Should I pay in kroner or in my home currency when the card terminal asks?
Dynamic currency conversion, card terminals and cash machines.
Short answer
If a card terminal in Norway offers your home currency, choose Norwegian kroner, because otherwise the shop sets the exchange rate itself. DNB and Nordea give their own customers the same advice abroad, and DNB writes that shops often add a high markup when they convert. At cash machines, choose 'No conversion' for the same reason.
Why
- DNB explains that when you pay in the cardholder's own currency, the shop you buy from decides the exchange rate and often adds a high markup.
- Nordea says that if you choose the local currency, Visa or Mastercard converts the amount, and its experience is that the shop's rate is often higher.
- Nordea also points out that the choice is yours, and if the terminal does not offer conversion, you pay in the local currency automatically.
Details
This service is called dynamic currency conversion (DCC). Nordea notes that it can also appear at some cash machines and banks. Your own bank may still add its own markup on top of the card network's rate: for its Norwegian customers abroad, DNB charges 1.99%.
Tip
Read the terminal screen before you press anything, and pick the option that shows NOK or 'No conversion'.
Common misconception
Paying in your home currency is safer, because you know exactly what you pay.
What actually happens
You see the amount, but the shop sets the rate, and Norwegian banks report that it is often higher than the rate Visa and Mastercard use.
People also ask
- Should I pay in euros or NOK?
- Should I choose NOK when paying by card in Norway?
Sources
- DNB: Currency markup on card paymentsChecked at:
- Nordea: Which currency to choose when paying by card abroadChecked at:
- DNB: Financial travel adviceChecked at:
This answer is for reference only. Card terms and markups can change, so check your own bank's terms before you travel.
Currency in NorwayRelated questions
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How do I find the IBAN for my Norwegian bank account?
You find the IBAN for your Norwegian account in your bank's online bank or app under the account details, and also on your account statement.
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Why did my hotel or car rental company block money on my card in Norway?
Hotels and car rental companies reserve money on your card as security, and the reservation is released once the final amount is settled.
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How do I pay a Norwegian invoice with a KID number from abroad?
To pay a Norwegian invoice from abroad, make an international transfer to the payee's IBAN and BIC and enter the KID number as the payment reference.
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Do Norwegian banks charge an annual fee for debit cards?
Yes, banks such as DNB charge an annual fee for an adult debit card, currently NOK 295 a year, while cards for children and young people are free.