What is Iceland’s currency?
Iceland’s currency is the Icelandic króna (ISK). The króna has been the official currency of Iceland since 1922 when it replaced the Icelandic marka. It is regulated and issued by the Central Bank of Iceland (Seðlabanki Íslands) and is commonly represented by the currency symbol “kr”.
FAQs
1. Can I use other currencies in Iceland?
While some tourist-focused businesses in Iceland may accept major foreign currencies like the US dollar or Euro, it is advisable to have some Icelandic króna with you for day-to-day expenses.
2. Where can I exchange currency in Iceland?
Currency exchange services can be found at major airports, banks, and currency exchange offices throughout Iceland. It’s recommended to compare exchange rates and fees before making a transaction.
3. Can I use credit or debit cards in Iceland?
Yes, credit and debit cards are widely accepted in Iceland, including at most hotels, restaurants, and stores. However, it’s always good to carry some cash for smaller establishments or places that may not accept cards.
4. Are there ATMs in Iceland?
Yes, there are plenty of ATMs (cash machines) available in Iceland, especially in populated areas. These ATMs generally accept major international debit and credit cards.
5. Should I exchange money before arriving in Iceland?
It depends on your preferences. While it’s not mandatory, exchanging a small amount of money before your arrival can be beneficial for immediate expenses, especially if you arrive outside regular banking hours.
6. Can I use traveler’s checks in Iceland?
Traveler’s checks are generally not widely accepted in Iceland. It is recommended to have a mix of cash and cards to ensure smooth transactions during your visit.
7. Are there any currency restrictions when entering or leaving Iceland?
As of writing this article, there are no specific restrictions on the amount of currency that can be brought in or taken out of Iceland. However, it is good practice to check for updated information before traveling.
8. Can I withdraw Icelandic króna outside of Iceland?
It might be challenging to find Icelandic króna in local banks outside of Iceland. It is generally advised to withdraw currency upon arrival in Iceland for the best rates and convenience.
9. Can I use mobile payment apps like Apple Pay or Google Pay in Iceland?
Yes, mobile payment apps like Apple Pay and Google Pay can be used in Iceland wherever contactless payments are accepted, which is quite common in many establishments.
10. Can I tip in Iceland using foreign currency?
Generally, tipping in Iceland is not an expected practice. However, if you choose to tip, it is preferable to use Icelandic króna instead of foreign currency for convenience.
11. Will I get a better exchange rate in Iceland or my home country?
Exchange rates can vary between countries and institutions, so it’s advisable to compare rates and fees before deciding where to exchange currency. In some cases, exchanging a small amount before your trip might be more convenient.
12. Can I use cryptocurrencies like Bitcoin in Iceland?
While Iceland is known for its involvement in cryptocurrency mining, the use of cryptocurrencies in day-to-day transactions is not widespread. It’s best to rely on traditional currencies such as the Icelandic króna for regular purchases.