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To obtain debit or credit cards or deal with any type of financial business, you must provide legal identification documents plus other paperwork that the bank requests. It is also necessary to explain to the provider the reason for obtaining this service. Norway banking services offer an array of choices that include “general banking provisions,” which are typical for anyone residing in the country, regardless of citizenship.
General bank services include standard accounts, online services, debit cards, plus the offering of credit cards, loans, “BankID,” and more. These establishments provide services upon the outcome of their risk assessment of the client. If this is something you might find beneficial, continue reading to learn about gaining access to Norway Banking for its variety of services.
Gaining Access To Norway Banking For Its Variety of Services
Whether you want to apply for a credit card or a debit card, it’s mandatory to become established with a bank. In fact, this is becoming the most dominant form of purchasing and making payments in Norway,
Customers are responsible for being providing relevant information to the bank. The bank requires this information because it is obligated by the “AML” or “anti-money laundering regulations” to take all measures to avoid criminal use in their establishment. Some of the requirements, especially for credit cards, loans, and accounts with debit cards, include the following items.
Validating identification.
Upon request, you must supply legitimate identification documentation to gain access to a banking provider. The exact documents a bank will accept to confirm identity are determined from the risk level of the client. The following list shows the documents that are acceptable for these purposes.
- Legitimate foreign passport
- Legitimate Norwegian passport
- Legitimate immigrant passport
- Legitimate refugee travel document
An EU/EEA country national identity card is, in specific situations, acceptable as identification. The bank might request more paperwork to confirm identity before committing to giving you full access. Your residential address is also a requirement.
Purpose for needing the bank services.
It is best if you prepare to explain the need for your request and how you intend to use the services. That might include paying monthly bills, transferring funds, making deposits, or applying for credit. Please note that the bank will inquire about the source of the funds.
- Bank Accounts: A bank offers a variety of accounts, including general accounts and savings. Salary is typically transferred to the general account, which will be accessed using a debit or payment card. A savings account offers higher interest rates making it more beneficial to transfer funds that you intend to leave in the account long term. You can move between the two accounts.
- Payment Cards: Payment cards allow for withdrawals from mini banks for ATMs to pay for products or services in real-time establishments or online storefronts. Banks provide varied options for these, with the most common being the debit card with payments withdrawn automatically from the general account.
However, you won’t be able to draw out more than your account has in it. There is the potential for an agreement with the bank for limited credit with the card based on risk potential.
Credit cards are another payment card with which funds do not come from your general bank account. The money is instead borrowed from the provider. These cards allow you to make payments or purchases and pay them later. Generally, credit histories are considered in the approval process.
Private, electronic BankID.
BankID is a private electronic ID giving you a secure identification and the ability to sign online. In real-time, you have documentation such as a passport to legitimize your ID. However, online BankID serves in a similar capacity.
Also, in real-time, we use pens to sign paperwork. However, BankID serves as your signature for notifications and documents electronically. Therefore, there’s no need for you to present in person or mail the documents.
One BankID from a specific bank is useful for accessing services with other banks. The benefit is also useful for changes of address, loan applications, and property registry documents.
To qualify for this, you need to be 15+ years old, but suggestions indicate from the age of 13 these are issuable with a guardian’s consent. Still, some banks are stringent about not providing these to those under the age of 18.
In conclusion.
A bank can deny services for numerous reasons, including:
- No proof of identity or other requested documentation.
- The explanation for the need for services is insufficient.
- Offering you the option of banking infringes on the law or regulations as written.
Banks will also consider any past behavior if you were involved with another banking service with poor conduct.
Debit and credit cards (find some of the best credit card options by reviewing https://www.kredittkortinfo.no/) are the form of payments and purchases dominating the economy in most countries today, with cheques being pretty much obsolete and cash fading from the forefront. To obtain these valuable tools, it’s critical to establish a relationship with a trusted bank.
These financial institutions are stringent in their processes for accepting new customers. It’s up to the client to duly prepare for acceptance with adequate documentation and reasoning for why the bank would be a critical component of their lifestyle. It’s entirely up to the bank whether that reasoning is sufficient or not.
If you have any questions or suggestions, we always love to hear from you in the comments below. Also below are links to more fantastic articles about ALL things DESIGN for your home or business.
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About the Author: Ashley Edwards
