How to open a bank account in Norway

How to open a bank account in Norway

Norway is one of the world's most coveted destinations for expats thanks to its strong economy and highly desirable cities. It attracts people from all over the world looking to settle within its borders as students, workers, investors and retirees - and let's not forget the flocks of tourists that go in droves attracted by its diverse cultural landscape and incredible natural beauty.

If you are looking to make the country your home, chances are opening a bank account in Norway is in your mind. The process is not complicated. Here is B2B Pay's guide on how to open a bank account in Norway.

Documents needed to open a bank account in Norway

Here are the documents needed:

  • Norwegian National Identification Number, known as D-number or Personal Number. You can learn more about how to get one by clicking here.
  • Passport
  • Passport photo
  • A lease or apartment rental contract
  • Optionally, a letter of recommendation from your home country's bank

If you want to open a bank account online it will also be possible, however you will have to create an account with a credit rating company such as Experian so your registration can be processed and approved. You are unlikely to get approved without this. You will also be required to do identity verification by visiting a post office which you can do once you receive a letter from the bank.

Can I open a bank account as a non-resident in Norway

Yes, it is possible to open a bank account in Norway as a non-resident but it can only be a savings account and there are many rules to follow such as you must be a EU citizen or a citizen from SA, Canada, Iceland, Japan, Switzerland, New Zealand and Singapore. You are also required to deposit 100 thousand euros which will be held in Norwegian Kroner. The account will take up to 6 weeks to be processed by the regulators.

Norway has a Service Center for Foreign Workers which you can access here and should be able to give you all the necessary information about what you will need to get a bank account in the country.

Best banks in Norway

There are over one hundred banks

  • Nordea: with a large network of ATMs and customer service chat, Nordea is one of your best bets. They have a full line of banking products for individuals and business and their app is in English. Their prices are online too.
  • Skandia: with an excellent online platform, a large network and full service in English, you are able to perform all your banking services online with Skandia Banken. You get get a mortgage online if you like. Their prices are online too.
  • Bank Norwegian: With most of its transactions online, Bank Norwegian is mainly an online bank and via the internet you can open accounts, get credit, apply for a mortgage, the lot. Their product list is online (in Norwegian), as well as their price list.
  • DNB: as a full service bank with a large presence in the country you will be well served with DNB. Their mobile banking is excellent, you get help in English right from the website and you can apply online.
  • DinBank: with low prices, savings and loan options for everyone, DinBank is a good option (with good internet banking) and one that could be convenient to you. Prices are online so you can check it out before you leave for the branch.

Opening a bank account in not too hard but you will have to meet their strict regulatory needs. We reckon the best account for foreigners are those that enable you to do low cost transactions overseas such as being able to use ATMs and those with low rates in general. In other words, you want the best value for your money to start with and only them you get to think about accounts with extra perks. If you need information about how to get started in Norway as a worker and how to get your hands on a tax number, please the Skatteetaten web site.

If you need to find an ATM machine here you bank do it right here:

Another interesting resource available to you is the ability to compare prices between banks straight from a website called the Finansportalen. In it, you can compare all Norwegian banks against each other for all available services.

The virtual bank account alternative

It is expensive to do international money transfers from Norway

Say you need to send 10 thousand euros from Norway to India. Chances are you will reach out to your bank and ask them to perform the transaction for you. They will tell you it is a low cost single fee operation and say it will cost no more than 50 euros. That is not the entire truth. They will send money to the bank in India using the mid market rate which is the rate that banks use with each other. The bottom line is that you will receive about 9000 euros worth of rupees back home when it is all done which is far from a good deal not to mention it may take up to a month for the money to be authorized to be withdrawn.

A better option is a virtual bank account with B2B Pay. With us, you get 9900 euros worth of rupees in your account because we charge a 1% flat fee. You also get an IBAN in Europe which you can use to send money to 32 countries in 200+ currencies. Money gets where faster too: in some markets the money is there in hours, and overall in no more than 48 hours.

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How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

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