Jazmin Li
Iceland is largely a cashless society, with most businesses accepting card payments. However, if you prefer to carry cash, you can exchange your American dollars for Icelandic króna >(ISK) at the airport. The Landsbankinn bank at the Keflavík International Airport provides currency exchange services, but airport exchange booths often charge higher fees, so withdrawing from a local ATM is typically cheaper.
| Characteristics | Values |
|---|---|
| Currency used in Iceland | Icelandic króna (ISK) |
| Can I use US dollars in Iceland? | Mostly no, but some tourist-oriented businesses may accept US dollars |
| Is it recommended to exchange currency at the airport? | No, airport exchange booths often charge higher fees and have weaker exchange rates |
| Best place to exchange currency | Banks offer the best rates and lower fees, but they may have limited hours and potential lines |
| Alternative options for currency exchange | Currency exchange bureaus, ATMs, travel cards like Wise |
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What You'll Learn
Currency exchange booths at Keflavík International Airport
If you're travelling to Iceland and are wondering about currency exchange at Keflavík International Airport, there are a few things to keep in mind.
First, while some businesses in Iceland, especially in Reykjavik, might accept US dollars or other foreign currencies, it is not guaranteed. The official currency of Iceland is the Icelandic króna (ISK), and many businesses will only accept this or card payments. Therefore, it is recommended to have some Icelandic króna with you when visiting the country.
You can exchange your currency for Icelandic króna at Keflavík International Airport. There is a bank branch, Landsbankinn, located at the airport that provides currency exchange services upon arrival or departure. However, it is good to be aware that exchanging currency at the airport may not always be cost-effective, and you may be charged international fees for ATM withdrawals. Withdrawing from a local ATM once you are in the country is typically cheaper, and you can use your debit or credit card for payments almost everywhere.
If you do choose to exchange currency at the airport, it is recommended to check the hours and location of the bank branch in advance, as these may vary.
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Using a travel card like Wise
While it is possible to exchange American dollars at the Keflavík International Airport in Iceland, it may be more cost-effective to use a travel card like Wise.
The Wise Multi-Currency Card is a debit card linked to your Wise account. It can be used in over 150 countries, including Iceland, wherever Visa or Mastercard is accepted for both in-person and online purchases. This makes it a convenient option for travellers who want to avoid the hassle and potential costs of exchanging cash.
To use the Wise card, simply top up your Wise account with the funds you expect to spend and either convert the money to Icelandic króna (ISK) within the app or let the card's auto-convert feature switch your balance to ISK instantly at a low fee. You can then use the card to make purchases or withdraw cash from ATMs in Iceland. The card can also be linked to mobile payment services like Apple Pay or Google Pay for contactless and secure transactions, which can be especially useful in Iceland as it is largely a cashless society.
Using the Wise card can help you avoid the potentially inflated prices and unfavourable exchange rates that may occur when using USD in Iceland. It also eliminates the need to carry large amounts of cash, reducing the risk of loss or theft. Additionally, with the Wise card, you can easily manage your money and track your spending through the Wise app, giving you more control over your finances while travelling.
Overall, using a travel card like Wise can provide a cost-effective, secure, and convenient way to access and spend money while travelling in Iceland.
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Carrying cash in Iceland
Iceland has largely transitioned to a cashless society, with credit and debit cards being accepted almost everywhere, from small cafes to large tour operators. Visa and Mastercard are the most widely accepted. Contactless payments via cards and mobile payment systems like Apple Pay and Google Pay are also widely accepted.
The official currency of Iceland is the Icelandic króna (ISK). While some tourist-oriented businesses, particularly in Reykjavik, might accept US dollars, along with other foreign currencies like euros, Canadian dollars, and Norwegian, Swedish, and Danish currencies, relying on this is risky. Businesses that do accept foreign currency often set their own exchange rates, which may be less favorable than what you would get at a bank or ATM.
If you prefer to carry cash, there is a bank and an ATM at the Keflavík Airport where you can exchange currency. Landsbankinn bank at the airport provides currency exchange services upon arrival and departure. However, withdrawing from a local ATM is typically cheaper, and you should re-exchange any surplus ISK before you leave, as foreign banks may not deal with ISK. It is generally better to exchange money in Iceland or withdraw ISK from an ATM upon arrival for more favorable rates. Exchanging money outside of Iceland may come with higher fees and unfavorable exchange rates. While you don’t need a lot of cash, it’s good to have some on hand, perhaps 3000–5000 ISK for small purchases or as a backup.
If you are travelling outside of Reykjavik and want to have cash, it is recommended to withdraw Icelandic currency at the Keflavík Airport ATM before heading out to more remote areas, as there are not a lot of banks or ATMs spread around the country.
Tipping is not mandatory or customary in Iceland, as service charges are usually built into prices. However, Icelanders will not refuse a tip and may even expect one, knowing that tipping is a big part of American culture.
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Using a credit or debit card
Contactless payments via credit/debit cards and mobile payment systems like Apple Pay and Google Pay are widely accepted in Iceland. Cards with the chip-and-PIN system are used in Iceland, and not swipe-and-sign cards. This requires a 4-digit PIN for purchases.
Credit cards are widely accepted across Iceland, from small cafes to large tour operators. While it is theoretically possible that some businesses will accept USD, it is not reliable. Businesses that do accept USD will likely use their own exchange rates, which may not be favourable. For a smoother and less expensive trip, it is highly recommended to use Icelandic krona or card payments.
Debit cards are also widely accepted in Iceland, although they are mostly used to get cash. ATMs can be found throughout the country, including at Keflavik Airport, and it is easy to get cash from them with an international card. However, the exchange rate used by your bank may differ from the real-time exchange rate, so it is important to stay on top of both to make the most of your budget. Withdrawing cash from a credit card is not recommended due to transaction fees and lending fees and conditions.
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Exchanging money before arriving in Iceland
If you're travelling from the US to Iceland, it's best to exchange your money before you arrive. You can exchange dollars for Icelandic króna at currency exchange booths at your local airport or bank. However, be aware that airport exchange booths often charge higher fees, so it may be more cost-effective to wait until you reach the city and find a local bank.
Using a credit or debit card is another option, as they are widely accepted in Iceland, and your purchase will automatically be converted into króna at the point of sale. However, watch out for foreign transaction fees. Carrying a combination of cash and cards is recommended.
If you need to exchange your money while in Iceland, you can do so at currency exchange booths, banks, or ATMs located throughout the country. The Landsbankinn bank at the Keflavík International Airport provides currency exchange services upon arrival and departure, but withdrawing from a local ATM is typically cheaper.
It's important to note that the official currency of Iceland is the Icelandic króna (ISK), and while some tourist-oriented businesses may accept US dollars, they will likely use their own exchange rates, which may not be favourable. For a smoother and less expensive trip, it's highly recommended to use Icelandic króna or card payments.
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Frequently asked questions
Yes, you can exchange American dollars at the airport in Iceland. Landsbankinn bank at Keflavík International Airport provides currency exchange services. However, airport exchange booths often charge higher fees and may not provide the best rates.
You can exchange currency at any Icelandic bank branch, currency exchange bureaus, and ATMs.
Exchanging currency at your local airport or bank before arriving in Iceland may come with higher fees and unfavourable exchange rates. It is recommended to use a travel card like Wise, which gives you access to multi-currency accounts.
Some tourist-oriented businesses, particularly in Reykjavik, might accept US dollars, but this is not reliable. The official currency of Iceland is the Icelandic króna (ISK), and it is recommended to transact using ISK or credit/debit cards.
Iceland has largely transitioned to a cashless society. Credit and debit cards are accepted almost everywhere, and it is recommended to use a card to pay for goods and services.
