Iceland (IS)
Iceland is a North Atlantic volcanic island nation of extraordinary natural beauty — home to geysers, glaciers, lava fields, midnight sun, the Northern Lights, and some of the world's most active volcanoes.
Currency & Money
Practical money tips for living in Iceland.
Denominations
Coins: 1 kr, 5 kr, 10 kr, 50 kr, 100 kr. Notes: 500 kr, 1,000 kr, 2,000 kr, 5,000 kr, 10,000 kr.
Payment Culture
Iceland is highly cashless — card payment is accepted virtually everywhere, including small guesthouses and market stalls. Contactless payment is universal. Cash is rarely needed and many venues operate card-only. Iceland does NOT use the Euro — the Icelandic Króna (ISK) is the only official currency. As of 2026, 1 EUR ≈ 145–155 ISK, 1 USD ≈ 135–145 ISK. The ISK can fluctuate significantly — those sending money abroad or receiving international salary should monitor exchange rates.
ATM Tips
ATMs (hraðbanki) are widely available in Reykjavik and most towns. Major banks — Landsbankinn, Íslandsbanki, Arion Bank — have extensive ATM networks. Foreign cards typically incur fees of ISK 200–500 per withdrawal. In remote areas (especially highland F-roads), there are no ATMs — carry a card with good foreign-transaction coverage.
Exchange Tips
Use Wise or Revolut for international transfers to get near-interbank rates. Currency exchange at Keflavík Airport has poor rates. Avoid exchanging large amounts at hotels. For recurring salary or remittance transfers, Wise or local bank SEPA transfers are most cost-effective.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents