Forex currency transactions problematic / News / The Foreigner

Forex currency transactions problematic. Converting foreign money into Norwegian kroner is almost impossible without a card. Over-the-counter transactions are not as widespread as they used to be. It also seems that Norway is on its way to becoming a cashless society. 2015 figures from Norges Bank show that the number of debit card transactions via payment terminals (Norway-based bank accounts) was 1,820.1 million.

money, forex, currency, pound, dollar, euro, krone, paywall



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Forex currency transactions problematic

Published on Wednesday, 3rd August, 2016 at 19:03 under the news category, by Michael Sandelson   .

Converting foreign money into Norwegian kroner is almost impossible without a card.

Currency exchange
Notes are not welcome at most of Norway's banks.Currency exchange
Photo: Images Money/Flickr


Over-the-counter transactions are not as widespread as they used to be. It also seems that Norway is on its way to becoming a cashless society.

2015 figures from Norges Bank show that the number of debit card transactions via payment terminals (Norway-based bank accounts) was 1,820.1 million.

Internet banking and mobile app transactions reached 455.1 million and 20.1 million, respectively.

Three of Norway’s big banks operate different policies when it comes to cash-based forex transactions.

DNB, whose largest shareholder is the Norwegian Government (34 per cent), offers basic banking services at its branches at Oslo Gardermoen Airport.

“You will find exchange services and a wide variety of currencies dispensed via customer service and ATMs (Automated Teller Machine). We offer up to 47 different currencies [there],” DNB Communications Advisor Vidar Korsberg Dalsbø tells The Foreigner.

But putting foreign currency into a Norway bank account can only be done here. The bank’s other branches do not accept cash over the counter – although foreign bank-issued cheques in foreign currency are accepted at all of them.

Nordea, whose largest shareholder is Finland-headquartered company Sampo PLC (21.3 per cent), offers no cash handling services.

“The main reason for ceasing over-the-counter cash transactions is declining demand for this service. We stopped offering this in October last year,” says Nordea press spokesperson Christian Steffensen.

“We [also] accept cheques in foreign currencies at our bank offices,” Communications Director Unni Strømstad explains.

SpareBank 1, a consortium of 16 banks nationwide, only currently offers forex transactions at its office in western Norway’s Stavanger Sola Airport. This will be closing in September this year.

It was not possible to obtain any other information from one of SpareBank1’s national media spokespersons, as each bank has a different policy and press spokesperson.

Meanwhile, various suggestions to remove Norwegian banknotes from circulation entirely have been put forward over the years, but doing this is not without its issues.

Plans to change current legislation are not on the table, and not everyone is comfortable paying for transactions using purely plastic or electronic means.

“There are many people, including the elderly, who still wish to use banknotes,” remarks Deputy Minister of Finance Tore Vamraak in an email. “Besides, making transactions traceable is also not unproblematic from a personal privacy point of view.”




Published on Wednesday, 3rd August, 2016 at 19:03 under the news category, by Michael Sandelson   .

This post has the following tags: money, forex, currency, pound, dollar, euro, krone, paywall.





  
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