Currency in Svalbard and Jan Mayen
A practical currency and money guide to travel, living and doing business in Svalbard and Jan Mayen and the Norwegian krone (NOK).
What's in this Svalbard and Jan Mayen currency guide:
What currency is used in Svalbard and Jan Mayen?
The official currency of Svalbard and Jan Mayen (country code: SJ) 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 Svalbard and Jan Mayen
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.
Expat Money & Business Guide to Svalbard and Jan Mayen
Managing your finances in Svalbard and Jan Mayen
Here we list some key points for expats and businesses to consider when managing financial dealings in Svalbard and Jan Mayen:
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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 Svalbard and Jan Mayen. 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 Svalbard and Jan Mayen. 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 Svalbard and Jan Mayen. 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 Svalbard and Jan Mayen, 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.
Norway is a major exporter of oil, and its economy is heavily reliant on the oil industry. As a result, fluctuations in global oil prices can have a significant impact on the value of the NOK.
| Date | USD/NOK | Change | Period |
|---|---|---|---|
10 Mar 2023 | 10.63 | 1.5% ▼ | 2 Week |
24 Dec 2022 | 9.8854 | 5.9% ▲ | 3 Month |
24 Mar 2022 | 8.6653 | 20.8% ▲ | 1 Year |
25 Mar 2018 | 7.7585 | 34.9% ▲ | 5 Year |
26 Mar 2013 | 5.8238 | 79.8% ▲ | 10 Year |
29 Mar 2003 | 7.3162 | 43.1% ▲ | 20 Year |
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 Svalbard and Jan Mayen 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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