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Getting paid in NOK

  • 07-04-2020 11:48am
    Registered Users Posts: 1,052 ✭✭✭ BnB

    I am due to be paid a fairly significant amount of money in Norwegian Kroner in the next few weeks. NOK has taken a serious hit in the last few months, although it is going back in the right direction (for me) now.

    If I was to get paid today, I would get a fairly significantly lesser amount of Euros in my Bank Account than if I did in January.

    Because the currency seems to going back in the right direction now, ideally I would like to possibly keep the money in NOK for a few months.

    Just a few points:
    • I cannot ask the company that is paying me to hold off as it is part of a much larger deal that I have little or no say over.
    • The only control I have over how I will be paid is the bank account I give them to pay it into (which I will have to give them in the next few days).
    • This is a one off payment. (i.e. Won't be a regular thing)
    • I don't have (or never had) any residence or anything like that in Norway. I am fully resident here in Ireland and pay all my taxes etc here

    How would I go about doing this ? I know you can open foreign currency accounts. My main banking is with BOI. If I open one with them am I tied to eventually doing the transfer from NOK to Euro with them.

    Any pointers/comments/guidance would be welcome



  • Registered Users Posts: 463 ✭✭ bob11

    Have you thought about using revolut ?
    You can hold multiple different currency accounts in your account.
    It is also possible to have local account numbers for certain currencies.

  • Closed Accounts Posts: 50 ✭✭✭ Breakerz

    Open a Revolut account as suggested and get paid NOK straight into your Revolut. Wait until the exchange rate improves and then transfer it in. It also allows you more control as you can transfer it out bit by bit if needs be.