Country Guides Svalbard And Jan Mayen Currency

Currency in Svalbard and Jan Mayen: NOK Send & Spend FX Guide

Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Svalbard and Jan Mayen with the Norwegian krone.

What is a good Norwegian krone exchange rate?

The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.

To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:

Good 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.

For more NOK information check out our selection of Norwegian krone news and guides.

Travel money for Svalbard and Jan Mayen

Using Wise for Norwegian krone travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.

Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.

For card purchases, if you are offered a choice of currencies always select to Pay in Norwegian krone otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.

If you really want Norwegian krone cash before departure, you can save money by ordering online. You generally get better rates and can pick up the NOK cash locally or even on travel day at the airport.

 

 

Svalbard and Jan Mayen: Travel Guide

Traveling to Svalbard and Jan Mayen requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.

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,[5] 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.

Everyday Costs in in Svalbard and Jan Mayen

How much does it really cost to live, work, or travel in Svalbard and Jan Mayen? Here's what to expect for daily expenses and expat living.

Currency Guide for Svalbard (ISO code SJ)

Travelers planning a one-week mid-range stay in Svalbard should aim to bring around 15,000–20,000 NOK (Norwegian Krone) to cover their expenses comfortably. Day-to-day costs can add up quickly, so here's a brief overview of typical daily expenses you can expect, as Svalbard offers a unique experience that may be pricier than other destinations. 🌍💸

• Meal at a local restaurant: 200–300 NOK 🍽️

• Coffee: 40–60 NOK ☕

• Public transport fare: 50 NOK 🚌

• Prepaid SIM card: 200 NOK 📱

• Budget hotel or Airbnb: 1,200–1,800 NOK per night 🏨

Overall, Svalbard can be classified as expensive to visit compared to many other countries. When contrasting costs with the United States, Svalbard prices tend to be significantly higher, particularly for dining and accommodations. Compared to the UK, travelers might find Svalbard has comparable dining costs, but accommodations are often more expensive, leading to a more lavish overall expenditure.

Living Costs and Banking Tips for Expats in Svalbard

For expatriates settling in Svalbard, adapting to the local economy can be quite distinctive. Typical monthly living costs may reach around 30,000–35,000 NOK, covering rent, utilities, food, and leisure activities. Rent for a modest one-bedroom apartment may take up a significant portion of that budget, and groceries can also be pricey given the remote location. 🏡🍞

In terms of banking, it’s advisable to use local Norwegian banks for convenience and access to services. Debit and credit cards are broadly accepted across Svalbard, making them the preferred method of payment. However, when it comes to sending or receiving money, online transfer services like Wise and OFX can offer better exchange rates and lower fees than traditional banks. While currency exchange is available locally, using specialized international transfer services is generally more cost-effective and provides transparency in fees. Ensure you compare options to optimize your finances while enjoying the beautiful landscapes and unique culture that Svalbard has to offer! 🌌💳