This is a foreign exchange guide to Svalbard And Jan Mayen, the Norwegian Krone currency plus NOK transfers and travel tips.
In this Svalbard And Jan Mayen currency guide we take a look at :
- Norwegian Krone info - general info about the Norwegian Krone
- Norwegian Krone in the markets - recent NOK moves and predictions from the FX markets
- Travelling in Svalbard And Jan Mayen - currency & money saving tips
- Buying Norwegian Krone cash online - travel money for Svalbard And Jan Mayen
- Sending money to Svalbard And Jan Mayen - save on Norwegian Krone bank transfers to Svalbard And Jan Mayen
- Norwegian Krone exchange rates - latest & historic exchange rates.
Norwegian Krone (NOK) general currency information
What is the Norwegian Krone currency code and symbol?
The three letter currency code for the Norwegian Krone is NOK and the symbol is kr.
Which countries use 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.
Norwegian Krone (NOK) in the markets
At the time of writing (9-Nov-18), the Norwegian krone was struggling somewhat on the back of a total reversal in the oil market. The price of oil, on which Norway’s economy relies, had fallen in 5 straight weeks, by 23 percent in total, and as a consequence the krone lost value against every other G10 currency in the weeks leading up to this report.
Conditions away from volatile energy prices were good for krone appreciation though. Chief among supporting factors is monetary policy. In September, interest rates in Norway were raised for the first time since 2011. The quarter-point hike from 0.5 percent to 0.75 percent is likely to be followed by another in early 2019.
At the time of writing, the krone had lost 2.8 percent year-to-date against the dollar, to a rate of kr8.435, and had gained 3.1 percent against the euro, to kr9.55.
The interactive chart below shows the USD to NOK exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
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, 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.
Svalbard And Jan Mayen Trip Checklist
Sending money to Svalbard And Jan Mayen
When searching around for information on how to get a good exchange rate when sending money to Svalbard And Jan Mayen you need to start with finding out the latest Norwegian Krone foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
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 our Send to NOK 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!
Bank Transfers to Svalbard And Jan Mayen
Popular NOK cross rates
NOK/USD - Norwegian Krone to United States Dollar - 10 Year History
|02 Dec 2018||0.1169||1 Week|
|09 Nov 2018||0.1185||1 Month|
|12 Jun 2018||0.1242||6 Months|
|09 Dec 2017||0.1205||1 Year|
|09 Dec 2016||0.1179||2 Years|
|10 Dec 2013||0.1634||5 Years|
|11 Dec 2008||0.1444||10 Years|
NOK/EUR - Norwegian Krone to Euro - 10 Year History
|02 Dec 2018||0.1031||1 Week|
|09 Nov 2018||0.1046||1 Month|
|12 Jun 2018||0.1057||6 Months|
|09 Dec 2017||0.1024||1 Year|
|09 Dec 2016||0.1117||2 Years|
|10 Dec 2013||0.1188||5 Years|
|11 Dec 2008||0.1086||10 Years|
NOK/GBP - Norwegian Krone to British Pound Sterling - 10 Year History
|02 Dec 2018||0.0917||1 Week|
|09 Nov 2018||0.0914||1 Month|
|12 Jun 2018||0.0929||6 Months|
|09 Dec 2017||0.0900||1 Year|
|09 Dec 2016||0.0938||2 Years|
|10 Dec 2013||0.0994||5 Years|
|11 Dec 2008||0.0966||10 Years|
NOK/JPY - Norwegian Krone to Japanese Yen - 10 Year History
|02 Dec 2018||13.2995||1 Week|
|09 Nov 2018||13.4931||1 Month|
|12 Jun 2018||13.7210||6 Months|
|09 Dec 2017||13.6752||1 Year|
|09 Dec 2016||13.5631||2 Years|
|10 Dec 2013||16.8151||5 Years|
|11 Dec 2008||13.2289||10 Years|
NOK/AUD - Norwegian Krone to Australian Dollar - 10 Year History
|02 Dec 2018||0.1585||1 Week|
|09 Nov 2018||0.1640||1 Month|
|12 Jun 2018||0.1640||6 Months|
|09 Dec 2017||0.1605||1 Year|
|09 Dec 2016||0.1583||2 Years|
|10 Dec 2013||0.1787||5 Years|
|11 Dec 2008||0.2152||10 Years|
NOK/CAD - Norwegian Krone to Canadian Dollar - 10 Year History
|02 Dec 2018||0.1550||1 Week|
|09 Nov 2018||0.1566||1 Month|
|12 Jun 2018||0.1617||6 Months|
|09 Dec 2017||0.1549||1 Year|
|09 Dec 2016||0.1555||2 Years|
|10 Dec 2013||0.1735||5 Years|
|11 Dec 2008||0.1780||10 Years|