Banking in Norway is modern, secure, and highly digital. There is a wide range of banks to choose from, including both Norwegian and international institutions. Nearly all banks offer online and mobile banking services, with strong security measures in place to protect customers.

Most banks in Norway provide access to BankID, the national electronic identification system used for banking, public services, and secure online transactions.

Please note that very few bank branches are open on Saturdays, and many have reduced in-person services as customers increasingly use digital channels. Standard banking hours are typically from 9:00 am to 3:00 or 4:00 pm, Monday to Friday, although opening hours may vary between banks. Outside these hours, customers generally rely on online and mobile banking services, which are available 24/7.

Setting up a bank account is pretty straightforward. Most banks require you to begin the process online by completing a pre-application. Once your application has been approved, you will usually need to visit a branch in person to verify your identity and finalize the account opening process. Some banks, however, may allow you to open an account remotely, depending on your circumstances and documentation.

Short-term banking – opening a bank account as a temporary resident is usually possible, and many banks will allow you to open an account using a D-number (temporary identification number). However, some banks may limit access to certain services until you receive your permanent personal identification number. For example, internet banking, BankID, credit cards, or Visa debit cards may not be immediately available.

If you are opening an account with a D-number, it is advisable to ask the bank in advance which services will be available to you and whether any restrictions apply. Once you receive your Norwegian national identity number, you will typically gain access to the full range of banking services.

Transferring money Transferring money to and from Norway is generally straightforward. If you wish to transfer funds from an overseas account to a Norwegian bank account, it is advisable to first check with your home bank regarding transfer fees and exchange rates, as these can vary significantly between providers.

International transfers typically require the recipient’s account details, including the International Bank Account Number (IBAN) and the bank’s SWIFT/BIC code. Once all the necessary information has been provided, transfers can be processed quickly—sometimes within 24 hours—although processing times vary depending on the banks involved and the countries from which the funds are being sent.

If you wish to switch banks within Norway, the process is usually simple. Most banks allow you to apply for an account online, and many offer assistance with transferring your banking relationship, including moving payments and direct debits from your existing account.

Savings 

The Norwegian word sparebank translates to “savings bank,” reflecting the long tradition of savings institutions in Norway. In practice, most banks that provide everyday banking services also offer a range of savings accounts and investment products.

As in most countries, interest rates, terms, and conditions can vary considerably between banks and account types. When choosing a savings product, it is worth considering your financial goals and how easily you may need to access your funds. Some accounts offer greater flexibility and immediate access to savings, while others may provide higher returns in exchange for limited access over a fixed period.

Before opening a savings account, it is advisable to compare interest rates, withdrawal conditions, and any associated fees to ensure the product best suits your needs.

How to choose a savings account/rates of interest
Norway’s finance portal has a really great feature that will compare financial products for you. Check this site

Loans

Loans and mortgages in Norway are assessed in much the same way as in many other Western countries. Both fixed-rate and variable-rate mortgages are available, although variable rates are more common in the Norwegian market.

When assessing mortgage applications, banks typically consider factors such as income, employment status, existing debt, and credit history. New arrivals to Norway may find it more challenging to obtain a mortgage immediately, as lenders often prefer applicants with an established financial history in the country—typically including one or two years of Norwegian tax returns.

That said, obtaining a mortgage before building up a Norwegian credit history is not impossible. Applicants with a substantial deposit, stable employment, and strong proof of income may still qualify for financing, depending on the lender’s criteria.

Eligibility for credit cards varies between banks and is generally assessed on a case-by-case basis, taking into account factors such as income, residency status, and credit history.

If you are under 34 years of age and plan to stay in Norway long term, you may wish to consider a BSU (Boligsparing for ungdom), a government-supported home savings scheme that offers tax benefits to help young people save towards purchasing their first home.

BSU

A BSU (Boligsparing for Ungdom, or “Housing Savings for Youth”) is a special savings account designed to help young people save for their first home in Norway. The scheme offers attractive interest rates and tax benefits, making it one of the most popular savings products among young adults.

You can save in a BSU account up to a specified annual limit and maximum lifetime balance. Savings can typically remain in the account until the end of the year in which you turn 33. Funds in a BSU account are intended for the purchase of a first home or the repayment of a mortgage on your primary residence.

Many banks offer preferential mortgage rates to customers with an active BSU account, making it an excellent way to build savings while improving future borrowing options. As a result, young Norwegians are strongly encouraged to take advantage of this scheme where eligible.

Banking products and services vary between providers, so it is worth speaking with your bank to learn more about the accounts, loans, savings products, and other services available to you.

Transferring Money Within Norway

Transferring money within Norway is simple and efficient. Most payments can be made instantly or within a short period using online or mobile banking. To send money to another person, all you need is the recipient’s bank account number, which can be entered directly into your bank’s online or mobile banking service.

Some payments can also be made using a giro (payment form), which can be submitted through your bank. The bank will then transfer the funds directly into the recipient’s account.

Please note that if either the sender or recipient does not have a bank account, it may be necessary to use a money transfer service instead.

Vipps

One of the most popular ways to transfer money in Norway is through Vipps, a mobile payment app used by millions of people across the country. Once you have a Norwegian bank account and BankID, you can register for Vipps and begin making payments directly from your smartphone.

Vipps allows users to:

• Send money to friends and family using only a phone number
• Pay in stores and online
• Split bills with others
• Receive payments, for example when selling items privately
• Set up and manage recurring payments

Vipps has become an integral part of daily life in Norway and is widely accepted by individuals, businesses, and organizations.

For more information about getting started with Vipps, visit:

Vipps Help Centre – Getting Started

Transferring Money out of Norway

If you wish to send money from Norway to your home country or to recipients abroad, there are several options available. The best choice will depend on the destination country, the amount being transferred, and the fees and exchange rates offered by different providers.

Through Your Bank

Most Norwegian banks offer international money transfers. Fees, exchange rates, and processing times can vary significantly between banks, so it is worth comparing costs before making a transfer.

For international transfers, you will typically need:

• The recipient’s name and bank account details
• The International Bank Account Number (IBAN), where applicable
• The recipient bank’s SWIFT/BIC code

Many banks charge either a fixed transfer fee or a percentage of the amount transferred. In some cases, intermediary or receiving banks may also deduct fees, so it is advisable to check the total cost before proceeding.

Through Money Transfer Services

Dedicated money transfer providers can often offer lower fees and more competitive exchange rates than traditional banks. Popular services include:

• Revolut
• Ria Money Transfer
• Western Union
• Wise (formerly TransferWise)

These services may be particularly useful for frequent transfers or sending money to countries outside Europe.

Via PayPal

Some people use PayPal to send money internationally to recipients who also have PayPal accounts. This can be convenient for smaller transfers, although fees and exchange rates may vary depending on the countries involved and the payment method used.

Before using PayPal, it is worth checking:

• The exchange rate being applied
• Who is responsible for any fees (sender or recipient)
• Whether the recipient’s country supports PayPal transfers

If you already have a PayPal account and are familiar with the platform, it can be a convenient option for sending smaller amounts abroad.

Please note that while there is generally no legal limit on international bank transfers from Norway, financial institutions may request additional documentation for large or unusual transactions in order to comply with anti-money laundering regulations. The NOK 25,000 threshold applies to carrying cash into or out of Norway and must be declared to customs if exceeded.

Closing a Bank Account

Closing a bank account in Norway is generally a straightforward process. Depending on the bank, you may be able to close your account online, in person at a branch, or by submitting a written request.

Before closing your account, make sure to:

• Confirm that any accrued interest has been credited to your account
• Cancel any direct debits, standing orders, or recurring payments
• Update your payment details with employers, government agencies, or service providers
• Transfer or withdraw any remaining funds

You can usually ask the bank to transfer your remaining balance to another account, either in Norway or abroad. Once the account has been closed, you should receive written confirmation from the bank.

Leaving Norway

If you are leaving Norway permanently, it is often advisable to keep your Norwegian bank account open for a period after your departure—typically between 3 and 12 months. This can help ensure that any outstanding payments can still be received, such as:

• Tax refunds from the Norwegian authorities
• The return of a rental deposit
• Outstanding salary or holiday pay
• Utility refunds or other final settlements

Before closing your account, ensure that all expected payments have been received and that any remaining financial obligations in Norway have been settled.