So it looks like I’m going to get paid some money each month in NOK and I therefore need an IBAN.
Monzo still don’t support this and transferwise is not sustainable now it’s regular. So who can I sign up with that requires minimal time and effort and will cover my needs?
Anarchist
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If that’s all you want, I started a Starling application after lunch and had the account up and running by 6.
HSBC is probably the easiest. As long as you have a current account open with them, you can have a dedicated NOK account for free and can send and receive money in NOK with it.
Free and instant transfers of NOK back and forth to your current account, though at HSBCs exchange rate. Not awful but not Google’s rate.
Safety of an actual bank that way too, perhaps Revolut if you’re into something more techy.
I’ve not looked into it recently, but aren’t the Starling and TransferWise fees similar?
I’d be interested to hear about the drawbacks of TransferWise, but if a Norway-based account is available in the app, it feels like that’s the best solution.
When I mentioned TransferWise, I meant their app. They provide accounts, so I wasn’t thinking of you using it via Monzo. Although if you did want to move the money to your Monzo account there would always be an extra step.
Alas it seems to be moot, as TransferWise only offers the following accounts:
That sounds a bit silly. In fairness come to think about it I don’t think I’ve ever received money into the account like that because I have accounts set up in the country (the US for example) and then transfer money to my UK currency accounts.
I think if it’s HSBC -> HSBC there’s no fee, so that’s how I’ve avoided any charges.
Is Revolut the perfect solution instead then? An IBAN and as far as I’m aware minimal fees when exchanging even large amounts. It seems with Revolut you can use your personal IBAN for a range of currencies and the IBAN remains the same. If you don’t have NOK enabled I assume it’d just automatically exchange into your default currency (£).
Hi there, I regularly receive payments into my Monzo in NOK and DKK and have simply just generated the IBAN etc online - never had any problems and monies are usually in my account within 24hrs
Things always go wrong with me, so it’s likely to fail knowing my luck I’d rather set something up where I can guarantee it is going to arrive to avoid any embarrassment going back to the sender.
There are no fees per se for what you describe using it for.
The only fees you’ll incur is when transferring money yourself to somewhere internationally (1 free; rest 50p), transfer to your own bank account is always free domestically, exchanging between currencies £1000 free then 0.5%
Other than that you might need to pay £5 for initial card delivery if you want one.
I’m unsure exactly what the fee is as it often depends on the amount transferred however it’s often just the sending banks published fee that’s taken out of amount (much more expensive in person rather than using net banking)