General Currency Info - 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.
NOK News, Forecasts and Trends
Forecasts
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.
US dollar to Norwegian krone - Historical Rates
| USD/NOK | Change | Period |
|---|
| 8.4891 09 Apr 2021 | 1.4% ▼ | 1 Week |
| 8.4014 17 Mar 2021 | 0.4% ▼ | 30 Days |
| 8.5702 16 Jan 2021 | 2.3% ▼ | 90 Days |
| 10.3721 16 Apr 2020 | 19.3% ▼ | 1 Year |
| 8.3011 17 Apr 2016 | 0.8% ▲ | 5 Years |
| 5.4280 19 Apr 2011 | 54.2% ▲ | 10 Years |
USD/NOK 10 year historic rates & change to 16-Apr-2021 : 8.3697
$10,000 USD
=
kr83,710 NOK
Converted at USD/NOK interbank rate,
compare
Send Money
and
Currency Exchange
exchange rates.
US dollar to Norwegian krone - Quick Convert
|
USD |
NOK |
| $ 1 |
kr 8.3710 |
| $ 5 |
kr 41.86 |
| $ 10 |
kr 83.71 |
| $ 20 |
kr 167.42 |
| $ 50 |
kr 418.55 |
| $ 100 |
kr 837.10 |
| $ 250 |
kr 2,093 |
| $ 500 |
kr 4,186 |
| $ 1,000 |
kr 8,371 |
| $ 2,000 |
kr 16,742 |
| $ 5,000 |
kr 41,855 |
| $ 10,000 |
kr 83,710 |
| $ 50,000 |
kr 418,550 |
| $ 100,000 |
kr 837,100 |
| More amounts |
Frequently Asked Questions
What currency should I use in Svalbard and Jan Mayen?
The domestic currency in Svalbard and Jan Mayen is the Norwegian krone.
What is the Norwegian krone currency code and symbol?
The three letter currency code for the Norwegian krone is NOK — symbol is kr.
Which countries use the Norwegian krone?
It is the domestic currency in
Norway, Bouvet Island and Svalbard and Jan Mayen.
Is the Norwegian krone a closed currency?
No, the Norwegian krone is freely available and convertible. See guide: What is a closed currency?
Travel, Currency and Money saving 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.
Travel money for Svalbard and Jan Mayen
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.
Send Money to Svalbard and Jan Mayen - Best Rates
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.
Get a better deal for foreign transfers to Svalbard and Jan Mayen
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 :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Norwegian krone amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted NOK amount will be transfered to the recipient account you specify in Svalbard and Jan Mayen.
Use the above 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!
