Currency in Bouvet Island
A practical currency and money guide to travel, living and doing business in Bouvet Island and the Norwegian krone (NOK).
What's in this Bouvet Island currency guide:
What currency is used in Bouvet Island?
The official currency of Bouvet Island (country code: BV) is the Norwegian krone, with symbol kr and currency code NOK.
Things to know about the Norwegian krone
In 2016, the Norwegian krone contributed to 1.7% of total foreign exchange market volume, and as such was the world's fourteenth most traded currency. The krone is subdivided into 100 øre and was introduced in the late nineteenth century.
Norway’s economy, and consequently the value of the krone, is heavily reliant on oil and gas prices since nearly half of the country’s total exports are these commodities. The krone is therefore aptly termed a ‘petro-currency’. As of 2016, Norway was the world’s tenth largest oil exporter.
Since 1995, the krone’s lowest valuation against the US dollar came in October 2000 when USD/NOK reached 9.65. The currency was strongest in April 2008 when USD/NOK fell to just 4.94 following a boom in the oil price. Against the euro, since the single currency's introduction in 1999, EUR/NOK has traded between 7.21 and 10.16.
Here is what the Norwegian kroner looks like:
Coins: The Norwegian kroner is available in coins ranging in value from 1 øre (1/100 of a kroner) to 20 kroner. The coins feature a variety of designs, including the Norwegian coat of arms and images of animals, plants, and cultural symbols.
Banknotes: The Norwegian kroner is available in banknotes ranging in value from 50 kroner to 1,000 kroner. The banknotes feature a variety of designs, including images of historical figures and cultural symbols.
Here are some of the historical figures that have appeared on Norwegian banknotes:
- 50 kroner: Kristian Birkeland, a Norwegian scientist and inventor
- 100 kroner: Kirsten Flagstad, a Norwegian opera Singer (see image below).
- 200 kroner: Camilla Collett, a Norwegian author and feminist
- 500 kroner: Henrik Ibsen, a Norwegian playwright and poet
- 1000 kroner: Sigrid Undset, a Norwegian novelist and Nobel laureate
It is worth noting that the designs of Norwegian banknotes are periodically updated, so the figures that currently appear on Norwegian banknotes may be different from the ones listed above.
Travel Ideas and Money Tips for Bouvet Island
Bouvet Island, a dependent Norwegian territory, is the most remote island in the world rising sharply from the freezing waters of the Pacific. It was discovered in 1739 by a French naval officer and later claimed by the British to be finally waived in favor of Norway. It's barely 50 square kilometers in area with 93 % of it covered by glaciers. The center of the island is occupied by an ice-filled crater of an inactive volcano and according to some data there is a lake of molten lava filling the caldera. The landscape is definitely not welcoming unless you are not put off by heaps of snow and ice formations but it surely is a dramatic one.
There is no standard telephone connection, no postal code or distribution.
As there are no ports or harbors, only offshore anchorages, the island is not easy to reach. The best way to access is by ship or helicopter but mind you, only if you are not denied permission. The island and adjacent territorial waters are a designated nature reserve so you might find it quite difficult to get there if your only purpose of visiting is mere tourism.
Expat Money & Business Guide to Bouvet Island
Managing your finances in Bouvet Island
Here we list some key points for expats and businesses to consider when managing financial dealings in Bouvet Island:
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Understand Norwegian krone currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the NOK exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Norwegian krone bank account: A local NOK bank account can make it easier for you to manage your finances and pay bills while you are in Bouvet Island. It may also be more convenient to use a local NOK bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Bouvet Island. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Bouvet Island. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Bouvet Island, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
USD/NOK – Market Data
The exchange rate of Norwegian krone (NOK), or the amount of NOK that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/NOK rate plus recent trend, chart, forecasts and historic rates.
Norway is a major exporter of oil, and its economy is heavily reliant on the oil industry. As a result, fluctuations in global oil prices can have a significant impact on the value of the NOK.
| Date | USD/NOK | Change | Period |
|---|---|---|---|
10 Mar 2023 | 10.63 | 1.5% ▼ | 2 Week |
24 Dec 2022 | 9.8854 | 5.9% ▲ | 3 Month |
24 Mar 2022 | 8.6653 | 20.8% ▲ | 1 Year |
25 Mar 2018 | 7.7585 | 34.9% ▲ | 5 Year |
26 Mar 2013 | 5.8238 | 79.8% ▲ | 10 Year |
29 Mar 2003 | 7.3162 | 43.1% ▲ | 20 Year |
Compare Norwegian krone Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Bouvet Island or planning a trip or maybe living there, so will need to exchange and spend Norwegian krone.
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It is important to note that the exchange rate of the Norwegian krone can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect NOK exchange rates before making any financial decisions.
The Norwegian krone is also the domestic currency in 2 other countries.
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