What currency is used in Norway?
Norway is one of the most popular tourist destinations in Northern Europe, and it’s not difficult to see why. When you’re in the country, you’re never far away from incredible scenery — even if you base yourself in one of its bigger cities.
If you want to travel to Norway, knowing what kind of money you’ll need to use is a good idea. Norway is an expensive country to visit, and knowing the exchange rate will give you the opportunity to determine how much you’re spending in your local currency — helping you budget easier.
In this article, you’ll learn everything you need to know about Norwegian money. So, without further ado, let’s hop in.
What is Norway’s main currency?
Norway uses the Norwegian Krone. Both of the other Scandinavian countries also use a variation of the Krone, which in Sweden is known as the Krona. However, none of them have identical values.
The Norwegian currency symbol is NOK when you look at it in foreign exchange markets. You can get notes ranging between 10 and 1,000 Kroner.
Norway has used the Norwegian Krone since 1875. Before that, you could pay for items in the country with speciedaler. However, Norway joined the Scandinavian Monetary Union — which no longer exists — and opted for the Krone when it did.
During the relatively short period of the Scandinavian Monetary Union, Sweden, Norway, and Denmark used a single currency. This is the primary reason why all three nations still have some form of the Krone as their official form of money.
Does Norway use the Euro or the Krone?
Norway uses the Krone. However, you may be able to pay with Euros in some parts of the country — such as places that are close to the Finnish border.
Similarly, you can get ferries from Norway to Germany — namely, the ferry between Oslo and Kiel. When on board, you can purchase items with Euros.
Most places in the country, however, do not accept Euros as a form of payment.
Why doesn’t Norway use the Euro?
The main reason that Norway doesn’t use the Euro is simple: Because it’s not in the European Union (EU). Although Norway is a member of the European Economic Area (EEA), its public has voted on more than one occasion against becoming part of the EU.
Unlike neighboring Sweden, which is in the EU, Norway also has no obligation to adopt the Euro as its main currency in the future. Denmark is another member of the EU, but it’s the only member state with an opt-out option against adopting the Euro in the future.
Before 2021, the UK was the only other nation in the EU with that choice — but the country is no longer a member state.
In reality, Norway has no real need to adopt the Euro. The country has a stable economy and is one of the most developed nations on the planet. So, there’s a very low chance of it doing so in the future.
Do they accept Euros in Norway?
As we mentioned before, your options when it comes to using Euros in Norway are limited. Most places will not accept Euros in the country, especially if you aren’t near the border region with Finland.
Some tourist spots in cities such as Oslo and Bergen, such as souvenir shops, may allow you to pay with Euros. But the overwhelming majority of museums, restaurants, and bars will require that you pay in Norwegian Kroner instead.
Is the Norwegian Krone pegged to any other currencies?
While Norway isn’t a member of the EU, other non-EU member states use the Euro. Moreover, Denmark has its currency pegged to the Euro at a rate of within 2.25% of 7.46 Danish Kroner for a Euro.
With this in mind, you might be wondering whether the Norwegian currency is pegged to anything else. And at the time of writing in November 2022, it is not.
However, the Norwegian Krone has been pegged to other currencies in the past. For example, the Krone was pegged to the British Pound at 20 NOK for 1 GBP for much of the 20th century.
Since it isn’t pegged to anything else, the Norwegian Krone can fluctuate significantly with other currencies like the US Dollar, Euro, and Pound. Before you travel to Norway, make sure you check the most recent rate, so you know how much you’re paying.
What is the Norwegian Krone’s exchange rate?
Because Norway’s currency can fluctuate, it’s worth using this section as a guideline — as it might have changed by the time you read it.
At the time of writing on November 18th, 2022, the currency of Norway has the following exchange rates:
- 1 USD = 10.17 NOK
- 1 GBP = 12.12 NOK
- 1 EUR = 10.54 NOK
- 1 DKK = 1.42 NOK
- 1 SEK = 0.96 NOK
- 1 NOK = 14.13 ISK
- 1 CAD = 7.60 NOK
What is a Norwegian coin called?
The currency in Norway is divided into notes and coins. Coins are known as Øre in Norway, and 100 of these equals one Krone.
Most of the time, you will not need to deal with coins when in Norway. Instead, you’ll often receive notes instead.
Norwegian coins are divided into 1, 2, 5, 10, 25, and 50 øre. You can also get 1,2, and 5 Kroner coins. The 1 and 2 Krone coins were notes during wartime, while the 5 Krone coin replaced the note version in 1963.
What is the best currency to take to Norway?
As we’ve mentioned in this article so far, the best currency to take — by far — is the Norwegian Krone. Norway has no other official currency, and you’ll likely have any other currencies rejected.
If you want to take physical cash from your home country, however, you can exchange this for Norwegian Kroner before you travel.
If you’re in another Scandinavian country beforehand, you might find ATMs that allow you to withdraw Norwegian Kroner. However, the ATMs that offer this will often give you a worse exchange rate than if you exchanged the coins via a postal service.
It’s also worth noting that while Svalbard is a visa-free zone, it is still a part of the Kingdom of Norway. As a result, you will need to use Norwegian Kroner when you visit the archipelago.
Can you use any of the other Scandinavian currencies in Norway?
If you’re taking a bigger trip through Scandinavia, you might wonder if you can use one of those countries’ currencies in Norway. After all, all three nations are very well-integrated — and border controls are non-existent in most places.
Unfortunately, you cannot use Swedish or Danish Kroner in Norway. In parts of Norway that border Sweden, you might be able to. If you take the ferry from Copenhagen to Oslo, here’s some good news: you can pay in SEK, NOK, and DKK.
Do I need physical cash when paying for items in Norway?
To be honest, you probably won’t even need to worry about carrying physical money around with you in Norway. The country, like its Nordic cousins, is one of the most cashless societies on the globe. Bloomberg reported in 2021 that between 3 and 4% of transactions in Norway take place with cash.
Even in remote parts of the country, you are unlikely to need cash. Moreover, smaller independent stores will likely also accept card payments.
How can I pay for items in Norway?
Since you probably won’t use physical cash in Norway, you’ll need to think of alternative ways to pay. The good news is that card payments are widely accepted; you should have no issues paying with Visa or MasterCard.
If you’re visiting from outside of Norway, however, you should keep an eye out for foreign exchange fees. Many of the traditional banks will charge you money for using your card abroad, and you’ll also need to deal with whatever their exchange rate is.
The best way to pay in Norway is via card, but by using a mobile-only bank. Examples include Monzo if you’re a UK resident, while Revolut and N26 are also viable options. With these kinds of banks, you won’t get charged foreign exchange fees — and you can budget better by using specific pots and vaults for your adventure.
Can I withdraw Norwegian Kroner from ATMs in Norway?
On the off-chance that you do need cash at any point during your trip to Norway, you shouldn’t have too much of a problem withdrawing money. You’ll find ATMs in almost every town and city.
When you use an ATM to withdraw your currency in Norway, remember that you’re better off using an actual bank. You’ll get a nicer exchange rate if you do.
Norway: Not in the EU and not using the Euro
Which currency is used in Norway? Simple: That would be the Norwegian Krone. Norway is not in the EU, and it does not use the Euro either. In most cases, you will also not be able to use Euros — unless you’re on a ferry from a Eurozone country.
While it can be annoying to use currencies that aren’t what you’re used to, the good news is that the NOK is relatively easy to understand. Moreover, you won’t need to withdraw physical cash in most instances; card payments are accepted pretty much everywhere.
Now that you know more about the currency in Norway, why not learn more about what Norwegian people are like?
Scandification: Discovering Scandinavia.
