No longer buying Norwegian, Swedish or Danish krone
Landsbanki bank has already stopped buying Norwegian, Swedish and Danish krone. Photo/Colourbox
Landsbanki has stopped buying and selling Norwegian krone and will cease buying and selling Swedish or Danish krone from May 3, 2024.
This is stated on the bank’s website.
It says that the use of cash is decreasing in Europe, especially in the Nordic countries. Increased use of digital technology in trade and commerce and the global pandemic have accelerated this development.
Strengthened rules on measures against money laundering
It is pointed out that anti-money laundering measures have also severely restricted the exchange of money and have strengthened the laws and regulations against money laundering, especially in the Nordic countries.
Parallel to these changes, customers' demand for foreign cash has decreased substantially in the past year.
Landsbanki bank, headquarters in Reykjavík. mbl.is/sisi
Increasingly difficult to pay in cash
“It is increasingly difficult to pay with cash internationally. In many cases, employees at Landsbanki’s branches receive foreign currency that customers were unable to use to make payments while traveling abroad.
Landsbanki offered to buy and sell Norwegian, Swedish, and Danish coins for as long as possible, but because commercial banks in the country of destination have accepted the exchange of cash from other countries, it is clear that this will not be maintained.
In response to these changes in our environment, decreasing customer demand, and tighter regulations, Landsbanki has changed its offer of foreign banknotes. We have already stopped buying and selling Norwegian kronas and will cease buying and selling Swedish or Danish krone from May 3, 2024,” the bank states in a statement.
