Although most places on the mainland accept credit cards, there are other places (usually on the remote islands) where only cash is accepted. If you plan on travelling to these locations, it is a good idea to bring along cash.
There are two currencies of equal value in the Faroe Islands: the Faroese króna and the Danish krone. While the Faroese government prints its own bank notes, only Danish coins are used. Danish notes are equally acceptable as Faroese notes throughout the country.
The series of banknotes comprise five denominations: 50 kroner, 100 kroner, 200 kroner, 500 kroner and 1000 kroner. The coin (only Danish) series comprises six denominations: 50 øre (cents), and 1, 2, 5, 10 and 20 kroner.
There may be a few places in the major towns that accept foreign currency, but this is more likely the exception than the rule, and, unsurprisingly, the exchange rate is rarely favourable. Exchange rates for the Faroese (Danish) króna as of May 2016 are roughly: DKK 100 = €13.4 / £10.6 / $15.6.
Most shops, restaurants, petrol stations, hotels and taxies accept credit cards, mainly VISA, but other credit cards, such as MasterCard, Eurocard, Maestro and JCB, are also accepted in large stores, shopping centres and restaurants. Most places DO NOT accept American Express.
It is possible to withdraw money with Visa, Visa-Dankort, Eurocard, MasterCard, Maestro and JCB from the many ATMs around the country. The ATMs are often found next to bank branches and can be used outside the banks’ normal opening hours.
Banks are normally open Monday to Friday from 09.30 to 16.00. Banks in smaller villages might have different and shorter opening hours. Banks are closed on all public holidays.