Guide to the Currency Faroe Islands Use

What currency is used in the Faroe Islands? Is there any need of bringing cash to the island group? Discover everything you need to know about the currency of the Faroe Islands, the Faroese króna. Learn how to use the Faroese króna and get to know all the practical stuff for you to get an unforgettable vacation in the Faroe Islands.

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• Find your Car Rental in the Faroe Islands
• Take a look at the best Boat tours in Faroe Islands
• Travel the Faroe Islands on a Budget
• Get to know What to Pack for Faroe Islands

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Hidden in the North Atlantic Ocean, the Faroe Islands will let you experience wild landscapes, soaring cliffs, and so much more. As you plan your trip to this unbelievable archipelago, you may find yourself pondering a crucial question: which currency should you use?

Knowing the standard money practices in the Faroe Islands wil make you well prepared before your trip. This article will give you all essentials about money and currency in the Faroe Islands to ensure a smooth vacation in the North Atlantic. 

The Faroese Króna

Introduced in 1940, the Faroese króna is issued by the central bank of the Kingdom of Denmark and holds a special place in the hearts of locals as a symbol of cultural identity and autonomy. The Faroe Islands are a part of the Kingdom of Denmark. And the currency of the Faroe Islands is pinned to the Danish krone (DKK) which again is tied to the Euro. 

The official currency of the Faroe Islands, the Faroese króna, uses DKK and the currency symbol kr. Same goes for the Danish krone.

All shops, restaurants, hotels and so forth accept the Faroese króna and the Danish krone equally. There are both Faroese banknotes and Danish banknotes in circulation and both universally accepted across the Faroe Islands.

All coins used in the Faroe Islands are Danish as there is no difference between the currencies of the Faroe Islands and Denmark. These are used throughout the archipelago.

While all coins are Danish, you will find the Faroese króna as banknotes with local nature motives and animals. The banknotes come in five denominations 50, 100, 200, 500, and 1,000.

All businesses accept both coins and banknotes, both the Faroese króna and the Danis krone. Do not expect to be able to pay with other currencies than these two.

Do you Need Cash in Faroe Islands

The Faroe Islands are super card-friendly. Everyone in the Faroe Islands use their credit cards several times a day. From groceries to fashion shops, transport and pharmacies, credit cards are accepted everywhere. You will find it difficult if not impossible to buy something without the option to use a credit card. 

Major credit cards, such as Visa and Mastercard, are widely accepted in the Faroe Islands. Not all businesses accept American Express so it is a good idea to bring either a Visa or Mastercard in addition to American Express.

How Much Money Should You Bring When You Go to the Faroe Islands?

There is no need to bring cash to the Faroe Islands. Make even the smallest purchases with your credit cards. If you should want to withdraw some cash, there are ATMs readily available especially in the capital Tórshavn. One ATM is located near the National Football Stadium in the Faroe Islands in central Tórshavn.

There is also an ATM in the village Miðvágur on the airport island. You will find the ATM only a 5 minutes drive from the small arrival hall at Vágar Airport.

Is it safe to carry cash in Faroe Islands?

The Faroe Islands is a very safe country. With almost non-existing crime, you can carry cash and other valuables without worrying at all. If you should loose your wallet or phone, call the local police as it is very likely that a Faroe Islander has handed it in when found.  

Can I use foreign currency in Faroe Islands?

As a rule of thumb, you are not able to use either USD or EUR in the Faroe Islands. If you want to bring some cash, it is best to exchange your currency for the Faroese króna or the Danish krone.

You can exchange currency at banks in Tórshavn if needed. That said, you will be perfectly fine without any cash in the Faroe Islands with all businesses accepting credit cards.

What is the exchange rate for Faroese króna?

The exchange rate for the Faroese króna / Danish krone to US dollars has historically been fairly stable. On average, 1 USD to DKK is 6.5 DKK. 

As the Faroese króna / Danish krone is linked to the Euro, the exchange rate is always fixed. You will find that 1 EUR to DKK is 7.5 DKK.

Tipping in the Faroe Islands

Faroe Islanders are not used to tipping. That said, if you want to tip your tour guide or a waiter or a waitress, you are most welcome to do so.

The minimum wage in the Faroe Islands is high. Hence, tipping is not crucial as it is in places such as in North America.

Planning a trip to the Faroe Islands? Take a look at our wide selection of Faroe Islands Vacation Package. You will find both packages with tour guides included and self-drive packages.

One thing is for sure, the Faroe Islands will set your wanderlust free. This hidden corner of the world is filled with unbelievable nature and secluded villages.