To get established in Norway and to maintain your obligations back in your home country, you'll likely need to transfer money across borders. For many expats like myself this is a task that we need to do several times a month.
The banking system in Norway is incredibly well structured with inexpensive (basically free) options for transferring money domestically. When it comes to international money transfers, it can sometimes be more difficult, especially when transferring money to and from countries outside the EU. This was certainly the case for me coming from the United States, a country that, despite its wealth, has very archaic and in many cases expensive options for international wire transfers.
Thankfully, much like how Uber made it easier for us to get around and Tinder made it easier for us to get laid, there's a new app for that. It's called Wise.com. This online service makes it incredibly easy and cost-effective to move money around the world however you please. It charges modest fees and gives you very fair currency conversion prices as well. On top of this, Wise.com offers additional services such as bank accounts, debit cards, and business accounting tools.
Transferring Money Into Norway
1. International Wire Transfers
International wire transfers are one of the most straightforward ways to transfer money into Norway. You can initiate a wire transfer through your bank or a specialized money transfer service.
2. Online Payment Services
Online payment services like PayPal can be convenient for transferring money into Norway, particularly for smaller amounts.
3. Cryptocurrency Transfers
For tech-savvy individuals, cryptocurrency transfers are becoming an increasingly popular option. Once you have money in Norway, you can explore payment apps like Vipps for everyday transactions.