Currency question in Norway

[Hlitner]

While we understand that some folks simply want to have local currency in their pocket, 50+ years of extensive world travel has taught me not to even think about getting currency, in advance.  We are in the era of ATMs, and they are very common throughout Europe (including Norway).  Northern European countries have also been moving more to a a credit card or phone-based culture where most things can be purchased with a tap or sweep of the phone.  For a country, like Norway, that sitll has its own currency, we simply stop at a local ATM (when we first arrive) and get some Krone.  The advantage is that ATMs generally get you the best exchange rates, and we have ATM banks that do not charge extra fees.  

 

Like some of the other posters, we always have a supply of Euros.  When we leave Europe, we do not bother to convert Euros back to dollars as that kind of conversion comes at a high cost (10% is not unusual given the exchange rates and fees).  If we are leaving a country like Norway and have a bunch of Krone, we might exchange it for Euros (usually easier and at better rates than changing for dollars).

 

By the way, we will again point out that trying to exchange currency in European banks is often not possible.  Many banks will no longer do currency exchange for non customers. We have seen more currency vending machines, which can be convenient, but do not offer the best exchange rates.

 

Hank

[Harters]

22 minutes ago, Hlitner said:

Northern European countries have also been moving more to a a credit card or phone-based culture where most things can be purchased with a tap or sweep of the phone. 

It was only yesterday that I stopped at a cafe that had a sign up saying card/phone payments would only be accepted for orders over £5. Havent seen that sort of restriction anywhere for many months. Fortunately, I wanted a slice of cake with my coffee so was over the five, otherwise it would have been no coffee as I had no cash with me. 

[Techno123]

6 minutes ago, Harters said:

It was only yesterday that I stopped at a cafe that had a sign up saying card/phone payments would only be accepted for orders over £5. Havent seen that sort of restriction anywhere for many months. Fortunately, I wanted a slice of cake with my coffee so was over the five, otherwise it would have been no coffee as I had no cash with me. 

During the 'big C era' cash was considered even more filthy than usual 😜. However, was chatting with the manager in my local small restaurant a few weeks ago and the amount he said the credit card companies (especially Amex which they have stopped taking) charge them is terrifying for a small business 😱

[pinotlover]

I have always found ATMs to be convenient and easy to use throughout Europe. We always do a major bank ATM that doesn’t charge the excessive fees. Our credit cards have no foreign transaction fees.

 

Speaking of which, we almost always find paying the restaurant, or other venue, bill in the local currency is less expensive than paying the intermediary the transaction fees to covert the bill to USD.

[Harters]

24 minutes ago, Techno123 said:

the amount he said the credit card companies (especially Amex which they have stopped taking) charge them is terrifying for a small business

The "merchant service fee" is generally a percentage and I'm sure that most businesses build that into their pricing, as with all other expenses. That said, maybe there's a fixed minimum charge which means it's uneconomic for the likes of cafes to take cards for small amounts. AMEX has always been an outlier on this and I know many restaurants simply won't take it 

[Harters]

1 minute ago, pinotlover said:

we almost always find paying the restaurant, or other venue, bill in the local currency is less expensive

Yes, the consistent "money saving" advice is always to pay in the local currency. The card machine will spot your card is "foreign" and it (or the server) may well ask if you want to pay in local currency or your home currency. Always, but always, choose the local currency. That way, the conversion is at the "official" international interbank rate, rather some rip-off rate the restaurant has dreamed up. Certainly in Spain, where I have most "foreign" experience, ATMs will also ask the same question and the same decision applies. FWIW, we visit Spain once or twice a year. We take a small amount of Euros - maybe €100 - €150 - just to get us started, then withdraw from ATMs (using a card which doesnt attract overseas fees from  our bank). 

[pinotlover]

Depending upon volume, most restaurant ( non chain) are paying between 3-4% to Visa/Mastercard. AMEX charges over 7% in fees.Even in the States, many vendors won’t take AMEX.

 

Another tid bit. Depending upon ownership policies, most venues subtract the credit card charges from the tip paid before distribution to staff.

[Harters]

9 minutes ago, pinotlover said:

subtract the credit card charges from the tip paid before distribution to staff.

That's also the legal position in the UK. However, the law about tipping is due to change in the autumn and I think (but am not sure) that part of the changes is that the full amount of the tip is passed along, in accordance with whatever tipping policy applies in that business (businesses will be required to have a written policy about how tips are divided amongst employees). 

[Tranquility Base]

1 hour ago, Harters said:

It was only yesterday that I stopped at a cafe that had a sign up saying card/phone payments would only be accepted for orders over £5. Havent seen that sort of restriction anywhere for many months. Fortunately, I wanted a slice of cake with my coffee so was over the five, otherwise it would have been no coffee as I had no cash with me. 

Correct.

Whilst 'card only' signs at places such as cafes are not unusual in certain countries, I have also noticed a few more 'cash only' signs around elsewhere.

I think this is likely to be for avoiding high bank fees for the business.

Have also noticed in some countries more businesses adding a surcharge for card use.

This is often posted on the card reader which then gives you the choice whether to accept or cancel the transaction.

This is simply the business being upfront with the associated bank fee cost, as opposed to just absorbing it into their price.

 

I like to use local currency for many transactions wherever possible, and keep my card for larger purchases and emergency use.

I don't mind bringing some foreign currency back with me for hopefully future use.

Otherwise I will give to the crew if I am reasonably sure they will be able to use that currency easily.

Edited Saturday at 06:32 PM by Tranquility Base

[pinotlover]

We almost never trade in currency particularly the Euro or British pound. We used left over Krona from a 2017 cruise on a 2022 cruise. 

 

In fact, a couple years back the Euro got down to .98 USD. We bought a couple grand worth and been using ever since. We bought the pound closer to par also. It’ll all get used hopefully eventually.

[clo]

8 hours ago, Techno123 said:

Excellent. Next time I'm in the US I will tip using my left over Vietnamese dong. I will leave them a quarter of a million dong - I'm sure my server will be ecstatic (not).

What a grand idea! We're IN the US but have countless foreign currencies especially from my husband's frequent business travel. It's in a gallon zipping bag. Now I know what to do with it! Thanks, Techno.

[clo]

3 hours ago, pinotlover said:

throughout Europe.

About 30 years ago we were in Santiago,Chile, and son of a gun, they had an ATM. Bob couldn't believe it would work but sure enough it did. I think the US might have been slow coming to that party.

[Harters]

3 hours ago, Tranquility Base said:

businesses adding a surcharge for card use

That's actually now illegal in the UK.

 

 

[CurlerRob]

8 hours ago, pinotlover said:

We almost never trade in currency particularly the Euro or British pound. We used left over Krona from a 2017 cruise on a 2022 cruise. 

 

In fact, a couple years back the Euro got down to .98 USD. We bought a couple grand worth and been using ever since. We bought the pound closer to par also. It’ll all get used hopefully eventually.

 

We have done the same at times, but have run afoul of the UK proclivity to replace selected notes with a newer, modernized version while withdrawing the old ones. Always easy to exchange the outdated ones at the bank, but a bit embarrassing with merchants once or twice - felt like a forger! 🍺🥌

[Techno123]

6 hours ago, CurlerRob said:

 

We have done the same at times, but have run afoul of the UK proclivity to replace selected notes with a newer, modernized version while withdrawing the old ones. Always easy to exchange the outdated ones at the bank, but a bit embarrassing with merchants once or twice - felt like a forger! 🍺🥌

I'd keep checking as new notes with King Charles' head on are currently being released 😜

Mind you, try not to use Scottish notes in southern England - you will get funny looks 😂😂

[Harters]

35 minutes ago, Techno123 said:

I'd keep checking as new notes with King Charles' head on are currently being released

It was ones with Charlie Windsor when we went to the ATM a few days back. 

[Techno123]

56 minutes ago, Harters said:

It was ones with Charlie Windsor when we went to the ATM a few days back. 

Beginning of this month they started issuing them, I believe 😁