Currency in Norway
A practical currency and money guide to travel, living and doing business in Norway and the Norwegian krone (NOK).
What's in this Norway currency guide:
What currency is used in Norway?
The official currency of Norway (country code: NO) 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 Norway
Describe Norway for travelers and expats
Norway is a land of contrasts. The dramatic landscape ranges from fjords and glaciers to forests and mountain peaks, while the cities are full of historic buildings and cosmopolitan flair. Travelers can enjoy traditional Norwegian dishes, world-class museums, and outdoor activities like skiing and hiking. English is widely spoken, making Norway a great destination for expats.
Best things to do and see in Norway
1. Visit the world-famous fjords
2. Watch the northern lights
3. Go hiking or skiing in the pristine wilderness
4. Visit the charming small towns and villages
5. Experience the Midnight Sun in the Summer
6. Try some of the delicious local seafood
Top Travel tips for Norway
Norway is a land of many contrasts, with a unique natural landscape and a rich cultural heritage. Here are our top travel tips for exploring Norway:
1. Plan your trip in advance
Norway is a popular destination, so it's important to plan your trip in advance. Think about when you want to travel, and book your flights and accommodation well in advance.
2. Be prepared for the weather
Norway has a reputation for being a cold country, but the weather can be unpredictable. Be prepared for all weather conditions by packing a variety of clothes.
3. Learn some Norwegian
Norwegian is the official language in Norway, but English is also widely spoken. Learning some key Norwegian phrases will help you communicate with locals and make the most of your trip.
4. Explore Norway's natural beauty
Norway is home to some of the most stunning scenery in the world. From towering mountains to pristine fjords, there's plenty to explore.
5. Experience the Midnight Sun
One of the most unique things about Norway is the Midnight Sun. From late May to late July, the sun never sets in some parts of the country. It's an experience you won't want to miss!
6. Visit a Norwegian city
Norway's cities offer a great contrast to the country's natural beauty. Oslo, the capital, is home to a variety of museums and attractions, while Bergen is a beautiful city surrounded by mountains.
7. Try Norwegian food
Norwegian cuisine is based on fresh, local ingredients. Fish, meat and potatoes are common ingredients, and you'll also find a variety of traditional dishes.
8. Go on a Norwegian adventure
Norway is the perfect place for an adventure. There are plenty of activities to choose from, including hiking, kayaking and skiing.
9. Relax in a Norwegian spa
Norway is home to a number of world-class spa resorts. Soak in the therapeutic waters and enjoy the stunning scenery.
10. Shop for Norwegian souvenirs
When you're planning your trip to Norway, don't forget to leave some space in your suitcase for souvenirs. You'll find a variety of traditional Norwegian products, from sweaters to wooden toys.
Is it safe in Norway?
Yes, it is safe in Norway.
Expat Money & Business Guide to Norway
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 Norway.
What is the cost of living in Norway?
There is no definitive answer to this question as the cost of living can vary greatly depending on lifestyle and location. However, according to Expatistan, the cost of living in Norway is generally high, with Oslo being the most expensive city.
How is the expat life in Norway?
Overall, the expat life in Norway is quite good. The country offers a high quality of life, including excellent healthcare and education. There is a strong sense of community, and Norwegians are generally very friendly and welcoming to foreigners. However, it can be expensive to live in Norway, and the winters can be long and dark.
Any laws in Norway that foreigners should be aware of?
There are laws in Norway that foreigners should be aware of, such as the law on public order and peace, the law on firearms and ammunition, as well as the law on narcotics.
What is doing business like in Norway?
Business in Norway is generally well organized and efficient. There is a high level of transparency and accountability, and businesses are expected to act in a socially responsible manner. Norway has a very strong welfare state, which provides a safety net for citizens and businesses. The country also has a highly developed infrastructure, which makes doing business relatively easy.
How is the economy in Norway?
The economy of Norway is a mixed economy, a prosperous and developed socialist welfare state and the largest economy in the Nordic region.
Managing your finances in Norway
Here we list some key points for expats and businesses to consider when managing financial dealings in Norway:
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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 Norway. 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 Norway. 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 Norway. 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 Norway, 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.
| Date | USD/NOK | Change | Period |
|---|---|---|---|
12 May 2023 | 10.69 | 3.7% ▲ | 2 Week |
25 Feb 2023 | 10.44 | 6.2% ▲ | 3 Month |
26 May 2022 | 9.5320 | 16.3% ▲ | 1 Year |
27 May 2018 | 8.1549 | 36% ▲ | 5 Year |
28 May 2013 | 5.8734 | 88.8% ▲ | 10 Year |
31 May 2003 | 6.6610 | 66.5% ▲ | 20 Year |
What are USD to NOK forecasts?
According to recent forecasts by FX analysts, the US dollar may continue to perform sideways without a clear direction in May, as there is ambiguity surrounding the Federal Reserve's decision to pause hikes or undertake further interest rate hikes which have put the central bank at odds with itself. However, if the US or global economy underperforms, the US dollar may strengthen as a safe-haven currency. The US dollar index is still trading close to a one-year low.
On the other hand, the Norwegian krone (NOK) is heavily influenced by fluctuations in global oil prices, as it is a major exporter of oil. This suggests that the NOK value may fluctuate depending on how the oil industry performs in the global market.
The USD to NOK exchange rate has remained relatively stable over the past three months, with the current rate of 10.54 being just 0.6% higher than the three-month average of 10.48. Additionally, economists predict that the US dollar's strength may eventually reverse in 2023 as the Fed's interest rate hikes cycle comes to an end.
USD/NOK forecasts USD/NOK rates
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 Norway 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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