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The unit of currency used in Iceland is the krona which means crown.
The Icelandic spelling in singular is “króna” and plural “krónur”. The international abbreviation is ISK but Iceland you will see “kr.” before or after the price of things. Coin denominations are: 1, 5, 10, 50, and 100 kronur. Banknotes: 500, 1.000, 2.000, and 5.000 kronur. The Central Bank of Iceland issues the daily rate of exchange.
All banks can exchange currency and most hotels but you are likely to get a better rate at the bank. Some shops catering to tourists will accept payment in US dollars or Euro but again, not at the best rate. Almost every shop and businesses accept Visa and Mastercard credit cards altough American Express is not as common. Cards are commonly used in Iceland even for quite small transactions. ATM’s or Cashpoints are easily found in cities and towns. It is best to exchange your money into ISK in Iceland, and re-exchange any surplus before you leave, as foreign banks may not deal in ISK. You can exchange your money at the bank at the airport on arrival and departure.
Banks will advance cash against main debit and credit cards, exchange notes and cash travellers cheques. Prices are generally high in Iceland, even higher than in Scandinavia. But this is not always the case some designer clothes and labels can be cheaper and you can find good prices if you look well and use the TaxFree service in Iceland. Icelandic shops are also known for their sales, called útsala (plural: Útsölur). Prices include tax unlike in the US. |
