You'll find the Norwegian financial system to be advanced, cheap, and fast overall. The country has long gone down the route of digitization, and cash is rarely used these days. So, once you're in the banking system everything just works.
However, getting into the Norwegian banking system as a foreigner is not so straightforward, especially for those coming from non-EU countries. Instead, you'll find getting started is rather old-fashioned and can be very slow. It typically takes anywhere from six to eight weeks to get fully set up, with lots of paperwork and several in-person trips to the bank. Once you've done that, it'll probably be the last time you have to visit a bank. Everything else is online or in an app.
The largest bank in Norway is DNB, and it's the one generally used by expats. There is also SpareBank 1 as another option.
If you need access to Norwegian banking faster, or need accounts in several countries, I recommend using Wise.com. This is also a good option if you need to transfer money internationally.
It offers the best rates for currency conversion and allows you to open accounts in multiple denominations including Norwegian kroner (NOK).
The banking sector in Norway is a robust and well-regulated industry, playing a vital role in the country's financial stability and economic development. Norway boasts several major banks that provide a wide range of financial services to individuals and businesses.
Major Banks in Norway
1. DNB ASA (DnB)
DNB ASA, often referred to as DnB, is the largest and most prominent financial institution in Norway. It has a history dating back to 1822 and is headquartered in Oslo. DnB offers a comprehensive suite of financial services, including retail and corporate banking, asset management, insurance, and investment banking.
2. Nordea Bank
Nordea Bank is another significant player in the Norwegian banking landscape. While it is headquartered in Stockholm, Sweden, it maintains a substantial presence in Norway. Nordea is known for its retail and corporate banking services.
3. SpareBank 1 Alliance
The SpareBank 1 Alliance is a consortium of independent savings banks located throughout Norway. These regional banks operate under the common SpareBank 1 brand, offering retail and corporate banking services tailored to their respective local markets.