Compare Quotes To Get The Best NOK Exchange Rates

If you are doing any sort of Norwegian Krone (NOK) Exchange Rate conversion it pays to compare providers to see who can give you the best Norwegian Krone (NOK) exchange rate. High street banks are the worst place to convert money as they generally have poor Norwegian Krone (NOK) exchange rates. To get the best rate for large Norwegian Krone (NOK) currency transfers, smaller regular money transfers or cash travel money read our guide to the top providers.

Get The Best Norwegian Krone (NOK) Exchange Rates With These Currency Providers

Currency BrokerNumber of CurrenciesMin TransferForward ContractsPersonal TransfersBusiness CustomersSame DayCurrency OptionsYear FoundedAnnual TransfersAmount of CustomersGet A Quote
Key Currency42£1,00012 months✔️✔️✔️2015£2bn50,000+Visit Key Currency
OFX55+£25012 months✔️✔️✔️1998£2.4bn1,000,000Visit OFX
Global Reach30+£3,00024 months✔️✔️✔️✔️2001£6bn30,000+Visit Global Reach
TorFX40£10024 months✔️✔️✔️2004£7.5bn325,000Visit TorFX
Currencies Direct
40£10012 months✔️✔️✔️1996£7.5bn325,000Visit Currencies Direct

What is the best Norwegian Krone (NOK) Exchange Rate?

The current best Norwegian Krone (NOK) exchange rate versus other G10 currencies is the mid-market price which is:

Australian Dollar (AUD)0.1518508696
Canadian Dollar (CAD)0.1333733113
European Union Euro (EUR)0.09920578502
Japanese Yen (JPY)13.99865477
New Zealand Dollar (NZD)0.166942906
United Kingdom Pound Sterling (GBP)0.08542968452
Swedish Krona (SEK)1.06621193
Swiss Franc (CHF)0.09918112111
United States Dollar (USD)0.10341261

Norwegian Krone (NOK) Exchange Rate Explained

The Norwegian Krone is the official currency of Norway. Its FX designation is NOK.

The Norwegian Krone is an actively traded currency in the world. According to the Bank of International Settlements tri-annual survey (2019), NOK is the 14th most traded currency, ranking just behind the Singapore Dollar. The currency was shepherded into a float-rate regime in the early nineties.

The Krone is one of the independent currencies outside the Euro. The country is outside the European Union (due to a referendum vote in 1994) but is a member of the European Economic Area (EEA). Thus the country has full control of its monetary policies.

The central bank in charge of Norway’s monetary and currency is the Norges Bank. As with most other central banks, its mandate is maintaining price stability at around 2%. The central bank’s executive board decides the policy rate and other monetary directives, and meets eight times annually.

Any travellers to Norway will know that it is an expensive country to live in. This is because Norway is a high-income developed nation with a low population (5.4m). As of 2021, Norway’s GDP per capita is ranked 6th in the world. Unsurprisingly Norwegian Krone is one of the three currencies to be overvalued according the Economist‘s Big Mac Index.

What factors affect the Norwegian Krone (NOK) exchange rate?

Foreign exchange markets are a huge marketplace where billions of dollars change hands daily. Hedgers, speculators, investment funds and central banks buy and sell currencies one way or another (spot or swap). Moving a major currency in a particular direction is not easy. Even more difficult is changing the direction of a currency in the opposite direction, which requires a concerted effort.

To understand what drives the Norwegian Krone, you will have to understand what it produces and how its economy is structured. Since the discovery of oil in the North Sea, the Norwegian Krone is linked closely to oil. A rough estimate is that 40 percent of Norway’s export are oil and natural gas. This means that if oil rallies, the Krone is likely to follow suit. If oil weakens, like it did in March 2020, then the Krone is likely to fall. A long-term chart of the Norwegian Krone shows their broad correlation (see below).

Source: Benzinga

Apart from oil, the next factor to consider is interest rates. Since 2020, the Norges Bank has slashed the policy rate from 1.50 percent to zero percent. This is to reflate the economy due to the covid pandemic. The impact of this zero interest rate policy weakened the Norwegian Krone – until the Fed started to print trillions of dollars. A recovery in oil prices in the second half of 2020 helped to stabilise the Krone.

Key Norwergian pairs to watch include USDNOK, NOKSEK, and EURNOK. The latter surged to record highs in 2020 in favour of the Euro and has retraced some of its gains (see below).

Inflation should be closely watched due to Norges Bank’s inflation-targeting monetary regime. Should Norway start to raise its policy rate earlier than the ECB, this may cause the Krone to appreciate further.

Lastly, another factor worth watching is the Norwegian sovereign wealth fund (called Government Pension Fund Global), a pot of well-managed capital accrued from its oil exports. The fund, worth around $1.3 trillion, holds 1.5% of all listed shares in the world! GPF invests in 9,000 companies in 74 countries. This fund is set to grow even bigger in decades ahead. By then, oil will be irrelevant to the Norwegian Kroner (due to a rise in non-oil products).

Bottom line – The Norwegian Kroner is an actively traded currency that correlates highly with energy commodities. However, it is possible that Krone’s dependence on oil will weaken over time as the world strives to reduce oil consumption (e.g., electric vehicles). Moreover, the Krone may strengthen further because the central bank did not engage in quantitative easing during 2020, instead tapping its sovereign wealth fund.

Getting the best Norwegian Krone (NOK) Exchange Rate FAQ

When you convert and transfer Norwegian Krone (NOK) with a currency broker your fixed exchange should be a maximum of 0.5% from the mid-market for currency transfers. To put this in perspective, banks traditionally charge 3-5% which means that if you are sending £100,000 worth of Norwegian Krone (NOK) you could save up to £4,500 with a currency broker versus the banks.

Request a quote to see how much you can save – you’ll find a better Norwegian Krone (NOK) exchange rate than by using your bank.

Where to find the best exchange rate for Norwegian Krone (NOK)?

Comparison tables and Norwegian Krone (NOK) exchange rate quote request forms will help you find the best Norwegian Krone (NOK) exchange rate. Norwegian Krone (NOK) exchange rate comparison tables highlight the key features of currency transfer providers whereas Norwegian Krone (NOK) exchange rate quote request forms will make currency brokers compete for your business by offering the best exchange rate.

A few tips on getting the best Norwegian Krone (NOK) exchange rate:

How do I know I am getting the best Norwegian Krone (NOK) exchange rate?

Only go with a currency broker that offer fixed and transparent exchange rates and clearly show fees. All fees and charges should be built into the exchange rate. Have a look around currency providers’ websites, and if you find that they don’t clearly show how much a currency transfer is going to cost you will need to ensure you get a fixed mark up rate in writing to ensure you get the best Norwegian Krone (NOK) exchange rate.

Should you convert Norwegian Krone (NOK) now or wait for the exchange rate to improve?

If you think the exchange rate is going to go in your favour have a chat with your currency broker. Most have been providing market timing advice to institutions and hedge funds for years and should be able to provide some guidenece on strategy. Or, if you are worried the rate will move against you it is possible to lock in the current rate for up to a year in advance with a currency forward.

How do I know what the Norwegian Krone (NOK) exchange rate commission is?

These are included in the exchange rate and are always fixed and transparent. Our exchange rates are always a fixed percentage from the live mid-market.

If you want to know how much the fees will be just ask and we’ll provide a clear breakdown. Read our guide on how to compare exchange rates, which also explains what the fees are and how to calculate them.

Will I really get the best Norwegian Krone (NOK) exchange rate?

Yes but you’ll have to put a bit of effort it. If you are already using your bank or another currency broker send us a recent transaction and we will send you back a breakdown of exactly how much they are charging you in hidden fees and how our approach to fixed and transparent exchange rates will result in you getting the best Norwegian Krone (NOK) exchange rate.

Why buy Norwegian Krone (NOK) through a currency broker?

  • Compare the cheapest bank beating currency exchange rates
  • Expert help and advice to reduce your risk and exposure
  • Dedicated account managers every step of the way
  • Convert funds online and platform access 24/7
  • Same day and forward currency exchange contracts
  • Zero service charge, commission or transfer fees
  • Transfer money direct to single or multiple beneficiary accounts
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