June 23, 2024

Phidiastavern

Marketing Needs Experts

Everything You Need To Know About Norwegian Currency

How Expensive is Norway (+ Price Examples & Useful Tips for Travelers)

The krone is the de facto currency in Norway, and the Norges Bank manages it. The krone is the official unit of currency in Norway, which translates to “crown” in English. In 2012, the krone was introduced as a digital currency, and the re became its electronic subunit. Considering modern Norway is mostly a cashless society, you won’t even need to brush up on the local money before your trip. Make sure you know the current exchange rate before you leave, and you can bring a credit card for purchases abroad without incurring additional costs. However, for those who want to be well-informed before arriving, here is a complete guide to Norway’s currency.

History 

The Money Act adopted the gold standard as its currency benchmark, which was to become law on 4 June 1873, and the officials of banks in Norway selected the term krone for the currency. On 1 January 1874, the gold standard replaced the previous silver standard. The Krone, divisible into 100 ores, was established as the official currency of Norway in the Money Act of 17 April 1875. 

Value

Because of its relative autonomy, the Norwegian krone’s value concerning the US dollar or the euro fluctuates frequently. According to reports, the value of one Norwegian krone in May 2022 was deficient compared to the euro or the dollar. The USD/NOK exchange rate is $9.6 to €10.0.  Interest rate and oil price fluctuations impact the value of the Norwegian krone. Of course, finance companies in Norway play a significant role in this sector and we are seeing a rapid growth in the finance industry within Norway for the past few decades. So if you also want to invest in the currency, it is best to check Norwegian reviews and find the best exchanges with the best rates.

Denominators Of Krone

Notes ranging from one krone to one thousand kroner are legal tender in Norway. Banknotes come in 50 NOK, 100 NOK, 200 NOK, 500 NOK, and 1,000 NOK, while coins range from 1 NOK to 20 NOK and 5, 10, 20, and 50 NOK. In the same way that one can divide a dollar or euro into cents, a Norwegian krone has subdivisions into ten talas. There is a subunit of the krone (you can translate it to ear).

Availability Of Norwegian Currency In The UK/Us

You may buy Norwegian currency in the UK, the US, and other countries. Always bring a small quantity of cash to Norway in case your ATM card doesn’t function (it happens). Since many people visit Norway, getting Kroner in the UK is easy. Most BDCs and Post Offices have Norwegian Kroner. You can also buy online for pickup.

Final Verdict

Hirtshals and Frederikshavn, Denmark’s ferry ports, use the Norwegian krone. People are often surprised to learn that over 99% of all transactions in Norway now occur online and that most Norwegians no longer use cash. Mobile payments are rapidly becoming the norm, and you can find ATMs in any store. ATMs( mini-banks) offer banknotes to Norwegians and tourists. Almost all stores and restaurants can use debit and credit cards instead of cash. Therefore,  many Norwegians still haven’t seen or used the “new” banknotes released in 2019, and many young people lack even the most basic knowledge of cash.