Faroe Islands | Aurato

Faroe Islands
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Faroese banknotes and Danish-krone monetary arrangements coexist with a distinct domestic banking sector and services in the Faroe Islands. Cards and account transfers link North Atlantic commerce with Nordic and overseas markets; GDP per capita was approximately US$74,200 in 2024.

Population

55K

GDP

$4.1B

GDP per Capita

$74K

GDP Growth

0.8%

Deepdive

World Bank, World Development Indicators (WDI), 2025

Cash in Faroe Islands

Cards are accepted across much of the Faroe Islands, including hotels, taxis and many remote businesses, so cash serves as a backup payment method. Faroese and Danish banknotes share the same value, and ATMs provide local cash.

ATMs (PER 100K)

44.0

BANKS (PER 100K)

10.4

DEBIT CARDS (PER ADULT)

1.7

CREDIT CARDS (PER ADULT)

0.5

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IMF, Financial Access Survey (FAS), 2025