NORWEGIAN BANK ACCOUNT
SOME PAPERWORK, BUT NOT SO DIFFICULT TO GET
Who you are is an important issue. To get access to necessary banking services in Norway you must give a valid identity document, as well as other documentation the bank may ask for. The bank will also ask why you need the banking services you request.
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“Basic banking services” are as a main rule available for everyone living in Norway, irrespective of citizenship. Basic banking services include bank account, debit card and access to online banking. Other kinds of services, like loans, credit card, BankID etc., the bank can choose to offer after a risk assessment of the customer.
More than 98 percent of all store payments in Norway is done by bank debit cards. Photo: VISA
YOU NEED A BANK CARD TO LIVE IN NORWAY
An international compilation shows that cash as a means of payment in Norway is at a record low of 1.6 per cent, a decrease of 0.4 percentage points since 2018. In comparison, the share of cash in the USA was 44.7 per cent in 2019, and in the Euro area of 13.7 percent.
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Norwegian consumers are in a special position when it comes to using cards to pay for goods and services. Throughout the pandemic period, there have been changes in the payment pattern with strong growth in contactless payments and increased online shopping. The report states that every Norwegian pays by card at least once a day. By comparison, every German pays by card about once a week.
CUSTOMER DUE DILIGENCE
According to the anti-money laundering (AML) regulations, banks are obliged to take measures to prevent being used (intentionally or unintentionally) by criminals for money laundering activities. The obligations involve due diligence measures whereby the bank must identify and verify the identity of the customer, as well as obtaining other relevant information about the customer.
Things to keep in mind…
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What kind of documents you need to bring/send to the bank.
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You need to be able to communicate with the staff of the bank, either yourself or through a translator.
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You may be asked where your money comes from and how you plan to use the banking services.
GET SOME PROFESSIONAL ADVICE
Finans Norge is the main organization for the financial industry in Norway, and represents approximately 240 financial companies. Visit their website for the best kind of advice.
