Currency in Greenland
A practical currency and money guide to travel, living and doing business in Greenland and the Danish krone (DKK).
What's in this Greenland currency guide:
What currency is used in Greenland?
The official currency of Greenland (country code: GL) is the Danish krone, with symbol kr and currency code DKK.
Things to know about the Danish krone
Denmark has implemented a fixed exchange rate policy known as the "peg" to keep the value of its currency, the Danish krone, stable against the euro. Under this policy, the Danish central bank buys and sells currency to maintain the exchange rate at a fixed level, typically around 7.46 Danish kroner per euro. This means that the Danish krone will be automatically adjusted against the euro in order to maintain the agreed-upon exchange rate. The Danish National Bank (DNB) is responsible for implementing and enforcing this policy, with the objective of ensuring stability in the Danish economy and financial system.
Travel Ideas and Money Tips for Greenland
Greenland is an autonomous territory of Denmark located between the Arctic and Atlantic Oceans, north of Canada. It is known for its rugged, remote wilderness, and diverse landscapes, including glaciers, fjords, and mountains.
Tourism in Greenland is focused on adventure and nature activities such as dog-sledding, ice-climbing, hiking, and fishing. Visitors can also experience traditional Inuit culture by visiting small coastal towns and villages, where they can learn about the local way of life, history, and customs.
Greenland also offers unique opportunities for viewing the Northern Lights and Midnight Sun, as well as for observing wildlife, including whales, seals, and polar bears.
The country also has a rich culture, with a blend of Inuit, Norse and Danish influences. Visitors can experience the local music, dance, and art, and can also learn about the country's history and traditional way of life.
Traveling to Greenland can be challenging, as infrastructure is limited and weather conditions can be harsh. The best way to get around is by plane, boat or snowmobile.
It's worth noting that Greenland is a remote and sparsely populated country, and visitors should be prepared for the harsh conditions and limited infrastructure.
It's also important to be aware that the cost of living in Greenland is high, and that the official language is Danish, although many people in Greenland also speak Greenlandic, English and some other languages.
Overall, Greenland is a unique destination that offers visitors the opportunity to experience a truly wild and unspoiled wilderness, and to learn about the country's rich culture and history.
Expat Money & Business Guide to Greenland
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Greenland.
How is the Greenland economy?
Greenland's economy is relatively small and heavily dependent on exports of fish and fish products, which make up the majority of the country's exports. Additionally, the country's economy also relies on income from tourism, mineral extraction, and subsidies from Denmark. The country's economy has been growing in recent years, but it still faces many challenges.
One of the main challenges facing Greenland's economy is its dependence on exports, which makes it vulnerable to fluctuations in international markets. Additionally, the country has a small domestic market, which limits the potential for growth in certain sectors.
Greenland also has a high cost of living, which can be a barrier to economic development and make it difficult for businesses to compete with foreign imports.
The country's remote location also makes it expensive to transport goods and people, which can make it difficult for businesses to operate and for people to access goods and services.
The Government of Greenland has been working to diversify the economy by developing new sectors such as tourism, mineral extraction, and renewable energy. It's also trying to improve infrastructure and increase access to education and training to promote economic development and improve the standard of living for the population.
In conclusion, Greenland's economy is small and heavily dependent on exports and subsidies, it faces challenges such as a small domestic market, high cost of living, and a remote location, however, the government is working to diversify the economy and improve infrastructure and access to education and training to promote economic development.
Managing your finances in Greenland
Here we list some key points for expats and businesses to consider when managing financial dealings in Greenland:
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Understand Danish krone currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the DKK 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 Danish krone bank account: A local DKK bank account can make it easier for you to manage your finances and pay bills while you are in Greenland. It may also be more convenient to use a local DKK 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 Greenland. 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 Greenland. 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 Greenland, 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/DKK – Market Data
The exchange rate of Danish krone (DKK), or the amount of DKK 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/DKK rate plus recent trend, chart, forecasts and historic rates.
The Danish kroner (DKK) is fixed to the Euro so the EURDKK exchange rate should not fluctuate very much. The fixed exchange rate policy provides Danish businesses and consumers with greater stability and predictability in their financial transactions, particularly those involving international trade and investment. It reduces the risks associated with fluctuations in currency values, which can be particularly important for small, export-oriented economies like Denmark. However, the policy also limits the flexibility of the Danish central bank to adjust interest rates or implement other monetary policies in response to changing economic conditions, as it must maintain the exchange rate within the agreed-upon range. In recent years, Denmark has faced challenges in maintaining the fixed exchange rate policy, particularly in the face of currency fluctuations and changes in interest rates in other countries, which have required the DNB to intervene frequently in currency markets.
| Date | USD/DKK | Change | Period |
|---|---|---|---|
15 Mar 2023 | 7.0358 | 2.4% ▼ | 2 Week |
29 Dec 2022 | 6.9753 | 1.5% ▼ | 3 Month |
29 Mar 2022 | 6.7059 | 2.4% ▲ | 1 Year |
30 Mar 2018 | 6.0484 | 13.6% ▲ | 5 Year |
31 Mar 2013 | 5.8173 | 18.1% ▲ | 10 Year |
03 Apr 2003 | 6.9296 | 0.9% ▼ | 20 Year |
Compare Danish 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 Greenland or planning a trip or maybe living there, so will need to exchange and spend Danish krone.
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It is important to note that the exchange rate of the Danish 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 DKK exchange rates before making any financial decisions.
The Danish krone is also the domestic currency in 2 other countries.
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