Are you contemplating a significant relocation to Norway? A bank account is one of the initial necessities that you will require when relocating to a different country.
As long as you are a Norwegian legal resident, opening a bank account in Norway is easy. However, you will need to become acquainted with the various banking brands, procedures, and fees. This guide provides comprehensive coverage.
What documents do you need to open a bank account in Norway?
First and foremost, you will require a Norwegian National Identity Number¹. This is issued by the local tax assessment office to individuals who are eligible to remain or work in the country for a period exceeding six months.
A D-Number will be issued to individuals who intend to remain for a period of less than six months. This number can also be used to establish a bank account. It is important to be aware that the delivery of these items may take up to two weeks.
The following is a comprehensive list of the necessary items to establish a bank account in Norway with DNB®², one of the top Norwegian institutions.
- A completed application form
- Your valid passport
- Your D number or Norwegian National Identity number
- Your residence permit
Can you open a Norwegian bank account from abroad?
It is typically not possible to establish a Norwegian bank account from outside of Norway. Nevertheless, you may be permitted to establish a non-resident account if you are able to locate one that is suitable for your needs.
However, these services are not readily accessible; DNB has discontinued their provision of these services, and Nordea® and other financial institutions require a BankID to conduct online account openings⁴.
This is a digital verification ID that is issued by Norwegian institutions. Consequently, in order to successfully navigate the system, you will require another Norwegian bank account.
Can you open a Norwegian bank account online?
Certainly, it is possible to establish an account online; however, as previously mentioned, there is a caveat. Typically, it is necessary to visit a bank branch in person to obtain a Bank ID.
Your passport and D-Number/National Identity Number can be presented to any Norwegian bank in order to obtain a Bank ID. You will be able to establish a bank account online once you have obtained a Bank ID. It is also possible to utilize it to sign legal documents, bid on a property, and even pay bills.
Is there a faster alternative to opening a bank account in Norway?
Indeed, there are numerous financial institutions that can promptly establish an account for you. For instance, N26® provides an online-only experience if that is what you are seeking. Nevertheless, these accounts are typically used to store euros, rather than NOK.
How do you get a Norwegian bank account and how long does that take?
You can establish an account immediately by visiting a branch or using your Bank ID online, provided that you have applied for and received your D-Number/National Identity Number.
If you have not yet obtained a Bank ID, you will be required to visit a branch in order to establish an account and obtain a Bank ID. Prior to opening an account at a branch, it is necessary to schedule an appointment.
Where to open a bank account in Norway?
The selection of the most suitable bank for your requirements is contingent upon the specific location in Norway to which you are relocating. Sparebanken Vest, for instance, operates ATMs and branches exclusively in Western Norway.
Let us examine the services that the four largest institutions in Norway provide to their clients.
DNB
DNB Bank⁶ is one of the most widely recognized financial institutions in Norway. They provide a current account called Pluss⁷, which incorporates mobile and internet banking, a VISA card, and other features.
If Norwegian remains a challenge for you, DNB is also one of the few significant Norwegian banks that provides an English-language website. Additionally, the process of opening a bank account online is relatively straightforward if you possess a Bank ID.
Nordea Bank
Nordea⁸, Norway’s largest bank, offers a variety of mobile banking options, including every day, youth, child, and saving accounts. Although they do not provide an English-language website, you can easily evaluate all of their accounts by utilizing the built-in translation features of your browser, such as Google Translate in Chrome.
Sparebanken Vest
Sparebanken Vest®⁹ offers the standard selection of accounts for students, professionals, and the general public. They are capable of making online payments, withdrawing funds easily, and using their accounts abroad, as are all other Norwegian banks.
Danske Bank
Since the early 1900s, Danske®¹⁰, a Danish bank, has been conducting business in Norway. The Basic Account, the Gold Reward Account, and the Platinum Account and Reward Card are the three commonplace accounts that are available. The features and fees of each account are distinct.
A fee-free student account and an impressive selection of savings accounts are also available from Danske Bank.
Norwegian bank account fees
Do not anticipate that the banking fees in Norway will be as high as those you are accustomed to in your home country.
Monthly charges may be imposed on accounts, particularly those that offer numerous benefits and enhancements.
Additionally, banks typically impose an annual card fee on all customers, with the exception of student and minor accounts. ATM fees are also applicable when using your card.
Additionally, there are frequently additional transaction fees, including a percentage fee for foreign currency transactions and fees for sending money overseas for deposit.
It is crucial to thoroughly review the fees associated with the account you select. If you are experiencing difficulty translating the fee schedule, it is possible that it is only available in Norwegian. Therefore, it is advisable to seek assistance from a companion.