Currency Exchange

[lmtrn2001]

Please forgive me but this will be our first adventure to Europe so we are

total novices!

 

Is it necessary to exchange currency into NOK while traveling in Norway or do they accept 

Euro as well?

 

Are there any legitimate online Currency Exchanges?

 

Thanks so much!

 

[Capt_BJ]

we've always carried NOK to Norway ... did not find Euro to be 'recommended'

 

we just get via our bank - a real brick and mortar BANK - takes a few days but they can get any currency we need.  I like to have some 'local' $ in hand when we arrive and then have no issues with using ATM to replenish.  BTW credit cards are WIDELY used throughout Norway in our experience ..... just let your issuing bank know you will be legitimately using the card(s) out of the US.

[WisRiver]

We have a debit card with no foreign exchange fees.  On our last arrival in Oslo, we bought NOK at a bank ATM's in the Central Station.  We had purchased our airport train tickets with a credit card.  While I had Euros from our travels in Finland, I never saw a place to use them in Norway except at a currency exchange booth.

[sunlover12]

We will be in Oslo next month and are planning on using our credit card for everything. You'll get the best exchange rate.  According to the Lonely Planet book on Oslo, credit and debit cards are preferred over cash, even for small purchases. I'm following their advice on that.  I wouldn't purchase currency through our local bank at home unless you don't mind being "taken to the cleaners".  It's not necessary and it is very expensive. 

[Thejuggler]

Don't take any, use cards for any spending.

[danv3]

Heading to Stockholm for a Baltic cruise in July.  What’s the easiest way to get very small denominations of Swedish krona and euros for tips (e.g., for tour guides, etc.)?  I understand cash is hardly used at all up there, but I expect we’ll need a little bit. 

[Capt_BJ]

I wouldn't purchase currency through our local bank at home unless you don't mind being "taken to the cleaners".  

 

You need a better bank ... I know the exchange rates when I buy and the fee is minimal ... maybe the fact we do a good bit of business with the bank helps.  I imagine that today many folks have never stepped into a brick and mortar bank in their life much less established a business relationship with one ..... which is why I mentioned B&M.  If you walk cold turkey into a bank who doesn't know you ... true, you may be taken for a ride.  BUT it is easy to know the current exchange rate and shop for a decent deal. (dozens of good FREE apps around that link to get 'real time' exchange rates)

Edited May 27, 2019 by Capt_BJ

[gnome12]

49 minutes ago, Capt_BJ said:

I wouldn't purchase currency through our local bank at home unless you don't mind being "taken to the cleaners".  

 

You need a better bank ... I know the exchange rates when I buy and the fee is minimal ... maybe the fact we do a good bit of business with the bank helps.  I imagine that today many folks have never stepped into a brick and mortar bank in their life much less established a business relationship with one ..... which is why I mentioned B&M.  If you walk cold turkey into a bank who doesn't know you ... true, you may be taken for a ride.  BUT it is easy to know the current exchange rate and shop for a decent deal. (dozens of good FREE apps around that link to get 'real time' exchange rates)

It is more than a relationship with a bank. You have to have a relationship with a bank with a fairly active foreign exchange business to be able to get good rates.

[caripoo]

Get about a 100 US dollars worth from your bank, it should take NO longer than a week....Use credit cards when you are there, and IF you need extra cash, use debit card.....hopefully your cards do not have foreign transaction fees.

[gnome12]

1 hour ago, caripoo said:

Get about a 100 US dollars worth from your bank, it should take NO longer than a week....Use credit cards when you are there, and IF you need extra cash, use debit card.....hopefully your cards do not have foreign transaction fees.

My problem is that I can't get a debit card here in Canada (that I know of) that doesn't charge transaction fees. Mine has actually upped its rate from 2.5% to 3.5% and I haven't figured out where I want to move my main bank account. (I do have one of the few credit cards that doesn't charge transaction fees.) So for my cash needs, I try to get cash before I go. I'm lucky to live in a big city, and I have a currency exchange that I think has quite good rates and low fees, and I use that.

 

Canadians travel more out of the country than Americans, and certainly shop online particularly in US dollars, so Canadian banks earn a LOT of money on foreign exchange fees. They don't want to give up this lucrative source of income.