Student deposit account for international students

Why deposit your money?

• Proof of Financial Ability (formal admission requirements for Master, Bachelor & onsite One-Year programmes): International students from outisde EU/EFTA area MUST have access to enough funds to pay for own living expenses for at least one academic year. If admitted, these funds must be transferred to the Student Deposit in Norway to apply for student visa.
  Norway, Swiss Confederation, Iceland, Liechtenstein and EU citizens are exempted from the requirement for proof of financial ability.

• The Norwegian Directorate of Immigration (UDI) is strict about accepting financial documentation (bank statement/guarantee) from Foreign banks for the issuance of Study Permit (VISA). In some rare cases, financial documentation from certain banks in Canada or the USA are accepted, but this is seldom recommended!

• The lack of approved financial documentation makes the processing time of your application for Study Permit (VISA) or Student Residence Card longer than usual, which might result in delaying the start of your studies at UiT.

• To open your own Norwegian bank account, you need to be physically in Norway and have Norwegian National Identification Number (Personnummer) from the local Population Registry, which is impossible for new students.

• Inbound Exchange students (NON EU/EFTA): This arrangement is optional for you. You or your university may choose to deposit your exchange scholarships or subsistence funds in the Student Deposit Account.

To apply for Study Permit (visa) or to renew your Student Residence Permit Card (locally at the Police Office), you must document access to

Master, Bachelor & Onsite One-Year programme students (NON EU /EFTA citizens)

You must have enough money to live on during the period you are going to study in Norway. This means at least NOK 13 790 per month, or NOK 151 690 per year for the entire academic year as proof of financial ability

Inbound Exchange Students (NON EU /EFTA citizens)

An estimation of a student's cost of living is made and revised yearly by the the Norwegian State Educational Loan Fund (Lånekassen).

Their recommendation is that you need approximately NOK 151 690 for the study year 2024-2025 (August 2024 - June 2025).

This means you need to have:

• NOK 68 950 for the autumn semester in 2024 (August 2024 - December 2024 - 1 semester).
• NOK 82 740 for the spring semester in 2025 (January 2025 - June 2025).

Please note:

New students: This sum of money should be transferred to the deposit account within June 1st so that you can receive your confirmation of deposit in time to apply for Study Permit (VISA) or to renew your Student Residency Permit Card. The money transferred to the deposit account will be available to you upon arrival in Norway, and can be withdrawn in case your visa application is refused. Please see below for detailed information.

*The required amount is subject to change by April each year by the UDI.

• Read the conditions of deposit (below) carefully before transferring your money to the deposit account of The Arctic Student Welfare Organization of Norway.  

• The Swift and IBAN codes can are used for electronic payments. Contact your local bank for details.

• Make sure to transfer the money ( exactly in your own name as in your official travel document) to the following account in Danske Bank:

Make sure that the money is transferred and deposited in your own name as it appears in your official travel document (passport). Please ask your bank clerics if you do not know how to do it.

Deposit account details

Conditions for depositing money in the bank account of The Arctic Student Welfare Organization of Norway. Please be advised that these conditions are legally binding (read them carefully):

• Only students accepted to studies at UiT The Arctic University of Norway may deposit money in this account. The money must be deposited in the student’s own name.

• There is no interest on deposit money.

• Please note that a banking fee/commission may be deducted from the money deposited in your home country.

• The student must notify The Arctic Student Welfare Organization of Norway of his/her address in Norway and of his/her Norwegian bank account number as soon as possible.

Please be advised that these conditions are legally binding (read them carefully)

1. UiT The Arctic University of Norway will send you a statement (Confirmation of Deposit) issued by The Arctic Student Welfare Organization of Norway, confirming that you have deposited the actual amount of money in their deposit account.
   
   

2. Please enclose the statement from The Arctic Student Welfare Organization of Norway to your application for a Study Permit to Norway to the respective Embassy/consulate to which you are applying or submitting your documents

Please note: the confirmation of deposit will be sent automatically to your email once it has been received. The transfer usually takes 2 - 4 weeks to arrive in Norway depending on the banking transfer system in your home country.

Exchange your cash at Gardemoen

Foreign currencies can be exchanged at Oslo Airport Gardermoen.

It may take a few days before you get access to your money after arrival (see below). We therefore highly recommend that you bring along enough cash for at least two weeks and preferably also a credit card/ATM card valid in Norway (check with your bank).

There is an automatic teller machine (ATM) at all airports. You need approximately NOK 500 to pay for your taxi from the airport and food for the first few days. You should bring this amount in cash or the equivalent in Euro from your home country in case your credit card does not work. All banks (except those at airports) are closed during weekends. NB! You will not be able to change value or pay bills in any bank in your city in Norway. Do not bring EURO-cash.

ACCESSING YOUR DEPOSIT

To access your money in the deposit account while waiting for your Norwegian Identity Number to open your own Norwegian bank account, you may receive a Danske Bank Prepaid Card at The Arctic Student Welfare Organization of Norway to withdraw money from your deposit. The issuing of a Prepaid Card costs NOK 200, which is a one-time fee. It can be used (at no cost) in any store, at ATMs machines and terminals labelled Bank Axept. The Arctic Student Welfare Organization of Norwaydoes not take cash or cheques. More information about this will be provided after arrival.

For inquiries send an email to prepaid.card@samskipnaden.no or visit the nearest office of the Arctic Student Welfare Organization of Norway (samskipnaden) on your campus.

OPENING A NORWEGIAN BANK ACCOUNT

You will receive a confirmation when we have registered your immigration to Norway at the local police, together with your Norwegian Identification Number by letter. A letter will be sent to your new address as registered with the National Registry. Please remember to mark your post box with your name.

Information about banks in Norway

HOW TO TRANSFER YOUR DEPOSIT TO YOUR OWN BANK ACCOUNT

Make sure to open a bank account in a Norwegian Bank of your choice as soon as possible after receiving your Norwegian identity number. After receiving the account number, please give The Arctic Student Welfare Organization of Norway a written confirmation from your Norwegian bank as soon as possible. Your money will then be transferred to your account in total, except for a deducted administration fee of NOK 350, and the money already withdrawn by you, if any.

Send your e-mail, together with all bank account information (including a a written confirmation from your Norwegian bank including name and account number, and copy of your passport) to okonomi@samskipnaden.no

In case the student, for any reason, is not able to start the studies in UiT. Please be aware that the final sum returned to you may vary as a result of changes in the exchange rates before or during transfer OR fees charges by foreign banks (your bank).  A service fee of NOK 350 will be charged for the return of your deposit.

Send your e-mail, together with all banking and transfer details (i.e. Bank account, IBAN, Swift, IBIC, etc), deposit@samskipnaden.no

Norwegian account: only bank account number

Foreign account: IBAN and SWIFT/BIC codes.

Russian/American/Canadian and other accounts without IBAN:

1. Name and address of beneficial bank
2. Your name and address of account holder
3. account number
4. SWIFT
5. ROUTE number (only for American/Canadian transferring)
6. Inform us either EURO, US dollars or Canadian dollar (Rubles not accepted)