What are SWIFT and RTGS transfer methods for NOK?

IBKR is able to receive NOK transferred via international bank wire (SWIFT) or RTGS (Real Time Gross Settlement payments system) to deposit NOK to your account, no matter if your bank is located within or outside of Norway.

Typically your bank may call those transfers just regular wire transfers, electronic bank transfers or bank-to-bank transfers and may not distinct between international bank wire versus RTGS. You may want to consult with your bank for further information

about the transfer system they use to facilitate your payment.

SWIFT payment

The Society for Worldwide Interbank Financial Telecommunication - understandably shortened to SWIFT - is a network that allows banks to communicate financial information securely.

SWIFT payments are offered by most banks, for international money transfers, and involve a series of banks which work together to make sure your money arrives at your account.

If you transfer NOK from a financial institution outside of Norway, they may require to use a so called intermediary or correspondent bank to route the payment through, before reaching your account and they are called cross-border payments.

Bank transfers can take time to complete, particularly when it comes to cross-border payments. Clients are increasingly accustomed to a payments experience that feels instant. But making a payment to another country can be much more complex and time-consuming.

Processing bank transfers involves a number of steps – particularly for cross-border payments. These are sent via the correspondent banking network and typically pass between several different banks along the way. After being initiated, a wire transfer is sent by the debtor agent to an intermediary bank before moving on to the creditor agent. Once these steps are complete, the recipient will receive their funds.

There are a number of reasons why cross-border payments may be delayed or held up. Firstly, not all account balances can be updated outside the operating hours of local settlement systems. Delays can also arise if compliance checks need to be carried out, especially when a payment passes through different countries and jurisdictions.

RTGS payment

RTGS stands for Real Time Gross Settlement and is the fastest way to sent money from one bank account to another within the country. Banks charges fees for this real time settlement, that vary by bank.

RTGS method is mostly used for transaction of high value. Its a system where there is continuous and real-time settlement of fund-transfers. You may not be able to select this transfer method in your online banking screen.

It is rather a system your bank will use in the background to transfer your funds upon your request if the funds are transferred within the country. You  may consult with your bank which payment system they use to transfer funds.

How long does it usually take for my funds to arrive?

*Please consult with the sending institution about the costs to process your payment as this may vary by financial institution. IBKR does not charge fees for the deposit of funds.

Note! IBKR credit funds real time upon receipt under normal circumstances. Please note that we do not have influence on the speed of transfer. You may consult with the sending institution regarding their processing times and cut off times. Payments that are subject to additional review may take longer to credit.