Jazmin Li
If you're planning a trip to Iceland, it's a good idea to get to grips with the local currency, the Icelandic króna. While you can use US dollars at Keflavík International Airport, you'll likely get a better exchange rate if you order Icelandic króna from your bank before travelling. If you forget, don't worry – you can exchange currency at the airport, and there are also ATMs available. However, it's worth noting that cash is becoming less widely accepted in Iceland, and you may find it more convenient to use a bank card (debit or credit) for purchases.
| Characteristics | Values |
|---|---|
| Currency exchange at Reykjavik airport | Available |
| Foreign exchange counter/kiosk location | Within the baggage hall |
| Currency exchange service provider | Prosegur Change |
| Currency exchange branch | Available |
| ATM for foreign currency withdrawals | Available throughout the airport terminal |
| Currencies accepted in Iceland | US dollars, euros, British pounds |
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What You'll Learn
Foreign exchange desks at the airport
Keflavik International Airport in Reykjavik offers currency exchange services, making it easy to obtain foreign currency whether you're departing or arriving. The airport has a foreign exchange counter or kiosk, often located within the baggage hall. These counters operate long hours, so even if you're arriving on an early or late flight, there's a good chance they'll be open. You can exchange your money here for Icelandic krona (ISK).
ATMs are also located throughout the airport terminal, providing fast and secure access to currency. These may be a useful option for travellers, and some bank branches in Iceland also have currency ATMs.
If you're heading into Reykjavik, there are banks and exchange offices where you can exchange currency. Banks in Iceland typically offer foreign exchange services during opening hours (usually 10 am-4 pm), but it's best to exchange your money before leaving the city, as banks are scarce in remote areas.
US dollars are widely accepted in Iceland, and you may be able to use them at some establishments in the airport, but it's always a good idea to have local currency on hand.
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Using US dollars in Iceland
If you're heading to Iceland and plan to use US dollars, there are a few things you should know.
First of all, you can use US dollars in Iceland, but it's not the official currency. The Icelandic króna (ISK) is the official currency, and you'll likely need it to pay for most things. That said, Iceland is a fairly modern country with a robust tourism industry, so you may find that some businesses, especially in tourist hotspots like Reykjavik, accept US dollars. However, this is at their discretion, and you may find that not all businesses are willing to do so. It's always good to check beforehand to avoid any confusion or inconvenience.
Secondly, it's generally recommended that you exchange your currency upon arrival at Keflavik International Airport. The airport has foreign exchange counters, and their relatively long operating hours make them a convenient option, especially if you're arriving early or late. These counters can help you swap your US dollars for Icelandic krónur. Additionally, ATMs are available throughout the airport terminal, providing a fast and secure way to withdraw cash in the local currency.
If you're heading into Reykjavik, you'll find banks and exchange offices where you can exchange currency. There are also ATMs available in most towns and cities. It's worth noting that banks in Iceland typically operate from 10 am to 4 pm during the week, with some branches having reduced hours, so plan your visits accordingly. Exchanging money in larger towns like Reykjavik or Akureyri is generally straightforward, and you won't find many dedicated money exchange shops.
Finally, keep in mind that the exchange rate between the US dollar and the Icelandic króna can fluctuate daily. This means that the value of your money may vary slightly from day to day. It's always a good idea to check the current exchange rate before exchanging large sums of money.
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Currency exchange in Reykjavik
It's worth noting that there aren't many specific money exchange shops in Reykjavik, so exchanging your money at the airport when you arrive might be the most straightforward option. If you want to exchange a large amount of money, it's recommended to research the current exchange rate so you can spot a bad deal and avoid getting overcharged.
There are four bank branches in Reykjavik that offer foreign exchange: two in the wider capital region, and branches in towns such as Akranes, Akureyri, Ísafjörður, Selfoss, and Kópavogur (the closest option for anyone based in Reykjavik). These branches are generally open from 9 am to 4 pm, Monday to Friday, except on public holidays.
If you want to avoid physical locations altogether, you can consider using digital alternatives like Wise, which offers a mid-market exchange rate and low fees. With Wise, you can open a personal account online or via an app and order a linked debit card to spend and withdraw money in Iceland.
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Using debit/credit cards in Iceland
Iceland is largely a cashless country, with locals rarely using cash. Credit and debit cards are the most common forms of payment throughout Iceland, with Visa and Mastercard being the most widely accepted. Merchants accept these cards for small purchases, and they are serviced by all banks in the country.
If you plan to use your card, it's important to note that Iceland uses the chip-and-PIN system, so ensure your card has a chip and that you know your PIN. A 4-digit PIN is required for purchases. Additionally, foreign transaction fees may apply, so check with your bank about the currency exchange rate and consider cards with no foreign transaction fees.
While American Express is not widely accepted in Iceland due to high interchange fees, it may be accepted in some high-end hotels and restaurants.
If you prefer to use cash, you can exchange currency at Keflavik International Airport when you arrive or at banks in Reykjavik. However, banks may have limited hours, and it is recommended to exchange currency before leaving Reykjavik as they become scarce in remote areas.
Apple Pay and Google Pay are also widely accepted throughout the country, especially in urban areas like Reykjavik. However, when travelling outside the city, it is advisable to carry a backup payment method as some stores may not accept mobile payments.
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Buying alcohol in Iceland
You can exchange currency in Iceland at the airport, in banks, exchange offices, and some hotels. There are also ATMs available in most towns and cities. The national currency of Iceland is the Icelandic króna, which is normally abbreviated as "kr." or "ISK". The best option is to exchange your money at Keflavik International Airport when you arrive, as you won't see many specific money exchange shops in the towns of Iceland.
Now, here is everything you need to know about buying alcohol in Iceland:
Where to Buy Alcohol in Iceland
You can't just walk into a supermarket and buy alcohol as you can in most countries. Except for low-alcohol beer, you have to go to special shops called Vinbudin or Vínbúðin to buy alcohol. These liquor stores are state-run and are typically open from 11 am to 6 pm, but they are not open on Sundays. You will find Vinbudin in large villages and towns, and they offer a selection of beers, wines, and spirits.
Alcohol Prices in Iceland
Iceland has a reputation for expensive alcohol due to the very high taxes imposed on alcoholic beverages. More than 80% of the price of a bottle of vodka, for example, is just tax. As a result, alcohol duties in Iceland are even higher than in other Scandinavian countries. A bottle of spirits can easily cost more than twice as much in Iceland as it would in the US.
Drinking Culture and Alcohol Laws in Iceland
The legal drinking age in Iceland is 20, which is significantly higher than in most European countries. This is due to the historical voting age, which has since been lowered to 18. Some bars have specific age restrictions, so you may encounter venues with a minimum age requirement of 25 or 21. The drink-driving rules in Iceland are also very strict, with a limit of 0.02% blood alcohol content.
Overall Drinking Rates in Iceland
Due to the prohibitive price of alcohol, overall drinking rates in Iceland are relatively low. Only 20% of Icelanders drink once a week or more, and binge drinking is statistically uncommon. However, locals often "predrink" or "pregame" at home before going out to clubs in the early hours of the morning to save money and catch up with friends in a quieter environment.
Home Brewing in Iceland
It is technically illegal to make alcohol more potent than 2.5% at home in Iceland. However, it is not unusual for people to brew their own beer, and the government regularly debates changing the home brewing laws.
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Frequently asked questions
Yes, you can use US dollars at Keflavik International Airport, Reykjavik. You can also exchange dollars for Icelandic krónur at the airport's foreign exchange counters or kiosks.
Foreign exchange counters are usually located in the baggage hall or the arrivals hall. At Keflavik Airport, there is a currency exchange booth in the arrivals hall and a desk in the departures area.
Apart from US dollars, you can use Euros, British pounds, and Polish zloty in Iceland.
