Roberta Aguirre
Iceland is not part of the European Union and does not use the Euro. The official currency of Iceland is the Icelandic króna (ISK). However, due to the high volume of connecting flights through Keflavík International Airport, merchants at the airport accept Euros, US dollars, and other major currencies as a convenience to customers. It is recommended that you exchange your foreign currency for Icelandic króna at the airport or a bank in town, as some businesses may accept Euros but at an unfavourable exchange rate.
| Characteristics | Values |
|---|---|
| Currency in Iceland | Icelandic króna (ISK) |
| Euro usage in Iceland | Not accepted as Iceland isn't part of the European Union. However, some tourist-facing businesses may accept Euros. |
| Euro usage in Iceland airport | Merchants at Keflavík International Airport accept Euros, USD, and other major currencies. |
| Exchanging currency in Iceland | Possible at Icelandic bank branches, including Keflavík International Airport. |
| Card usage in Iceland | Cards are widely accepted in Iceland, and it is the most common payment method. |
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What You'll Learn
Euro notes are accepted, but not coins
Although Iceland is part of the Schengen zone, it is not a member of the European Union and does not use the Euro. The official currency of Iceland is the Icelandic króna (ISK).
However, due to the high volume of connecting flights through Keflavík International Airport, merchants at the airport accept Euros, USD, and other major currencies as a convenience to customers. While Euro notes are accepted, it is unclear whether Euro coins are accepted. One source suggests that only "major" coins, such as the GBP 1.00 coin, will be accepted.
It is important to note that using Euros in Iceland is not an official policy, and it is recommended to pay in ISK whenever possible. Additionally, Iceland is a largely cashless society, with most transactions being done digitally or through card payments. As such, it is advisable to exchange your currency for Icelandic króna at a bank or ATM, although this may incur additional fees.
If you are planning to use cash, it is recommended to carry some lower-denomination Icelandic króna notes and coins, as many places, such as bathrooms and hot springs, only accept cash payments.
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All merchants at Keflavík International Airport accept Euros
Iceland is not a member of the European Union and does not use the Euro. The official currency of Iceland is the Icelandic króna (ISK). However, due to the high volume of connecting flights through Keflavík International Airport, all merchants at the airport accept Euros, US dollars, and other major currencies as a convenience to travellers. This is not an official policy, but a service provided by businesses at the airport.
While Euros are widely accepted at the airport, it is not guaranteed that they will be accepted elsewhere in Iceland. Major foreign currencies, such as Euros, are typically accepted at large stores, attractions, and restaurants that cater largely to tourists. However, it is always a good idea to have local currency on hand, as some places may only accept the Icelandic króna.
You can exchange currency at a bank or ATM, including at the Keflavík International Airport. However, keep in mind that you may be charged international fees for ATM withdrawals. It is recommended to exchange your currency before leaving the airport or heading to more rural areas, as it may be harder to find banks or ATMs outside of the airport and major cities.
Additionally, Iceland is a largely cashless society, with most transactions being done electronically. Card payments are widely accepted, and many places prefer this method of payment. Therefore, having a debit or credit card as a backup option is always a good idea.
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Euros are not the official currency in Iceland
Although Euros are not the official currency, some businesses in Iceland may accept them for convenience. This is especially true at Keflavík International Airport, where all merchants accept Euros due to the high volume of connecting flights. However, this is not an official policy, and it is always best to have local currency on hand. You can exchange currency at a bank or ATM at the airport, but be aware that you may be charged a fee for ATM withdrawals.
It is worth noting that digital transactions are the norm in Iceland, and most places prefer electronic payments. Card payments are accepted almost everywhere, and many retailers accept Apple Pay and Google Pay. However, it is always a good idea to carry some local currency, especially when travelling to more rural areas, as ATMs can be hard to find. Additionally, some places, like public bathrooms and hot springs, may only accept cash payments.
In summary, while Euros may be accepted in some places in Iceland, it is not the official currency, and it is always best to have Icelandic króna when travelling there.
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The official currency in Iceland is the Icelandic króna (ISK)
The official currency in Iceland is the Icelandic króna, often abbreviated as ISK or simply displayed as "kr". The currency is issued by the Central Bank of Iceland and comes in both coins and banknotes. The numeric value of the króna is quite high compared to US dollars or euros, so it can be challenging to do mental arithmetic. The coins come in denominations of 1, 5, 10, 50 and 100. The króna is divisible into aurar (cents), although these are no longer accepted as legal tender. Króna notes are available in 500, 1,000, 2,000, 5,000 and 10,000 denominations. Iceland uses a decimal point rather than a comma in longer numbers, and this is how prices are displayed in stores.
While Iceland is part of the Schengen zone, it is not a member of the European Union and does not use the Euro. Iceland is the second-smallest nation to maintain its own currency and monetary policy.
It is possible to exchange currency at the airport or a bank in town, but it is advisable to exchange all the currency you need for your trip before leaving the airport or Reykjavik if you are heading to more rural areas where it will be harder to find banks. You can also use an ATM to withdraw local currency, but this generally comes with fees.
Card payments are widely accepted in Iceland, and it is the most popular payment method in the country. Cards are accepted by nearly every shop, tour operator, restaurant, bar, taxi, and coffee shop. The only time visitors tend to need ISK cash is to pay for entrance to bathrooms and hot springs.
Some large stores, attractions, and restaurants that deal largely with tourists may accept Euros, USD, or other major currencies, but this is not an official policy. All merchants at Keflavík International Airport accept the Euro, USD, and some other major currencies due to the high volume of connecting flights.
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Iceland is largely a cashless country
Digital wallets are also becoming increasingly popular, and it is likely that Iceland will become even more cashless in the future. The first credit cards in Iceland were issued in the early 1980s in collaboration with Eurocard, and a few years later, VISA and Mastercard entered the market. Debit cards were introduced in 1993 and quickly became popular, with customers demanding to use them everywhere.
While it is possible to pay in cash in Iceland, most businesses prefer electronic payment. Some large stores, attractions, and restaurants that cater to tourists may accept Euros, USD, or other major currencies. All merchants at Keflavík International Airport accept Euros, USD, and other major currencies due to the high volume of connecting flights. However, this is not an official policy, but rather a service provided by individual businesses for convenience.
Tipping is uncommon and not expected or required in Iceland, except for tour guides. It is important to note that Iceland is not in the European Union and does not use the Euro. The currency in Iceland is the Icelandic króna (ISK).
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Frequently asked questions
No, Iceland is not part of the European Union and does not use the Euro. The official currency of Iceland is the Icelandic króna (ISK).
Yes, due to the high volume of connecting flights, all merchants at the airport accept Euros, USD, and other major currencies as a convenience to travellers.
Yes, Iceland is a largely cashless country, and card payments are accepted nearly everywhere. It is recommended to carry some Icelandic króna in cash form for places that may not accept card, such as public bathrooms and hot springs.
Yes, there are several ATMs at Keflavík Airport where you can withdraw Icelandic króna. There is also a bank at the airport where you can exchange currency.
