The use of bank notes in Europe is decreasing and especially in the Nordic countries. Increased digitalisation in commerce and trade and the pandemic have accelerated that development. Measures against money laundering have restricted foreign currency trading in cash severely and rules and legislation to prevent money laundering have been tightened, most notably in the Nordics.
Alongside these changes, customer demand for foreign currency in cash has fallen a great deal in recent years.
Making payment using bank notes has become increasingly problematic. Employees in Landsbankinn’s branches in many cases are receiving cash from customers who were unable to use it in transactions overseas.
Landsbankinn offered Norwegian, Swedish and Danish bank notes for as long as possible but now that commercial banks in the recipient countries have ceased accepting cash from other countries, it is clear that the Bank cannot continue.
In response to these changes in Landsbankinn’s environment, falling customer demand and stricter rules, we have made changes to our supply of foreign bank notes. We have already discontinued the purchase and sale of Norwegian krone and, as of 3 May 2024, we will stop offering Swedish and Danish krone for purchase or sale.
