Cost of living in Norway: Your guide

The stunning scenery, high standard of living, and rich cultural heritage are just a couple of reasons people choose Norway as their home. This majestic Scandinavian monarchy prides itself on both natural and cultural diversity. Those factors make the quality of life there top-notch.

If you want to spend a part of your life there or move for good, you should be aware of the cost of living in Norway. This guide should cover all you need to know, from monthly expenses to education fees and average salaries. We’ll also point out a smart way to lower the costs of currency exchange with the help of Wise.

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The currency in Norway

Norway uses the Norwegian krone as its official currency. It’s abbreviated as kr or NOK. To help you get a grasp of how much it’s worth, we’ve prepared a useful comparison.

Here are a few major world currencies and the krone, side by side, at the time of writing.

$1000 = 9,336 kr

£1000 = 11,966 kr

€1000 = 10,942 kr

A$1000 = 6,638 kr

The value of currencies changes constantly, so it’s good to stay in the loop. We always suggest using a reliable currency converter that will show you the real, mid-market exchange rate.

Dealing with money in Norway can be tricky if you just moved there or you’re in the process of moving. If you don’t have a Norwegian bank account yet, you can pay all your expenses via Wise while still in your home country. This can even help you cut down on relocation costs, since you’ll get the mid-market exchange rate.

Get the real, mid-market exchange rate with Wise

The mid-market exchange rate is the fairest rate that exists. Banks and money exchange services use it when trading among themselves. But, when doing business with clients, they add a markup in order to make profits. Sending, receiving, and managing money with Wise has no secret costs.

Wise’s Borderless multi-currency account gives you the possibility to use up to 50 different currencies at once. While staying in Norway, you can easily convert to the local currency with low fees.

Get Borderless for free

Cost of living in Norway compared to the UK

London expats might get the feeling that the prices in Norway are steeper than back home. But, Oslo is located much lower than London on Mercer’s cost of living list.¹ Some prices do make it seem like the situation is the opposite.

For example, the cost of food in Norway is higher than in the UK, at least when it comes to eating at restaurants. That mostly has to do with the difference in salaries, but we’ll get into that later.

Let’s glance over some major costs in Norway, compared to those in the UK.

Major cities in Norway

Oslo has that perfect combination of being a metropolis and having untouched nature. Some of the best museums in this part of the world are here, such as the National Gallery and the Norwegian Museum of Cultural History. Along with a growing food and nightlife scene, it has everything an expat might need.

It’s enough to say that Bergen is known as the “heart of the fjords” or “the city between the seven mountains”. This UNESCO World Heritage city is great for those that want an idyllic lifestyle and can handle the cold. It’s particularly popular among expats who want to experience its picturesque streets and famous railway.

Trondheim is Norway’s oldest city, but it has a vibrant, youthful feel to it. Students are a big part of its population, so there’s always a bunch of interesting events and activities. Also, the cultural diversity and outdoor-oriented lifestyle make it pleasant to live in.

What are general living expenses like in Norway?

What are the average salaries in Norway?

Norway is known to be one of the wealthiest countries in the world, although the living expenses are high. The whole country, especially Oslo, is great for those looking to advance their careers and boost their earnings.

Here’s an overview of the average yearly salaries⁸ in some Norwegian cities.

How expensive is housing and accommodation in Norway?

When it comes to accommodation, the priciest apartments are those in the capital. This is in line with the fact that the Oslo cost of living is the highest. Landlords often demand a couple of months of advance in rent.

Let’s look at some average rent costs.

What about healthcare and dental costs in Norway?

Each citizen, resident and student that’s been there for over a year can use Norwegian healthcare.⁹ It’s not free for everyone, but it ensures that everyone gets the care they need.

For example, people have to pay around 180 kr for an appointment with a GP. But, once they reach 2,000 kr in appointment fees, they’re exempt from all charges until the end of that year.¹⁰ This way everyone contributes a little bit, but those that have many health issues are not strained by their medication bills. People under 16 and pregnant women don’t have to pay anything.¹¹

Dental treatments are free of charge for children.¹¹ But, the Norwegian Labour and Welfare Administration (NAV) makes sure that those in need also don’t have to pay. Some of them are people with financial difficulties and elderly people in institutions.

How much are travel and transportation costs in Norway?

The public transport in Norway is very modern and punctual, so getting around is pretty easy. You should be able to get all the info about timetables on Ruter’s webpage. You can choose between buses, trains, trams and the underground. Monthly transportation passes in most cities cost from 750 to 800 kr.¹²

Cross country travel is just as organized. The best way to find departures and buy tickets is through the main operator, Entur. If you’re traveling long distances, you might want to consider air travel. When looking in advance, it’s possible to find pretty affordable tickets. Norwegian, SAS, and Widerøe are the three domestic airlines.

Study costs in Norway

There’s a couple of Norwegian universities on the Shanghai ranking of world universities list. The University of Oslo is highly placed, followed by the Norwegian University of Science and Technology, University of Bergen, and a few more.¹³

Norway state universities are free for all, no matter where they come from. The only thing students pay is an administrative or student union fee.¹⁴ When it comes to program diversity, the University of Oslo, for example, offers 72 masters programs in English.

Private universities are surprisingly cheaper than in many other European countries. Still, keep in mind that the cost of living in Norway is high.

Send money to and from Norway with the real, mid-market exchange rate

Norway is one of the most stable countries in Europe and the world. It’s also very expensive, so you should try to cut costs where possible.

With Wise, it’s easy to get the most of your money. Top up your account in pounds and convert to NOR using the mid-market exchange rate. It’s time to ditch any hidden fees and unfair rates.

Join Wise for free

Sources:

All sources checked on October 12, 2020