# Deposit savings in Norwegian krona



## Flyswatter (20 Jun 2011)

I wish to open up a foreign currency savings account in Norwegian Krona. You cannot open up an account in Norway itself unless you get a government issued number. This is not possible for me.  Has anybody opened up a FX savings account in NOK? I would appreciate it if anybody can advise on steps needed to take and which banks provide this service?


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## marksa (20 Jun 2011)

NIB offer NOK acc's. Not sure of the rate though


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## Flyswatter (20 Jun 2011)

Thanks Marksa. I have since found out that Investec Ireland also operate NOK accounts. Deposit rates are 1 mth notice 1.25%, 6 mths 1.75%, 12 mths fixed 2%. I must check NIB.


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## Happy Girl (21 Jun 2011)

Yes, but if Ireland were to leave the euro you are in no better a place than if you have your savings in an Irish bank. They would be converted to the "punt nua". The only safe way to invest in Norweigan K would be to open a non resident account in Norway itself and I'm afraid I can throw no light on that for you as I have only investigated opening non residents accounts in France/NI/Switzerland/Australia.


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## marksa (21 Jun 2011)

Happy Girl said:


> They would be converted to the "punt nua".


 
what is that based on? Is there a rule book for how to break up the Euro - including freezing non-euro denominated accounts in Ireland?


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## Lightning (22 Jun 2011)

Happy Girl said:


> They would be converted to the "punt nua".



Highly unlikely.

It is very likely, in a EUR breakup, that only EUR deposits would be converted into a new Irish currency.

It would be a logistical nightmare to convert peoples non base savings.

Obviously, but seperately, you still have Irish bank counterparty risk.


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## bryanod (22 Jun 2011)

CiaranT said:


> Highly unlikely.
> 
> It is very likely, in a EUR breakup, that only EUR deposits would be converted into a new Irish currency.
> 
> ...


 

Or a "Domestic Tax" or EU/Schengen agreement (which there would have to be for someone to leave in the first place of course) to not allow capital flight to prevent the same happening in other countries, thus making the exercise of taking on currency risk for no reason a very risky strategy.


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## SoylentGreen (22 Jun 2011)

If Greece defaults and are forced back to Drachma Nua will this not have a huge knock on effect to those banks that have dealings with Greece. Knowing me and the luck I have had with the stockmarket I will have opened up a Euro or Sterling account with one of these banks and I will lose even more money.  I thought that I was safe when I invested a large sum of money in buying shares in Bradford and Bingley but lost the lot.


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## serotoninsid (5 Jul 2011)

marksa said:


> NIB offer NOK acc's. Not sure of the rate though





			
				Flyswatter said:
			
		

> I have since found out that Investec Ireland also operate NOK accounts. Deposit rates are 1 mth notice 1.25%, 6 mths 1.75%, 12 mths fixed 2%.


Just contacted both of these - and will confirm back here the investec rate (and NIB's if it has changed since Flyswatter posted.

One thing though.....

Does the client not lose on the fx exchange on deposit of euro (to be converted to Krone) and the subsequent (or ultimate) exchange back to euro again?

How can it be determined what rate each applies on the day?


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## serotoninsid (6 Jul 2011)

Tried both Investec and NIB.

Neither of them are offering deposit rates on NOK.  NIB rep. suggested contacting their Norwegian sister bank (Focus Bank) but when asked re. non-residency issue - he couldn't cast any light on that.  

Does anyone know anyone in Ireland that does - or a way to do so abroad?


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## Modestus2416 (8 Jul 2011)

Happy Girl 
Where did you get your info about Norweigan Kroner only being as good as euro ?


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