Does Norway use the Euro?
Norway is a bit of an anomaly in Europe. It’s one of a select few countries that aren’t in the European Union (EU), but despite that, it is in the European Economic Area (EEA). As a result, it enjoys many of the free market benefits that EU nations do.
Like the other Scandinavian countries, Norway has its own currency. You can use this when visiting a city like Oslo or Bergen, but it’s also possible to use the Krone if you visit the Arctic archipelago of Svalbard.
In this article, you’ll learn everything you need to know about the relationship between the Euro and Norway.
Is Norway using the Euro?
No — Norway does not use the Euro. Instead, you’ll use the Norwegian Krone when you visit or live in the country.
The relationship between Norway and the Euro has always been a little confusing. Norway was actually one of the founding members of the European Free Trade Association (EFTA) in 1960.
Other nations that joined it in doing so include the UK, which left after also leaving the EU at the end of 2020, and Switzerland — which is neither in the EU or EEA.
Fellow Scandinavians Sweden and Denmark also formed the EFTA, along with Austria and Portugal.
Despite that, the Norwegians have twice rejected the chance to join the EU. The first was in 1972, when the EU was known as the European Economic Community (EEC). Norway voted against joining, with 53.5% of people saying that they did not want to become a part of the EEC.
A second referendum was held in 1994, but the result was the same — and to this day, Norway remains outside of the EU. Sweden and Finland also had referendums to join the bloc that year — but while the Swedes and Finns became EU members, Norway again voted against doing so.
In 1994, the percentage of “No” voters — 52.2% — was slightly lower than in 1972.
Norway also tried to join the EEC in 1962, and it did so without a referendum. But ultimately, the application was not successful.
Why does Norway not use the Euro?
Norway does not use the Euro because it is not in the EU. While a number of non-EU countries use the Euro as their de facto currency, Norway is not one of those — and unless it decides to become ever an EU member, that is probably never going to change.
The good news for Norwegians is that the Norwegian Krone is a pretty stable currency. Norway has a thriving economy, with some of the world’s highest living standards. So, to replace the Krone with the Euro would make little sense.
Believe it or not, the Krone’s history actually stemmed from a previous union — but this one was between the Scandinavian countries. In the 19th century, Sweden, Norway, and Denmark chose to use a common currency.
However, things have changed since then — and none of their currencies are tied to one another.
What is the exchange rate between the Norwegian Krone and the Euro?
The exchange rate between the Norwegian Krone and the Euro fluctuates. At the time of writing in November 2022, 1 Euro is worth 10.52 Norwegian Kroner.
If you’re looking for the Norwegian Krone on a foreign exchange market, you’ll need to look for the NOK sign.
Is the Norwegian Krone tied to the Euro?
Considering the Danish Krone is tied to the Euro, you might be wondering whether that’s the same with the Norwegian Krone. After all, Norway still closely cooperates with EU member states — even if it’s not a full part of the EU.
However, the answer here again is no — the Norwegian Krone is not tied to the Euro. As a result, the currency is allowed to fluctuate a lot more than would otherwise be the case.
The Norwegian Krone is also not tied to any other currency. However, that has not always been the case. In 1931, for example, Norway tied its currency to the British Pound at around 20kr for every £1.
Norway’s currency has been tied to numerous other currencies in the past, too, such as the US Dollar.
Is the Euro accepted in Norway?
For the most part, you will not be able to use the Euro in Norway. This is especially true in smaller towns, where — even if there is a well-developed tourist infrastructure — you will still be expected to pay in NOK.
If you travel across the border from Sweden or Finland to Norway, you’ll need to use the local currency. In some border towns, however, you may be able to pay in Euros — but you should not bank on this being possible.
In a small number of cases, you can use the Euro in Norway. For example, if you take the ferry from Oslo to Kiel in Germany, you can pay on-board using either NOK or EUR. But for ferry journeys within Norway, including Hurtigruten cruises, you’ll need to pay in Norwegian Kroner.
What is the best currency to take to Norway?
When you visit Norway, you are much better off using Norwegian Kroner. While some places might accept Euros, these are not widespread — and worrying about whether you’ll be able to pay in that currency is not worth the stress.
If you’re traveling on a ferry to Norway, it makes sense to at least ask if you can use Euros — especially if you’re coming from a Eurozone country. At the very least, you’ll get a frank answer and be able to figure out alternative choices.
Do any of the other Scandinavian countries use the Euro?
The other two countries are Sweden and Denmark, both of which are in the EU. But despite their EU membership, neither uses the Euro.
Having said that, Sweden and Denmark’s future obligations to use the currency differ. Denmark has an opt-out meaning that it never has to adopt the Euro; it’s the only current EU member state with this option.
Sweden had a referendum to join the Eurozone in 2003, with the view of making it the official currency from 2006. However, the majority of voters said that they did not want to.
Despite that, Sweden is obliged to join the Eurozone in the future. It will first need to peg the Swedish Krona to the Euro for two years, but at the moment, no plans are in place for that to happen.
While Denmark never needs to join the Eurozone, The Danish Krone is pegged to the Euro — and it must stay within 2.25% of 7.46 DKK for each Euro.
Although Finland is not generally considered a part of Scandinavia, it is in the Nordic region. Finland is the only Nordic country to adopt the Euro, and it first joined the Eurozone in 1999.
Until the end of February 2002, you could still use the Finnish Markka to pay for items in Finland; after this, it was possible to be reimbursed by the country’s banks for Euros until 2012.
Iceland began talks to join the EU and adopt the Eurozone in 2009, but it pulled out in 2015. To this day, a large number of Icelanders are still against joining the EU.
Will Norway adopt the Euro in the future?
Norway’s last EU referendum was in 1994, and it’s needless to say that a lot has changed in the world since then. Many Norwegians benefit from the freedom of movement rules that allow them to live in other European countries, and they also consume a lot of foreign content.
As a whole, Norway has become more outward-looking as well — and it trades closely with the EU in many sectors. Despite all of that, Norway and the EU is still a contentious topic domestically.
According to a CNN article published in 2020, 73.6% of people surveyed for a poll opposed Norway becoming a member of the EU.
How do I get Norwegian Kroner for my trip?
If you’ve never been to Norway, you might be worried about not being able to pay for items if you don’t have Norwegian Kroner on hand. But if you plan to visit the country, you’re much better off ditching the cash altogether and paying by card instead.
Physical cash is almost never used in Norway, even in the more remote parts of the country. Card payments are the norm, and you’re better off using Visa or Mastercard instead of cash.
Your standard bank at home will likely charge you foreign exchange fees for using your card abroad. Instead, you should sign up for a mobile-only bank — such as Revolut or N26. These are free to join for a basic plan, though you may need to pay for your card to get delivered.
You can also add these to Apple and Google Pay, both of which are available in Norway.
Norway and the Euro: A relationship that probably won’t change
Does Norway use the Euro? In short, no — and we don’t see that changing for a considerable period of time. While Norway cooperates closely with EU member states, a significant number of Norwegians still oppose joining the bloc fully.
When you’re in Norway, hardly anywhere will accept the Euro as a means of payment. As such, you’re better off just using Norwegian Kroner. You probably won’t need physical cash; card payments are accepted almost everywhere.
If you’re reading this article because you’re thinking about moving to Norway, understanding the pros and cons of living there is a good idea. This article will tell you everything you need to know.
Scandification: Discovering Scandinavia.
