Foreign exchange guide to Norway and the Norwegian Krone (NOK)
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.
Sentiment on the krone improved drastically in June after Norway’s central bank raised interest rates and signalled further hikes this year, thereby bucking the trend for lower-rates globally.
Prior to this, against the US dollar, the krone had tested the massive 8.8 per USD level, a break of which would have had the krone at its weakest level in 3 years. The greenback was back buying 8.5 krone at the time of this report.
Late last year, against the euro, the krone struck a 10-year low of 10.057 per EUR; it has since recovered to levels near 9.65.
Danske Bank said following June’s meeting of the Norges Bank that it favoured more krone strength in the third quarter.
The below interactive chart shows the USD to NOK exchange rate, trend and recent alerts for the last 90 days.
|U$ 1||kr 9.7760|
|U$ 5||kr 48.88|
|U$ 10||kr 97.76|
|U$ 20||kr 195.52|
|U$ 50||kr 488.80|
|U$ 100||kr 977.60|
|U$ 250||kr 2,444|
|U$ 500||kr 4,888|
|U$ 1,000||kr 9,776|
|U$ 2,000||kr 19,552|
|U$ 5,000||kr 48,880|
|U$ 10,000||kr 97,760|
|U$ 50,000||kr 488,800|
|U$ 100,000||kr 977,600|
The domestic currency in Norway is the Norwegian Krone.
The three letter currency code for the Norwegian Krone is NOK — symbol is kr.
No, the Norwegian Krone is freely available and convertible. See guide: What is a closed currency?
The essence of Norway's appeal is remarkably simple: this is one of the most beautiful countries on earth. Enjoying nature in Norway is very much an active pursuit, and this is one of Europe's most exciting and varied adventure-tourism destinations. While some of the activities on offer are geared towards the young, energetic and fearless, most – such as world-class hiking, cycling and white-water rafting in summer, and dog-sledding, skiing and snowmobiling in winter – can be enjoyed by anyone of reasonable fitness.
The counterpoint to Norway's ever-present natural beauty is found in its vibrant cultural life. Norwegian cities are cosmopolitan and showcase the famous Scandinavian flair for design through the ages. Bergen, Trondheim and Ålesund must surely rank among Europe's most photogenic cities, while contemporary Arctic-inspired architectural icons grace towns and remote rural settings alike. And wherever you find yourself in this most extraordinary country, these landscapes serve as a backdrop for some of Europe's prettiest villages.
The Norwegian currency is “Kroner”, which is sometimes mistranslated into “crowns” in English. Although debit or credit cards are accepted most places, it is still a good idea to have a bit of cash on you. Foreign currency is rarely accepted, so you need Norwegian currency to get by. You will find cash machines everywhere in towns and cities, and in most rural areas there will be at least one place where you can withdraw money, such as a kiosk or a petrol station. Visa and MasterCard are the most commonly accepted credit cards, with far fewer accepting Amex or Diners.
Norway has less than 5 million inhabitants, but it is a large country and sparsely populated. Foreign visitors usually underestimate distances and traveling time. Travel along the coast, fjords and mountains is complex, and public transport is often limited to one bus a day. Due to this seeing all of Norway will take more than a few days. Health standards are very high and visitors generally don't have to worry about personal security. Tap water is not only drinkable but usually of very high quality.
Norway is full of great places to visit, while going to the North you can go to Ålesund, Trondheim, Lofoten Islands, even North Cape at the Northernmost tip. You can even visit Svalbard near North Pole which is a quite demanding trip though. Be sure to get out into the countryside, it is gorgeous and rugged. The midnight sun is a nice experience, and can be seen anywhere North of Bodø around mid summer. About half of Norway lies above the arctic circle. There is absolutely no need to go to North Cape to experience the midnight sun.
Norway is one of the richest countries in the world and many things are accordingly expensive. Note that service and taxes (VAT) is always included in the price offered, nothing is added to the bill. Air transport is relatively cheap if the traveller are flexible with regard to time and date.
Norway does not currently use the euro as its currency and has no plans to replace the krona in the near future. This is the same situation in all the Scandinavian countries - Denmark, Sweden and Iceland. You may find some shops that will accept the Euro but watch out for the EUR/NOK exchange rates they offer.
Norway has an extremely efficient public transport system and its trains, buses and ferries are often timed to link with each other. Boat and bus departures vary with the season and the day (services on Saturday are particularly sparse, although less so in the summer high season), so check the latest ruteplan (timetable) from regional tourist offices.
Due to the time and distances involved in overland travel, even budget travellers may want to consider a segment or two by air. The major Norwegian domestic routes are quite competitive, meaning that it is possible (if you're flexible about departure dates and book early) to travel for little more than the equivalent train fare.
Norway's excellent system of ferries connects otherwise inaccessible, isolated communities, with an extensive network of car ferries criss-crossing the fjords; express boats link offshore islands to the mainland. Most ferries accommodate motor vehicles, but some express coastal services take only foot passengers and cyclists, as do the lake steamers. Long queues and delays are possible at popular crossings in summer. They do, however, run deep into the night, especially in summer, and some run around the clock, although departures in the middle of the night are less frequent.
Buses on Norway's extensive local and long-distance bus network are comfortable and make a habit of running on time. You can book tickets and consult timetables for most routes online.
Save money and time by Ordering your Norwegian Krone online from Travelex, you get better rates and can pick up the NOK cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Norwegian Krone otherwise you may get much worst exchange rates.
When searching around for information on how to get a good exchange rate when sending money to Norway you need to start with finding out the latest Norwegian Krone foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
When sending money to Norway it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
Use our Send to Norwegian Krone calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Norwegian Krone deposited into the recipient bank account and less margins and fees kept by the banks!