Currency exchange rates

What information is required to make an international payment?

International payments of amounts exceeding NOK 100 000 (in foreign currency or Norwegian kroner) must be reported to the tax authorities. In these cases, information must be given on what the amount relates to. In such cases, information must be provided on what the amount applies to.

The additional information is reported by supplementing the transaction with a payment type code. You must also include a short description of what the transfer is for. You must also enter a short text stating what the transfer concerns.

You will find a full summary of the codes on the Norwegian Tax Administration’s website

Do I have to report currency transactions to the Norwegian Tax Administration?

As a bank, we are required to report this, so we’ll do it for you.

The Currency Register Act requires all banks and financial institutions to report all international transactions to the Norwegian Tax Administration. The reporting requirement applies to both corporate customers and retail customers. The reporting requirement applies to both corporate and personal customers.

For international transactions with a value of NOK 100,000 or more, a payment type code is required to supplement the transfer.

You will find a summary of the payment type codes on the Norwegian Tax Administration’s website.

Our respected analysts give you their forecasts both at a macro and a company-specific level, in the short and long term. Got to our research page

Does your business need capital, or do you want to make an acquisition, merger or other transactions? Read more about our Corporate Services here.