Banking in Norway - The Basics

Norwegian Mortgages

Over recent years, the price of property in Norway has increased at a steady rate, producing a national average of 7.5 percent. Of course, with a country that has so many different regions, it is not surprising that some areas perform better than others and that some of the faster growing regions have seen more boom growth

Banking in Norway

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Banking in Norway - The Basics
Banking in Norway is a reasonably straightforward matter with no more than a couple of banking options and a small number of large banks offering all the usual services that are generally required.

Banking Structure in Norway
Personal account holders have two key choices; savings or commercial banks. Despite their misleading names, both types of banks offer the full range of personal banking facilities. Many banks now offer full online integration and there are even some banks that only operate online and do not have any physical branches.

Anyone who is going to be receiving an income of any sorts in Norway would be wise to open an account, particularly as the process is relatively straightforward. A bank account also provides excellent proof of identification, which can be used throughout the mortgage application and property purchasing process.

In order to open a bank account in Norway, it is necessary to have a Norwegian identification number and proof of identification such as a current passport as well as details of other bank accounts held.

Availability of Banking Facilities
Even for those who do not have a Norwegian bank account, obtaining cash is not a difficult process. ATMs (or as they are often referred to in Norway, Minibanks) are widely available and accept most international debit and credit cards. Some ATMs even allow money in different currencies to be withdrawn, most commonly either euros or sterling.

The most popular way of setting up transfers in Norway is still via bank or post giro. This enables instantaneous transfer of funds and most mortgages are set up using this technology.

There are limits on the export of Norwegian Kroner, which is currently set at 25,000. However, there is no limit on the amount of foreign currency that can be exported, provided one can prove that the money was either imported or converted from a currency that was not the Krone. This situation is only likely to affect property investors if they attempt to liquidate their assets when they have to prove that they brought the cash into the country in sterling or other currency in order to transfer the funds out again.

Summary
Bullet Point Banking in Norway is reasonably similar to banking in the UK;
Bullet Point there are two main types of bank: commercial and savings, both of which offer personal banking services;
Bullet Point in order to open a bank account, a Norwegian personal number is required as well as proof of identification;
Bullet Point there are limits on the amount of Norwegian Kroner that can be exported.

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Typical Interest Payments

First Time Buyers

2.89%

Purchased Fixed

2.89%

Discounted Rate

2.99%

Buy To Let

2.99%

Commercial

3%

 

 

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