The best way to make an international money transfer to Norway is to use a dedicated foreign exchange (FX) company because they focus on moving money globally, they are better suited to providing the best transfer deals to customers.
Why should you use a FX company?
When you send your money abroad you'll want to get a good rate - and often the best Norway exchange rates will be offered by FX companies.
This is because their operating costs are much smaller than most high street banks and they are also able to stay up to date with the latest changes in the market - so most of the time you'll get access to the very latest rates.
When you send money to Norway with a broker you may also be able to transfer it without incurring a fee, especially if you're moving a large sum of cash.
Along with market-leading rates and low costs, FX companies are also speedy, often moving your cash abroad that day, or a day or two after.
However that doesn't mean you should pick any FX company, it's still worth making a Norwegian money transfer comparison because if you get a range of quotes, you can then pick the one that offers you the best value for money.
Benefits of sending money online
The main reason why it makes sense to send money to Norway online is because it's fast, flexible and fits around your lifestyle. Rather than trying to make it to a bank branch in office hours, you can send money whenever you like.
Transferring online also means you can keep an eye on how the FX market changes, so if it suddenly spikes you can choose to send your money then and get a better deal.
Should you use a bank to transfer money abroad?
You can move your money internationally with your bank, but if you do you need to be aware that you're unlikely to get the best exchange rates or transaction speeds.
Unlike FX specialists, banks don't often offer the most recent rates and won't provide the best value for money on international currency transfers. If you use one you are basically losing out on how much currency in Norway you could get.
Along with poor rates, banks are known to charge high transfer fees - some of the highest on the market - as well as take days to transfer cash overseas. Put simply, banks are an option for foreign money transfers, but by no means the best.
Check the currency exchange market
While no one can predict the changes of the currency market, if you keep an eye on it you can get a better grasp on how it works and when you can get more for your money when wiring it overseas.
As it's the world's largest money market it is constantly fluctuating, so if you need to make regular foreign transactions it makes sense to see how it changes.
The better your understanding, the more likely it is that you'll be able to capitalise when it's in your favour and limit any potential losses when it's not.
That's why it's also a good idea to compare money transfers to Norway regularly to see how companies' offers change.
How to send money to Norway from UK with prepaid cards
With prepaid cards you have complete control over how much is loaded onto them and when. They can be particularly useful if you need to send money to family members in Norway, as they can have the card and use it as and when you put money on it.
While there are fees and conditions you should be aware of when transferring money to the card, it does at least provide an alternative if you need to send smaller amounts and don't want to pay the fees charged by banks and other transfer agents.
Our guide 7 top trade secrets to help you save when sending money abroad has further information you might find useful when wiring money to Norway.