The unit of currency used in Iceland is the krona, abbreviated ISK. At the time of writing this guide 1€ = 88.5 ISK. All banks will exchange currency and it is a good idea to exchange your currency as there are very few shops in Iceland that accept foreign currency. Most shops and businesses accept major credit cards. Credit and debit cards may even be used in taxis. Debit and credit cards are commonly used in Iceland even for very small transactions. For currency rates in English and Icelandic go to www.sedlabanki.is.

Banking Services

After you find a job you will definitely need a bank account for your day-to-day transactions. For convenience most employees choose to have their paychecks directly deposited. Be a wise consumer and shop around. Some banks offer better interest rates than others on your savings. Ask about the different services offered by banks before deciding which one offers an account that is best suited to your needs, offers the best rate of return and has the lowest service charges. When opening an account each bank has different requirements. All banks in Iceland require that you have a kennitala/Icelandic ID number, and to open an account you must submit a recent picture. Most banks have neighbourhood branches and you should be able to locate one that is convenient for you.