What is the currency in Iceland? What kind of money is accepted for payment in Iceland, other than Icelandic krona?Is there an option to pay in euros or by card? Are there many exchange offices and where is it better to change?
Content:
- Money in Iceland
- How much money to take to Iceland
- Approximate calculation of the amount for a trip to Iceland
- Prices in Iceland
- Currency exchange in Iceland
- Card payment in Iceland
Money in Iceland
In Iceland, the national currency is the Icelandic krona, which is equal to 100 eire (local kopecks). Practically, coins with a face value of less than 1 crown have been withdrawn from circulation in Iceland.
The banking abbreviation of the crown is ISK, on the price tags they write króna, either in the plural krónur, or simplify everything to kr.
Banknotes of denomination are circulating in circulation 10, 50, 100, 500, 1000, 2000 and 5000 crowns, as well as coins in denominations of 1, 5, 10, 50 and 100 crowns.
In Iceland, only the Icelandic krona is accepted for payment. Alternatively, take euros/dollars with you and change them at a bank in Iceland. But! I advise you not to change money for crowns, but to pay with a card everywhere. Cards are accepted absolutely everywhere.
The exchange rate of the Icelandic krona to the euro is quite stable and has not changed much for several years.
In 2023, you will receive approximately 149 Icelandic kronor (ISK) for one euro.
The current exchange rate of the Icelandic currency to the euro can always be checked here: https://www.xe.com/currencyconverter/convert/?Amount=1&From=EUR&To=ISK
How much money to take to Iceland
Prices for gasoline, food and accommodation are quite high in Iceland. On average, a tourist needs about 50 euros per person per day for recreation and entertainment in Iceland, and this is not counting the cost of the hotel.
Even for the most economical tourist who plans to hitchhike, spend the night in a tent and cook for himself, the trip will cost about 500 euros.
If you live in 3-4* hotels or on comfortable private farms, and eat in cafes and restaurants, the cost of rest will be at least 1,500 euros.
The price of the flight depends heavily on the season, but you can quite often find relatively inexpensive tickets to Iceland from European cities.
Flights to Iceland - how and from where it is cheaper to fly to Iceland
If you decide to spend a vacation or weekend in Iceland, then the first question is plane tickets to Iceland, preferably cheaper.
So how and from where can you...
To roughly calculate the budget for a trip to Iceland, you can check out the approximate prices for popular goods and services in Iceland.
Approximate calculation of the amount for a trip to Iceland
- The flight will depend very much on the starting point, but some of the cheapest tickets to Iceland can be taken from Poland, the cost ranges from 50 to 100 euros for a round trip ticket. Of course, there are much more expensive tickets, but you don't want to spend too much.
- Rent a car - if you are not going to go deep into the island, then you can make do with an all-wheel drive budget option. The cost of renting a small budget car starts from 40 euros per day and drops with each additional day of use, so for 10 days the car will cost 180 euros, which is already 18 euros / day. If you are going to drive on mountain roads with an F mark, then you will need an all-wheel drive car, the price for 1 day of an all-wheel drive SUV starts from 74 euros / day and in 10 days the price drops to 40 euros / day.
- Gasoline is one of the most expensive in Europe - about 1.7-1.75 euros. Then everything is simple: your planned distance, 6-7 liters per 100 km and multiply the price of gasoline
- Accommodation - if you are a budget traveler and are ready to live in a tent, and also away from the sights, then you can not spend anything on accommodation, if you stay in campsites, then a tent + a couple of adults will cost you 15-25 euros for 1 night. If you live in gests or small farmhouses, then housing for two people will cost 35-50 euros per night, but the most expensive hotel that I found in Iceland costs 923 euros.
- Meals - on average, lunch or dinner without alcohol in a cafe in Iceland will cost you 25-30 euros per person. If you cook yourself, you can safely keep within 15 euros per day for 1 person. And it's also with grilled lamb sometimes.
- Visa - Iceland is located in the Schengen area. If you are Ukrainian, then you are lucky and you do not need a vase, only a biometric passport, if you are from a country that does not have a visa-free regime with the Schengen area, then a visa will cost you 35 euros.
- Other expenses - Almost all natural attractions in Iceland are free, but if you want to swim to see whales or soak up in thermal baths, you will have to pay a decent amount.
It is worth noting that in the season from mid-June to the end of August, car and housing rental prices increase 1.5-2 times
So let's try to calculate the amount for a couple of two people who are ready to bring a tent and sleeping bags with them, but will stay at campsites. They will cook themselves, but they will go to a cafe at least a couple of times. He does not plan to go deep into the island and onto the roads. Just around the island on the 1st road, which is about 1500 km. They will not go on whales or excursions, but they will go to the Blue Lagoon. And the whole trip is planned for 10 days. They will fly from Poland at the end of May and they do not need a visa.
| On what | How much, euro |
| Flight | 2x100 = 200 |
| Rent a car | 180 |
| Gasoline |
(1500/100)*6 liters = 90 liters of gasoline 90*1.75 = 157,5 |
| Habitation | 10 days * 20 = 200 |
| Food |
10 days * 2 people * 15 euros = 300 + 2 times cafe for 60 euros for two = 120 |
| Visa | 0 |
| Other expenses | Blue Lagoon - 2 people * 64 euros = 128 |
| Total for two people | 1285,5 |
Thus, only about 640 euros per person will be required for a 10-day trip. In fact, it may be cheaper by 80 euros if there are four of you in the car, not two. You can also save money on food and not so often buy grilled lamb for dinner ;)
Of course, if you are too lazy to bother with planning or simply do not have time for this, and still do not want to live in campsites, then you may be able to book a car tour where you will have complete freedom at the wheel, but at the same time they will think over all the overnight stays for you, make up a route, meet you at the airport and much more.
Prices in Iceland
Dinner with wine in a good restaurant for one: 5000-10000 CZK
Set lunch in a cafe for one: from 1500-3000 CZK
Bottle of water: 200 CZK
Bottle of beer: 300 CZK
Pack of cigarettes: 900 CZK
One trip by public transport: 350 CZK
Short taxi ride, 5-10 minutes: 1000-2000 CZK
Car rental for 7 days: from 70,000 CZK
Since a huge number of tourists come to Iceland in the summer season, it is better to book accommodation in advance. By the fact that inexpensive options are quickly running out.
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Currency exchange in Iceland
You can exchange currency in Iceland at the airport or at bank branches. You can also withdraw Icelandic krona from the card through an ATM. Iceland has a network of exchange offices "The Change Group", but almost any exchange office charges a commission from 2 to 5 €. Moreover, in some places the commission amount is fixed and does not depend on the amount of the exchange, and some charge a percentage.
Also, when going to the Icelandic exchangers, bring your passport with you, you may need it when exchanging currency.
ATMs are located everywhere, you can withdraw money from the card at train stations, shops, hotels and on central streets. For cash withdrawals in Iceland, you will have to pay a commission of about 1% -2% of the amount issued.
Usually, the opening hours of banks in Iceland are 09:00-16:00 from Monday to Friday.
In addition, the currency exchange service is mostly provided to guests by Icelandic hotels and hostels.
In addition to American dollars and euros, you can exchange pounds sterling, Australian dollars and other popular currencies in Iceland. It is not worth counting on the exchange of rubles or Ukrainian hryvnia.
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Card payment in Iceland
Payment cards are very common in Iceland. The cards of all international and European banks are in use. You can pay with Visa and MasterCard cards everywhere - at the gas station, in shops and cafes, even at the campsite, where the owner comes only in the evening - he will come with a payment terminal. And at most self-service gas stations, you can only pay with a card.
Since Iceland has its own currency, the Icelandic krona, it is very possible that your bank will conduct currency exchange operations at an unfavorable rate for you or even charge you an additional fee for currency exchange. So consult with your bank before traveling, or even better, order a Revolut card, although they have restrictions with a free account, they often will be enough for all trips. And payment in local currency at the interbank exchange rate is converted into the currency of your card and you do not pay anything for it. Plus, you can have linked accounts in different currencies with one card. At the moment, by registering using the Revolut link, you will receive a small bonus of 5 euros to your account.
So it will be much more convenient not to change money at all, or to change a small amount for small expenses and souvenirs.
