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Which currencies have benefitted the most from Norway’s weak krone?

The Norwegian krone has slumped against several major currencies in recent years. But which currency has seen the largest gains, and what can you get for your money compared to five years ago?

Published: 16 April 2024 14:48 CEST
Pictured is a bundle of different currencies.
Norway's krone has slumped against a number of other currencies. Pictured is a bundle of different currencies. Photo by Ibrahim Boran on Unsplash

Norway’s krone has endured a turbulent few years, hitting major lows in 2020 and then fluctuating and returning to similar levels this year and 2024.

The decline in the krone has been linked to several factors, and it looks like the weaker currency is now the new norm.

The real losers in this situation are those living in Norway and those paid in the Norwegian krone.

This is because they suffer something of a ‘double whammy’, whereby the weak krone makes it more expensive to travel, but the weak krone also drives up inflation due to imports becoming more expensive.

Still, the good news is that visitors to Norway, those who are paid in another currency, and people with savings pots abroad are better off.

READ ALSO: How the weak Norwegian krone will affect travel to and from Norway

For example, five years ago 1,000 kroner was equivalent to around 117 dollars, according to historical exchange rate calculators whereas these days 1,000 kroner trades for around 91 dollars.

Due to inflation, 1,000 kroner in 2019 is equivalent to 1,200 kroner in 2024, and 117 dollars is equivalent to 144 dollars. Today, 1,200 kroner trades for around 110 dollars.

When it comes to the euro, you can expect around 86 euros in exchange for 1,000 kroner at current rates.

Similarly, 1,000 kroner was equivalent to 104 euros in 2019. After inflation is accounted for, 104 euros in 2019 equals around 124 euros in 2024. Meanwhile, 1,200 kroner in April 2024 could be exchanged for 103 euros.

Five years ago, you could swap 1,000 kroner for just under 90 British pounds. These days 1,000 kroner only gets you 73 pounds. Inflation means that 90 pounds in 2019 equates to around 110 in today’s money.

When adjusting 1,000 kroner for inflation, 1,200 kroner is equivalent to 88 pounds in today’s money.

These examples highlight how, even after accounting for inflation, Norway’s kroner has weakened against several other currencies.

In 2019, 1,000 kroner was equivalent to 156 Canadian dollars. These days, 1,000 kroner trades for around 125 Canadian dollars.

Five years ago, 1,000 kroner was traded for 164 Australian dollars and 174 New Zealand dollars. In April 2024, 1,000 kroner could be exchanged for 141 Australian dollars and 154 New Zealand dollars.

Norway’s krone has also slipped against currencies in neighbouring countries. Five years ago, the Norwegian krone was more valuable than the Swedish krone. At the time, 1,000 Norwegian kroner could be exchanged for 1,089 Swedish krona.

Fast forward to this year, and 1,000 Norwegian kroner only gets you around 994 Swedish krona.

The Danish kroner has also strengthened against the krone. In 2019, 1,000 Norwegian kroner would get you 777 Danish kroner, compared to 641 Danish kroner today.

Below is a table comparing the amount 1,000 Norwegian kroner could be exchanged for

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Vipps MobilePay: Will cross-border payments be rolled out across the Nordics before the summer?

2024 is turning out to be a big year for e-payment apps across the Nordics, but is there any chance that you will be able to use Vipps MobilePay across borders before the summer starts?

Published: 23 May 2024 15:12 CEST
Vipps MobilePay: Will cross-border payments be rolled out across the Nordics before the summer?

The landscape of e-payment solutions is growing rapidly in Scandinavia, spurred on by the increased reliance on digital transactions, particularly during the COVID-19 pandemic.

IN NUMBERS: How close is Denmark to becoming cash-free?

Among the players driving this transformation is Vipps MobilePay, the result of the 2022 merger of Norwegian e-payment giant Vipps and Danske Bank’s MobilePay, which has set ambitious goals for delivering a unified platform that can be used throughout the Nordic region.

But will consumers in Norway, Denmark, and Finland see the rollout of Vipps MobilePay before the summer begins?

New apps in Finland and Denmark

Since the merger of Vipps and MobilePay in 2022, the combined company has been working towards creating one app and one technological platform that can serve users across the Nordic countries.

In Finland, a significant milestone was achieved on January 23rd this year when the new MobilePay app was unveiled to 2.6 million Finnish users.

With the Finnish implementation completed, the focus shifted to Denmark, where a new version of the MobilePay app was rolled out to 4.5 million Danish users on March 12th, signalling a significant milestone, and setting the stage for simpler cross-border payments within the Nordic region.

While some hiccups were reported in the Danish media following the move – and in the run-up to it – the migration was broadly seen as a success.

With the March migration, some 11.5 million users in Norway, Finland, and Denmark were united, setting the stage for potential cross-border payments in the near future.

A broader Nordic rollout before the summer?

If all goes according to plan, according to Rune Garborg, CEO of Vipps MobilePay, consumers can expect to use Vipps MobilePay across Norway, Denmark, and Finland before the summer arrives, with Sweden potentially following shortly after that.

This anticipated rollout is part of a series of launches planned for 2024, including cross-border payments and the introduction of tap-to-pay functionality for iPhone and Android.

“This and much more will make us fit for competition with the world’s biggest tech brands that have all moved into the payment sphere,” Garborg said in a March press release.

MobilePay: What is it, and how do I use it?

The MobilePay app provides a straightforward mobile payment solution for consumers in Denmark.

It allows them to carry out transactions directly from their smartphones, converting their devices into digital wallets.

With roots in person-to-person transfers, MobilePay has expanded its reach to include physical stores, online retailers, and mobile applications, solidifying its position within Denmark’s payment landscape.

To use MobilePay, you need to download the app and link it to your bank account or bank card. This setup enables painless fund transfers and payments, including contactless transactions, using NFC technology.

Considering the widespread adoption and popularity of MobilePay in Denmark, you might wonder whether the country is close to becoming cash-free.

However, although app payments are commonplace and almost all businesses accept debit cards, one in five people in the country still say they would find it difficult to be without cash.

To learn more about Vipps in particular and where and how you can use it in Norway, check out The Local’s explainer on the e-payment app.

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