The physical Icelandic currency has not been exchanged in banks outsides of Iceland since it was suspended right after the financial crisis in 2008. Don’t worry though, you can use your credit card almost everywhere in Iceland. The main cards are VISA and MasterCard but most shops take American Express as well. If you would like to have notes on you, just in case, you can stop by the bank at Keflavík International Airport (in the transit area) or any other bank you pass by on your travels.
Overview of the Icelandic currency
The króna (plural: krónur) (sign: kr; code: ISK) is the currency of Iceland.
Coins: kr. 1, kr. 5, kr. 10, kr. 100
Banknotes: kr. 500, kr. 1,000, kr. 2,000, kr. 5,000
Central Bank: Central Bank of Iceland
- The word króna, means “crown”. It is related to the other Nordic currencies (Danish, Swedish and Norwegian krone).
- Other currencies are rarely accepted in Iceland. An exception is Keflavík International Airport where the major currencies are accepted by all shops. Certain stores in Reykjavík city center accept some foreign currencies.
- The Icelandic currency is a low-volume currency, strongly managed by the central bank. Its value in terms of other currencies has historically been volatile. For example, during the first half of 2006, the Icelandic króna ranged between 50 and 80 per US$.
- Iceland’s overall level of technological is interesting. The saturation of technology in Iceland has had impact on the monetary system: a very high proportion of payments in Iceland are made electronically, e.g. by debit or credit cards or online bank transfers.