Norway Guide: Money

Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.

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  Introduction

  The currency in Norway

  The Krone (pronounced krona) is the official currency unit of the countries that were once part of the Scandinavian Monetary Union (Denmark, Norway and Sweden). Unlike the other member states, Norway hasn't joined the European Union and has kept its original currency.

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  Cost of living

  How high is the cost of living in Norway?

  Norway has been declared one of the world's most expensive countries. For example, the cost of living is about 30% higher in Norway than in the United States and 25% higher than the United Kingdom.

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  Banking

  Norwegian banks and bank accounts

  Traditionally, Norway has a strong and stable banking system. Norwegian savings banks perform particularly well.  In Norway, there are three main types of bank: commercial banks, savings banks and branches of foreign banks.

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  Bank accounts

  How to open a bank account in Norway

  In order to open a bank account in Norway, you will need to provide your Norwegian National Identification Number.

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  Payments and withdrawals

  Credit cards, debit cards and ATMs

  There are many different ways to transfer and access your money in Norway. You should consider the possible options and choose the most convenient method which may be credit and debit card withdrawal, online money transfers or giros.

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  Money transfers

  Transferring money to and from Norway

  There are various ways to transfer money to and from Norway. You can entrust a transfer agency, use a bank or transfer your money online.

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