Exchange Rate for Danish Krones and US Dollars
Danish Krone, also known as just “krone” is the currency that is popular in Denmark, Greenland, and even the Faroe Islands. It was created as an independent form of their currency around 1875, and is becoming one of the most popular currency exchanges in the world today, particularly for their value. There are sub units similar to America’s cents called “ore” (100 ore is equal to a krone).
Onto the Krone Exchange Rates
One thing to note is that Krone is one of the 180 exchange rates out there, and by being worth approximately 15 cents at the moment (May of 2019), Krone is a great way to get into currency exchanging (aka valutakurser) to see the difference in country currencies and their worth. There are other things to think about too, such as where you’re exchanging your currencies (this can actually affect how much you’ll get in return), as some exchange sites have been known to attach a fee for exchanging currencies, but such is the price of convenience.
So Why is the Danish Krone So Cheap?
Well, in 2015, the Danish National Bank ended up getting rid of many of their lending and deposit rates in a special stimulus program, and it ended up simply sticking, because it’s making things easier, from the price of imports and exports a little, as well as being able to aid in the cost of living. For example, it may cost 9500 DKK (Danish krone) to rent an apartment in the middle of the city (which equals approximately $1,425 USD), and honestly that’s not bad at all, considering in almost all of our states’ bigger cities, you can expect to pay this much or more.
Exchanging at the Right Times
When it comes to exchanging your currency if you’re planning a trip somewhere, you may want to consider the timing of it. A lot of people have the misconception that they need to exchange their currency in other countries before they go on a vacation or visit, but this is no longer the case. You can generally get to an ATM just about everywhere in the world, and almost all stores even in Denmark accept Visa, Mastercard, and many other credit/debit cards.
When you exchange the money from home, you will have to pay those additional fees of convenience and can get a worse rate than you would if you just went on your trip and let it all work itself out.
The Danish Krone is one of the lowest exchange rates to the U.S. dollar in the entire world, but that’s not a bad thing at all. While it’s not quite as low as the Mexican peso, and other currencies, it all evens out. Think about it. If you were to take a trip to Denmark with about $10,000 stashed away, then went over there and exchanged it, you would literally have over 66,000 dollars to your name.
Also, if you’re wanting to start in the currency exchange market, this is a much better way to jump into it with an exchange rate so low, so you can end up ahead.