Svalbard Currency, Money and ATMs

A Brief Overview:

• The official currency of Svalbard is the Norwegian Krone.
• There are no ATM’s or banks in Svalbard, so any cash must be withdrawn before arrival.
• International credit and debit cards such as Mastercard and Visa are widely accepted as the main form of payment.

In this article, I cover all the practical information you need to know about Svalbard currency and money to help you plan your trip.

Svalbard is a remote Arctic archipelago under Norwegian administration. This presents some challenges and considerations when it comes to money and currency. Whether you’re going to observe polar bears, experience the midnight sun on the Arctic landscape or visit the world’s northernmost settlement, understanding how money works and planning ahead is key to a smooth trip.

The Official Currency Of Svalbard: Norwegian Krone

Svalbard uses the Norwegian Krone (NOK) as its official currency, the same as mainland Norway. This makes sense since Svalbard is a Norwegian territory, even though it’s a special international status under the Svalbard Treaty of 1920. The Krone is divided into 100 øre and you’ll see the same banknotes and coins as in Norway.

Norwegian Krone Exchange Rate

The Norwegian Krone has been relatively stable compared to many other currencies, but like all currencies it fluctuates against major international currencies like the US dollar, euro and British pound. As of recent years one Norwegian Krone is approximately $0.09-0.10 USD.

It is advisable to check the current exchange rate before your trip.

You can check the exchange rate here.

Cash in Svalbard

While the Norwegian Krone is the official currency, the reality of using money in Svalbard is quite different from most travel destinations. Norway is becoming a cashless society and Svalbard is even more so due to its small population and limited infrastructure.

Most businesses in Longyearbyen, Svalbard’s largest settlement, prefer electronic payments. Credit and debit cards are widely accepted and many places operate cashless only. This includes hotels, restaurants, tour operators and shops.

Electronic payments also eliminates the need to handle cash in Arctic conditions where you need to wear gloves.

Whilst cash isn’t needed in Svalbard there are a few situations cash can be useful such as tipping expedition guides, and in case of an emergency.

You must bring any cash you require in Svalbard with you. There are ATM’s in the terminal at Oslo airport which provide the easiest option.  

Banking and ATMs In Svalbard

The only bank and ATM in Svalbard closed in 2020. Banking services in Svalbard are extremely limited due to the remote location and small population of around 2,600 people. ATM’s are non existent. The nearest bank to Svalbard is on the Norwegian mainland.

It’s recommended to withdraw cash before arriving in Svalbard, either from your home country or during a stopover in mainland Norway.

Credit and Debit Card Usage

Credit and debit cards are the most practical way to pay in Svalbard. Visa and Mastercard are accepted everywhere in Longyearbyen and other settlements. I personally have never had an issue paying by card in Svalbard.

American Express and Discover might be accepted in some places, but it’s recommended to carry a Visa or Mastercard as a backup.

I highly advise before you travel to contact your bank or card company and inform them of your travel dates and destination. Svalbard’s remote location might trigger fraud alerts and your card might be blocked. Also, ask about foreign transaction fees as these can add up quickly during your stay.

Many travelers find it useful to have multiple payment methods – perhaps a primary credit card, a backup card from a different issuer and a debit card for ATM access if needed.

Svalbard Currency Exchange

Currency exchange in Svalbard is non-existent. Travelers should exchange currency before arriving in Svalbard. This can be done at your home bank, currency exchange services in your departure city or at Oslo Airport (OSL) if you’re transiting through Norway’s capital. Oslo Airport has several currency exchange counters and ATMs where you can get Norwegian kroner.

Another option is an online currency exchange where you order foreign currency for home delivery. These often offer more competitive rates compared to airport exchange counters.

Cost of Living and Budgeting

Svalbard is considered an expensive destination, both due to its remote location and Norway’s high cost of living. Everything from food to accommodation is premium priced because of the logistics of shipping goods to the Arctic.

Meals at restaurants cost 200-400 NOK ($18-36 USD) for lunch and 400-800 NOK ($36-72 USD) for dinner. A beer is 80-120 NOK ($7-11 USD) and a coffee 40-60 NOK ($3.50-5.50 USD). Accommodation ranges from budget guesthouses at 800-1200 NOK ($72-108 USD) per night to luxury hotels that can be 3000 NOK ($270 USD) per night or more.

Tours and activities, which are the main reason to visit Svalbard, can be very expensive. A snowmobile safari is 1500-2500 NOK ($135-225 USD) per person and multi-day expeditions can be 15,000-30,000 NOK ($1,350-2,700 USD) or more.

Budget travelers should budget at least 1000-1500 NOK ($90-135 USD) per person per day, not including accommodation and main tours.

An expedition cruise to Svalbard can provide excellent value as it includes all travel, food and accomodation costs. You will also get to see and explore a lot of beautiful places that are otherwise inaccessible.

Svalbard Specifics

Several unique factors affect currency and money in Svalbard that travelers should be aware of.

The Svalbard Treaty gives citizens of signatory countries equal rights to live and work in Svalbard without a Svalbard visa, but this doesn’t extend to banking rights. Non-residents may face restrictions on opening bank accounts or accessing certain financial services.

Svalbard has a “Svalbard Environmental Protection Act” that requires visitors to follow strict environmental guidelines. This includes restrictions on what can be brought into and taken out of the territory, but this doesn’t affect currency, it’s part of the broader regulatory environment travelers encounter.

Practical Money Tips

When preparing to travel to Svalbard, consider these practical money tips:

• Notify all your banks and credit card companies about your travel dates and destination well in advance. Include both Svalbard and any transit countries in your notification.
• Carry multiple payment methods, at least two different credit cards from different issuer networks. Having a backup payment method is crucial in a remote location with limited financial services.
• Download and set up mobile banking apps before your trip as internet connectivity in Svalbard, while generally good in Longyearbyen, may be slower than what you’re used to.
• Consider travel insurance that covers emergency evacuation as medical emergencies in Svalbard can require expensive evacuations to mainland Norway.
• Research and budget for the high cost of living in advance. Many travelers underestimate expenses and end up spending more than planned.

Tipping Culture

Norway has a modest tipping culture and Svalbard is no exception. Service charges are included in restaurant bills and staff are paid fair wages so tipping isn’t expected like in some other countries.

That being said, rounding up bills or leaving 5-10% for good service is appreciated, especially in restaurants and for tour guides. For tours and expeditions, which are big expenses in Svalbard, 50-100 NOK per person per day for guides is considered generous but not obligatory.

Conclusion

While Svalbard uses the Norwegian Krone as its official currency, the practical reality of money in this Arctic destination is cashless. The limited banking infrastructure, high costs and extreme environment make preparation and planning essential for managing money during your visit.

Success with money in Svalbard comes down to preparation: notify your banks, carry multiple payment methods, budget for high expenses and understand that most transactions are cashless. If you wish to use cash, you should withdraw it from a cash dispenser or ATM in mainland Norway before travelling to Svalbard airport. With proper planning the unique money aspects of Svalbard won’t get in the way of what is undoubtedly one of the world’s most unique travel experiences.

Whether you’re watching polar bears hunting on the sea ice, exploring abandoned Soviet mining towns or experiencing the ethereal beauty of the polar night, proper financial planning ensures that money won’t get in the way of your Arctic adventure. The investment in visiting Svalbard is big, but for those who make the journey the memories and experiences are priceless.

At Polar Escapes we are experts in travel to Svalbard. Are you looking to plan that perfect trip? With Polar Escapes you can search and book the largest selection of Svalbard cruises and tours.