In order to send a SWIFT payment to NORWAY it is highly recommended to meet the following recommendations:
Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g., SWIFT BIC, IBAN, and beneficiary bank address).
Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxNOxx or xxxxNOxxxxx.
Reason for Payment (SWIFT MT103 F70): Purpose of payment is recommended. For category 2 message types with a Norwegian bank in Field 57A and information in Field 72, the receiving bank will process the payment as a straight-through without considering the Field 72 information. Shared charges may be applied for payments in the EEA, subject to PSD2 regulations. This may result in deductions to the amount received by the beneficiary.
Central Bank: For additional information, please refer to www.norges-bank.no.
Country Requirements/Restrictions: Norway is adopting the payment practices of the European Union (EU), although it has not adopted the Euro. Residents and non-residents are permitted to open and maintain domestic or foreign currency accounts either locally or abroad. However, residents cannot convert their domestic currency into foreign currency.
SEPA: Strict formatting standards and SEPA guidelines exist in Europe regarding cross-border payments. IBAN and SWIFT BIC are required for all euro payments. SEPA standards apply for euro payments to beneficiaries with accounts in Norway but do not apply to Norwegian krone payments.
Payment Formatting Rules for NOK:
Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials), and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary.
Use of IBAN numbers is highly recommended. IBAN is required for all EUR payments subject to SEPA standards.
For the following financial institutions in NORWAY you can find a list of their correspondent banks with the currencies and nostro accounts. Also you will find an instructions how to track the payments and other useful information which will help you to send/receive a SWIFT funds transfer or investigate a status of existing payment.
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