Hello all,
Is there any EMI that provides a local IBAN in Norway and facilitates transfering them out of country? As per my knowledge only CurrencyFair and Wise offer this kind of service. (Opening a CurrencyFair account has become - for me- almost impossible, and Wise I do not see them a viable solution).
Thanks
Besides evading the skandinavian banking system, taking the money out of that country without being asked a thousand of nonsense questions, tons of documentation, time lost and waste of money.
EMIs are bound by the exact same requirements as banks when it comes to KYC (Know Your Customer) and AML (Anti Money Laundering). If you're transacting a large sum of money or something about your transactions trigger an alert, it doesn't matter if it's DNB, your local Sparebank, Wise, or CurrencyFair. They have the same obligation to investigate. They may have different things that trigger alerts, though, but only a small group of people at each financial institution knows the triggers.
Easiest is to just bite the bullet. Open a bank account abroad and send the money there via a wire transfer. Have all your documents in order in advance.
AFAIK, there is no one offering dedicated/named Norwegian IBANs. Wise, CurrencyFair, and others provide shared accounts in the name of the financial institution. Moving money there and from there outside of Norway is only going to double the number of financial institutions that may inquire about your activities.
As per my experience, there are certainly triggers on transactions (amount, bank of the receiver, etc.), some banks like DNB, SSF, Sbanken, etc. are very cautious about external transfers, whereas Sparebank 1 for example are more permissive. However I cannot rely only on Sparebank 1, Wise was quite butter smooth until one year and a half when they were stopping half of the transfers initiated, most of them bouncing back without explanation.
Having a shared account in the name of the institutional would help a lot (even if it's not on my name it would be much appreciated, I forgot to mention in the first post). There must be other EMI's that offer shared accounts in Norway.
Norway isn't a very big market and anyone offering Norwegian accounts is doing so using bank accounts with local banks. So anyone who has gone through the hassle of getting access to NOK has to follow the same regulations as their sponsor bank or banks. That's probably why Wise started bouncing payments.
Have you looked at TransferMate? AFAIK, they support NOK but their risk appetite is lower than Wise.
