

TorFX is the cheapest way to send money to Norway, offering an exchange rate of 13.2664 and zero transfer fees.

Currencies Direct and OFX also offer free transfers, but their GBP to NOK exchange rates are slightly less favourable. 

Specialist online transfer services tend to have lower fees and more competitive exchange rates than transfers initiated directly through banks. 

However, when looking at the cheapest way to send money to Norway, it’s essential to look at all costs, including hidden fees.

Providers often offer customers a lower exchange rate than that they can convert your currency from British pounds to Norwegian Kroner. 

This difference is known as exchange rate markup.

The closer your exchange rate is to the interbank rate, the better your deal.

At the time of writing, the interbank exchange rate for British pounds to Norweigan Kroner is 13.3279.

Often, providers who don’t charge transfer fees have a higher exchange rate makeup than those who do. 
Depending on how much you’re sending to Norway, paying a small transfer fee may be more cost-effective to access a favourable exchange rate like Wise’s.

What’s the Fastest Way to Send Money to Norway?

XE is the fastest way to send money to Norway from the UK.

Recipients can access funds within minutes through cash pickup or within 24 hours through bank transfer, making it ideal for emergency or time-sensitive situations. 

However, as you can see from the table, most transfer services offer similar transfer processing times, delivering funds to the recipient in Norway within three business days.

Generally, specialist online transfer services like Wise and Atlantic are faster than traditional bank transfers.

Transfers are also usually processed quicker if you pay for them using a credit or debit card than by bank transfer.

Can I Send Money to Norway Online?

Yes, you can send money online to Norway in several ways.

Some of the most popular methods include:

1. Online Money Transfer Services: Specialist providers like Currencies Direct, OFX and Wise offer fast transfers with competitive rates and lower fees than traditional methods. Services are user-friendly, but some may have maximum transfer limits restricting the amount you can send to Noway.
2. International WireTransfers: You can send money directly from your UK bank to accounts with popular Norwegian banks like DNB and Handelsbanken. Although reliable and secure, it takes longer, has higher fees, and has less competitive exchange rates than specialised online money transfer services.
3. Digital Wallets: Platforms like PayPal and Revolut offer convenient online transfers that can be received near-instantly. However, they usually have high fees and a relatively low transfer limit, making them unsuitable for sending large amounts of money.
4. Pre-Paid Cards: Services like Revolut and Wise offer prepaid cards that can be loaded with funds online and used by your recipient in Norway. They’re suitable for recipients who don’t have a bank account in Norway but often have a reload limit and high fees for activities such as ATM withdrawals.
5. Cash Pick-Up Services: You can send money to Norway online for the recipient to pick up in person from an agent location through Western Union or MoneyGram. Although suitable for recipients who don’t have a Norwegian bank account, fees are higher, and exchange rates are less competitive than other methods.

Cryptocurrency: This alternative method is quick and often has lower fees than bank transfers. However, the value of cryptocurrencies like Bitcoin and Ethereum is prone to fluctuations and has limited acceptance.

Currencies Direct, OFX, TorFX, and Atlantic are the best ways to send large amounts of money to Norway.  All three of these providers offer limit-free transfers, giving you greater flexibility.

In contrast, transfers using digital wallets like PayPal and Skrill often have a much lower maximum transfer amount, ranging between £1,000 to £60,000.

Some Norweigan banks may also limit how much your recipient can receive in a single transaction, so checking any restrictions before initiating the transfer is essential.

Aside from transfer limits, keep an eye on exchange rate fluctuations and consider using forward contracts or limit orders offered by some money transfer services to lock in favourable rates for future transfers.

Even minor differences in the exchange rate can impact the amount of Norweigan Kroner your recipient receives.

Larger transfers may take longer to process, so consider the transfer speed offered by different service providers and factor this into your planning.

You should also be prepared to provide additional documentation to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Documents may include proof of identity, source of funds, and the purpose of the transfer.

However, this process can be streamlined if you use providers like Currencies Direct, OFX and TorFx, who provide a dedicated account manager for large transfers.

Can I Set Up Regular Payments to Norway?

Regular payments to Norway from the UK can be set up through various methods.

1. Online Money Transfer Services: Setting up recurring payments through providers like Atlantic and XE is convenient and flexible. Although they often offer competitive exchange rates and low fees, rates may fluctuate between transfers, impacting how much the recipient will receive in Norway.  
2. Standing Orders: Easy to set up with your UK bank, but the exchange rates offered might not be as competitive as specialised money transfer services. You may also need to cancel your standing order and set a new one up if you want to change the frequency or transfer amount. 
3. Direct Debits: You can authorise a 3rd party to deduct an amount from your bank account. Although automated and hassle-free, you may not have control over the frequency or timing of the transfers.

Mobile Wallets: Platforms like PayPal and Skrill allow you to easily set up recurring payments from a mobile app or website. Whilst user-friendly and convenient, transfer amounts often have a lower maximum limit and higher transfer fees than other methods.

Sending Money to Businesses in Norway

When sending money to businesses in Norway, you have several options.

Online money transfer services like TorFx or OFX offer competitive exchange rates and lower fees than traditional banks. 

These services enable you to transfer funds to Norwegian businesses quickly and conveniently, which can streamline financial transactions. 

Despite the advantages, some businesses may prefer traditional bank transfers for security and familiarity reasons, so it’s essential to consider the recipient’s preferences when choosing a transfer method.

Bank transfers to popular Norwegian banks like Nordea and Danske offer direct and secure transactions, which many businesses prefer for reliability. 

However, they may involve higher fees and longer processing times than other methods, potentially affecting the speed of business transactions.

When you send money to a Norweigan business, you may need to consider regulatory requirements or tax implications associated with the international business transaction.

Depending on the nature and amount of the payment, you may need to provide additional documentation such as proof of address, tax identification numbers and source of funds. 

Seeking guidance from financial experts or legal advisors can help ensure compliance with relevant laws and regulations, facilitating smooth and secure money transfers to businesses in Norway.

How to Send Money to Norway

There are several ways to pay for money transfers to Norway.

1. Bank Transfers: Although secure and reliable, transfers funded by bank transfer have longer processing times and usually have less competitive exchange rates than other methods.
2. Debit Cards: Whilst faster than a bank transfer, some providers may limit the amount you can send to Norway when paying with a debit card. 
3. Credit Cards: Allows you to defer payment and earn rewards or cashback, so it is ideal for sending large amounts of money to Norway. However, it usually involves higher fees, making it less cost-effective. 
4. Digital Wallets: Services such as PayPal and Skrill are convenient for online transactions but often have a much lower maximum transfer limit, making it unsuitable for sending large amounts of money to Norway.
5. Cheque: The traditional method is suitable for those who prefer to make payments offline but is slower than other methods and has a higher risk of fraud or delay. 
6. Cash Payments: Mainly accepted by in-person banking and cash pick-up services, cash payments are suitable for those without a bank account but have limited availability.

Cryptocurrency: Despite being fast and having lower fees than traditional methods, the value of cryptocurrency is highly volatile, which could impact the amount the recipient receives in Norway.

What Details Do I Need to Send Money to Norway?

Your Details:

• Your full legal name or registered business name.
• Your contact details, including address, e-mail, and phone number.
• Your payment information (e.g., card details) for funding the transfer.
• If required: Source of funds (e.g., employment income, business revenues), copy of ID such as a passport or driver’s licence, proof of address for regulatory compliance.

Recipient’s Details:

• Recipient’s full legal name or registered business name.
• Recipient’s address in Norway including street name, city, post number, and country.
• Details of where the recipient will receive the money like a Norwegian bank account, email address, mobile number.
• If transferring money to a Norwegian bank: SWIFT/BIC code (8-11 alpha-numeric characters) to identify the Norwegian bank, IBAN (15 alphanumeric characters) to identify the specific bank account in Norway, name and address of the recipient’s bank.
• If required: Recipient’s 11 digit National Identity or D Number, Recipient business’s 9 digit Legal Entities (TIN) Number, Photocopy of ID such as driver’s licence or passport, Documentation for compliance such as proof of address.

Transaction Details:

• The amount you wish to transfer in GBP.
• A reference or message to help the recipient identify your payment.
• Reason for the transfer (personal, business, other).
• Intermediary bank details (if applicable).

How Much Does it Cost to Send Money to Norway?

You might encounter several typical costs when sending money from the UK to Norway.

Transfer Fees

These are charges imposed by the money transfer service to process your transaction. 

Transfer fees can vary depending on the service provider and your sending amount, with providers charging a flat fee, a percentage of the amount transferred or a combination of the two.

Standard transfers to Norway using online money transfer services like Wise and Currencies Direct usually range from £0 to £5 per transfer, whilst bank transfers can range from £10 to £30 per transfer.

Exchange Rate Margins

Money transfer services often apply a margin to the exchange rate they offer you, which is how they make money. 

For example, if the mid-market exchange rate is 1 GBP = 12 NOK, you might receive a rate of 1 GBP = 11.80 NOK after the margin is applied.

This margin can vary between providers, with online money transfer services like XE and OFX typically having a lower markup ranging from 0.5% to 2% above the mid-market rate.

In contrast, banks often have an exchange rate markup of 2% to 4% above the mid-market rate, reducing the amount of Norweigan Kroner you receive for your British pounds. 

Additional Charges

If you need the funds to reach Norway quickly, you may be able to get an expedited or express transfer for an additional fee. 

Depending on the urgency and the service provider, these fees can range from £5 to £20 or more.

Some providers also charge currency conversion fees when sending money to Norway in a different currency, like GBP. 

These fees are usually a percentage of the transaction amount, with online money transfer services charging between 0.5% to 2% and banks charging between 2% and 4%.

Recipient Fees

In some cases, the recipient’s bank in Norway may also charge fees for receiving international transfers. 

These fees can vary depending on the recipient’s bank and account type. On average, recipient fees can range from 50 NOK to 200 NOK+, approximately £3 to £15 per transaction.

How Long Does it Take to Send Money to Norway?

Sending money to Norway from the UK can take varying amounts of time, depending on your chosen transfer method.

Online money transfer services like Remitly and Wise can take anywhere from a few hours to 3 business days to reach the recipient in Norway.

In contrast, traditional bank transfers are slower, typically taking around 2 to 5 business days to reach the recipient’s Norweigan bank account. 

Other factors influencing the transfer speed when sending money to Norway include:

1. Service Provider: Different providers have varying processing times and efficiency in handling transactions. Some providers may offer expedited or express transfer options for faster delivery.
2. Payment Method: Transfers funded by credit or debit cards are processed more quickly than transfers funded by bank accounts.
3. Recipient’s Bank: Some banks may have faster processing times or offer real-time payment systems, while others may take longer to credit funds to the recipient’s account.
4. Time of Transfer: Transactions initiated on weekends or holidays may experience delays until the next business day.

Security: Additional verification and compliance checks may be required for certain transactions, especially high-risk currencies, larger amounts or transfers to new recipients. These checks can add to the transfer processing time.

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Frequently Asked Questions