The Norwegian Krone is the official currency of Norway and is also used by its dependent territories. The currency was first introduced in 1875 replacing the Norwegian Speciedaler, and has been Norway’s primary currency ever since. Though the Norwegian Krone is not considered a major currency and is not widely used for cross border transactions, it has still managed to make the list of the top 15 currencies traded on the global foreign exchange market. Online traders who wish to make deposits with the Norwegian Krone can do so through a variety of online trading brokerages.show more
The Norwegian Krone differs from the worlds top currencies for the because it does not have a specific symbol to represent the currency. Instead the currency is represented by two letters being, “kr”, and the abbreviation of the Norwegian Krone being (NOK). When the currency is written, the symbol “kr” follows the unit of currency. If the currency is shown with the abbreviation (NOK), it precedes the currency. For example, it is shown as: 10kr and NOK10. As well the Norwegian Krone has a sub unit which is called “øre”, and it’s equal to 1/100 of a Kroner. The “øre” follows the unit of currency when written. The Norwegian Krone shares its symbols with other “krone” currencies such as the Danish Krone, therefore making it easily mistaken for another currency if the currency is not clearly stated. It’s very important to keep this in mind so you know which currency you have selected or that is accepted on the online trading account you are using.
The Norwegian Krone is primarily used among people form Norway and its territories. Therefore, if you are a trader not from another country other than Norway but wish to make deposits with Norwegian kroner, you will need to exchange your foreign currency. This can be done in several ways. The most convenient method is to deposit your funds directly into your online trading account to be exchanged for Norwegian Kroner via the online brokers exchange service. Not all online brokers have this exchange service built into their platforms, but the ones who do will make depositing foreign funds very easy. Another method for exchanging currency into or out of Norwegian Kroner is to use an online currency exchange. These exchanges will charge a small fee, but can easily be used with compatible bank accounts or various e-wallets.
For residents of Norway and its dependent territories, banking with Norwegian Kroner is very easy and convenient. Norwegian banks offer the most methods for depositing and withdrawing funds to and from your online trading account. These methods include debit and credit cards, e-wallets, and direct bank transfer services. As for traders who are using Norwegian kroner but do not have Norwegian bank accounts, they may be limited to using supported e-wallets for the depositing and withdrawing of funds.