Foreign exchange guide to Svalbard and Jan Mayen and the Norwegian krone
What's in this Svalbard and Jan Mayen currency guide?
The official currency of Svalbard and Jan Mayen (country code: SJ) is the Norwegian krone, with symbol kr and currency code 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.
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:
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.
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.
Svalbard and Jan Mayen are combined for the purposes of the International Organization for Standardization (ISO) category, they are not administratively related. This has further resulted in the country code top-level domain .sj being issued for Svalbard and Jan Mayen.
Svalbard is an archipelago in the Arctic about midway between mainland Norway and the North Pole. The administrative center is Longyearbyen, and other settlements, in addition to research outposts, are the Russian mining community of Barentsburg, the research community of Ny-Ålesund and the mining outpost of Sveagruva. The Svalbard Treaty of 1920 recognizes Norwegian sovereignty, and the 1925 Svalbard Act made Svalbard a full part of the Kingdom of Norway. The archipelago is administrated by the Governor of Svalbard, which is subordinate to the Norwegian Ministry of Justice and the Police. Unlike the rest of Norway (including Jan Mayen), Svalbard is a free economic zone and a demilitarized zone, and is not part of the Schengen Area nor the European Economic Area.
Jan Mayen is a volcanic island in the Arctic Ocean located at the border of the Norwegian Sea and the Greenland Sea. The single island covers an area of 377 square kilometres (146 sq mi) and is dominated by the 2,277-metre (7,470 ft) tall Beerenberg volcano. The island's only population is a combined military and meteorological outpost that operates a LORAN-C transmitter at Olonkinbyen. The Norwegian Meteorological Institute annexed the island for Norway in 1922. On 27 February 1930, the island was made de jure a part of the Kingdom of Norway.
The domestic currency in Svalbard and Jan Mayen 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?
|$ 1||kr 10.67|
|$ 5||kr 53.35|
|$ 10||kr 106.70|
|$ 20||kr 213.40|
|$ 50||kr 533.50|
|$ 100||kr 1,067|
|$ 250||kr 2,668|
|$ 500||kr 5,335|
|$ 1,000||kr 10,670|
|$ 2,000||kr 21,340|
|$ 5,000||kr 53,350|
|$ 10,000||kr 106,700|
|$ 20,000||kr 213,400|
|$ 50,000||kr 533,500|
|$ 100,000||kr 1,067,000|
|$ 0.0937||kr 1|
|$ 0.4687||kr 5|
|$ 0.9373||kr 10|
|$ 1.8746||kr 20|
|$ 4.6866||kr 50|
|$ 9.3732||kr 100|
|$ 23.43||kr 250|
|$ 46.87||kr 500|
|$ 93.73||kr 1,000|
|$ 187.46||kr 2,000|
|$ 468.66||kr 5,000|
|$ 937.32||kr 10,000|
|$ 1,875||kr 20,000|
|$ 4,687||kr 50,000|
|$ 9,373||kr 100,000|
To get a good (and fair) exchange rate when sending money to Svalbard and Jan Mayen you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
When sending money to Svalbard and Jan Mayen 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 the above 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!