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Norway is one of the most desirable expat destinations in the world, thanks to its robust economy and beautiful cities. It draws individuals from all over the world seeking to settle inside its borders as students, workers, investors, and retirees - not to mention the massive tourists drawn by its rich cultural landscape and breathtaking natural beauty.
It's such a popular tourist destination that immigrants and expats account for 16.8% of the country's population. So you're not alone if you've always wanted to live among snow-capped mountains or fjord side homes in Norway.
Norway consistently ranks first in quality-of-life rankings due to its superb healthcare, education, work-life balance, and beautiful scenery.
It's also one of the world's most costly countries. So, if you want to live the Norwegian dream, you'll need some cash on hand and, ideally, a bank account to deposit it into.
We provide step-by-step instructions on how to open a bank account in Norway in this article. Read more below and get a bank account in this country from outside as a foreigner.
How to Open a Bank Account as a Non-Resident in Norway
You are allowed to open a bank account before coming in Norway, but it must be a savings account. Be aware that, in addition to other fees, you will be forced to pay a substantial deposit.
And so, to open your bank account in Norway, there are some things you need to be up to, to be eligible to opening a bank account in Norway.
Can I open a bank account as a non-resident in Norway
Yes, a non-resident can create a bank account in Norway, but it can only be a savings account, and there are numerous requirements, including being an EU citizen or a citizen of South Africa, Canada, Iceland, Japan, Switzerland, New Zealand, or Singapore.
In addition, you must provide a deposit of 100,000 euros, which will be stored in Norwegian Kroner. The regulators may take up to 6 weeks to process the account.
Norway has a Service Center for Foreign Workers, which you can find here, and which should be able to provide you with all of the information you need to open a bank account there.
I'm I eligible to Open a Norwegian Bank Account?
Anyone in Norway who is 18 years old or older and has a valid passport is technically entitled to open a bank account. Non-residents and non-EU nationalities, on the other hand, may find it more difficult. For starters, banks in Norway require evidence of address.
You'll also need a Norwegian National Identity Number (NIN), which is granted to Norwegian nationals or those who expect to remain for more than six months, or a D-Number, which is issued to those who want to stay for less than six months.
There are many other things that you will need to be eligible that which we have listed below. And as long as you will meet up all these requirements, then you are good to go with opening a bank account in Norway.
What are some of the Requirements to open a Bank account in Norway?
Unless you are a member of the European Union or a citizen of one of the following countries with whom Norway has strong economic and financial ties: the United States, Canada, Iceland, Japan, Switzerland, New Zealand, and Singapore.
Opening a bank account in Norway should be considered as soon as you arrive in the country, especially if you expect to stay for longer than six months.
In order to open a bank account with a Norwegian bank in 2023, a foreign investor must first determine whatever documents are required. Well, some of these required documents are;
- A valid proof of identity (ID card, passport…)
- City registration
- For non-EU-Members: work permit
- D-number (issued to those staying less than six months)
- A separate passport-sized photo
After you have these documents, the next step will be to complete the bank's account application form. Another need is that you produce a reference or confirmation letter from your main bank, so that the Norwegian bank may get a picture of your customer relationship with your home country's bank.
How does it work? and How long does it Take?
You can open an account instantly by visiting a branch or using Bank ID online once you've applied for and received your D-Number/National Identity Number.
If you don't already have a Bank ID, you'll need to physically visit a bank to open your account and receive a Bank ID. You must first schedule an appointment to physically open an account in a branch.
How to Open a Bank Account in Norway for non-Residents
The Best Norwegian Banks
There are almost a hundred banks in the area. But these ones below are one of the Best banks
Nordea is one of your best bets, with a vast network of ATMs and live customer care chat. They offer a comprehensive range of banking services to both people and businesses, and their app is available in English. Their pricing are also available online.
Skandia: With an excellent online platform, a vast network, and comprehensive service in English, Skandia Banken can handle all of your banking needs online. If you prefer, you can apply for a mortgage online. Their pricing are also available online.
Bank Norwegian: With the majority of its operations conducted online, Bank Norwegian is primarily an online bank, allowing you to open accounts, obtain credit, apply for a mortgage, and much more. Their product list (in Norwegian) and price list are both available online.
Danske: Since the early 1900s, the Danish bank Danske has had a presence in Norway. It has 36 branches and 73 ATMs in Norway. There are three types of current accounts: the Basic Account, which has a 300 NOK yearly VISA card fee, the Gold Reward Account, which includes travel insurance and a credit card, and the Platinum Reward Card, which includes all of the above plus free access to airport lounges. The VISA card cost is waived for Gold and Platinum accounts, although there is a monthly fee of 50 and 75 NOK, respectively.
Danske Bank also has a no-fee student account and a large selection of savings accounts, but no commercial accounts are available.
DNB: As a full-service bank with a significant presence in the country, DNB will provide excellent service. Their mobile banking is amazing, and you can apply online and get advice in English right from the website.
Sparebanken Vest: It has 35 locations in Western Norway, all of which include ATMs. They have a standard selection of current, student, and business accounts. If you're seeking for a savings account, however, you'll be disappointed. As with all other Norwegian banks, their VISA Smart current account enables for online payments, simple cash withdrawals, and use overseas.
DinBank: DinBank is a good option (with good internet banking) that could be easy for you, with affordable prices, savings and loan options for everyone. Prices are available online, so you may check them out before heading to the branch.
Note that in this site, we don't promote any contents here but are simply here to give the best possible things and informations for all our visitors.
How to Open a Bank Account Normal Procedures
Once ou have gotten all the necessary requirements, you will need to select where your money will be kept and we have some options above for those searching for Norwegian Banking Options. And then, you should just follow the steps below;
- Fill in the application form;
- Submit your documents;
- Consideration of the application and documentation by the bank (For 6 Months);
- Conclusion of contract;
- Obtaining plastic card, pin-generator
- Account opening in the bank in Norway
Can I Open a Bank Account Online?
If you choose to go with a traditional bank, it's a good idea to evaluate fees and charges connected with keeping an account. It's advisable to schedule an appointment at a branch once you've gathered all of your paperwork.
If you have already secured a place to live and have your Norwegian National Identity Number or D-Number on hand, you can apply for your Bank ID and open a bank account in one go.
You can also open an account online once you have your Bank ID. You'll have to wait for your papers and debit card to come in the mail for both operations.
But what if you wish to arrive in Norway with a bank account already in place? Then you might want to consider opening a mobile bank account. With just your passport and evidence of residency, you may complete the entire process on your smartphone.
Download an app, upload your documents, and confira m your identification, and you're done. When it comes to internet banks, though, caution is advised.
Nevertheless, you might still not be possible to go through this process completely and from here now, you can just simply think about some online banks that can be used anywhere, in any country and at any time. You can just learn how to open an Online Bank Account and you will have your own online bank account that you can also use quite well.
Final Thoughts on How to Open a Bank Account in Norway as a Foreigner
In comparison to other European nations, non-residents must follow a number of unique requirements in order to open bank accounts in Norway.
If they intend to stay in the country for more than six months, they must first obtain a National Identity Number, or a D-number if they intend to stay for less than six months.
Other documents that may be asked include job contracts, proof of legal address, and, in rare situations, bank references. Foreign enterprises are allowed to register savings accounts, but they must deposit at least 100,000 euros.
What are you waiting for to get started and opening your Norwegian bank account? It is quite easy to get it just that you will wait for at least 6months for a fully active bank account.