|Cyprus||/5||$50||Read the review|
|Switzerland||/5||$1000||Read the review|
Although not as synonymous with the forex industry, Norway nevertheless encompasses important traders and brokers. Ever since the country’s GDP sky-rocketed due to its oil reserves, the country has been one of the richest in the world, undeniably playing a role in the market industry, making the Norwegian krone (NOK) an valued player.
Local bank transfers are always faster than intentional ones, even in NOK. Wire Transfers that are domestic take around 1-2 days to process, sometimes even less. In comparison, international NOK bank transfers can take anything between 5 days to 7, and sometimes more. It all depends on the broker and the bank that handles the payment.
Local transfers by bank are free of charge in NOK. Very rarely does a broker charge a fee for a local wire transfer. International NOK bank transfers are charged with fees changing from broker to broker. However, the charges should not exceed 200-250 NOK, depending on the broker. On top of these levies, some banks apply their own set of fees either as commission or as conversion charges.
Credit and Debit card payments in NOK are instant, and most of the time free of charge. At other times, brokers may charge a 2%-3% credit/debit card fee, which may amount to a hefty charge should the withdrawal/deposit amount be in the thousands.
One of the most popular alternative method of payment in Norway, that is among brokers, is PayPal.
PayPal fees are applicable only to merchants. The transfer fee that PayPal charges is fixed at 2.8 NOK. However, some brokers may have PayPal fees as commission, so beware of that.
The Norwegian krone is actually subdivided into 100 øre. But because of the very low øre value, it is currently used exclusively in electronic payments, while cash transactions are rounded to the nearest krone.
As of 2016 the NOK is the 14th most traded with currency on the market.
Because Norway’s oil industry is such an important economical determinant, the value of the krone is influenced by oil prices, not only local but global.