💱🏦 Bank transfers and commissions: how not to lose out on exchange rates

Moving, finding your first place, and daily expenses need cash right now — so it's important to have a strategy: what to transfer, where to convert, and how to avoid hidden fees. Check out our awesome interactive calculator for the cost of transferring money to NOK, an analysis of hidden fees, and a simple plan for when to hold EUR/USD and when to convert immediately! All numbers in the inserts are marked as DEMO — just replace them in the admin panel and you're good to go!

🚚 Transfer methods: a brief overview of scenarios

● SWIFT (bank→bank). Reliable, but may include a fixed fee from the sending bank, a spread on the exchange rate, as well as correspondent fees and an incoming fee from the receiving bank. The conversion can be done by the sender or the recipient.

● SEPA/EUR→multi-currency account→local payment in NOK. Often the most predictable in terms of costs: low/zero entry fee and clear conversion spread.

● Card (fintech wallet top-up) → conversion → local payment. Fast, but take into account the card top-up fee (especially for credit cards) and "weekend surcharges" on the exchange rate.

USD→NOK. Similar to EUR scenarios, but with its own mid-rate. Sometimes it is more profitable to first convert USD→EUR, then EUR→NOK, if this results in lower spreads (check with a calculator).

🕵️‍♀️ Hidden fees: what to look for in the contract and interface

● Spread to mid-rate. Even a "0% commission" can hide 30-300 bps (0.30-3.00%) to the exchange rate. In the calculator, this field is called "Spread (bps)".

● Incoming/correspondent fees. SWIFT transfers involve intermediary fees and the receiving bank's incoming fee; with the SHA/OUR/BEN scheme, the total may differ.

● Weekend/night surcharges. Many providers increase the spread on weekends and at night; enable the "Conversion on weekends" switch.

● Card top-ups. Credit cards are often more expensive than debit cards; some providers treat top-ups as "quasi-cash".

● Double conversion. The USD→EUR→NOK route may or may not be profitable — check the total spread (two steps!).

● Who converts. Conversion by the sender vs. the recipient results in different spreads and different fees — this is configured in the SWIFT block.

💼 When is it profitable to hold EUR/USD, and when is it better to convert directly to NOK?

● Directly into NOK if: you have rent, deposits, electricity bills, transport costs in the next 1–3 months and do not want exchange rate risks.

● Partially hold in EUR/USD if: you have income in foreign currency, moderate expenses in NOK, and large payments in EUR/USD still ahead (travel, equipment).

● Conversion ladder. Divide the amount into 3–6 tranches and convert according to a schedule; this way, you average out the exchange rate and reduce the risk of "catching the peak".

● NOK cushion. Set aside 1–3 months' budget in NOK (rent + basic expenses), the rest — according to your strategy.

This material is for informational purposes only and does not constitute financial advice. Rates, rules and exchange rates are subject to change; incoming fees and conversion logic depend on the specific provider and bank. All inserts contain DEMO values for layout purposes: substitute your own figures and double-check the total before transferring.