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Iceland – Banking

Iceland is a Nordic island country situated between the North Atlantic and the Arctic Ocean. If you are an expat living in Iceland, it is important to know about the banking system and the services it offers. This article will provide you with information about the banking system in Iceland and the steps you need to take to open a bank account as an expat.

Local Banks in Iceland

There are several local banks in Iceland, including:

There are no major UK or USA banks with a presence in Iceland.

Accounts and Services for Expats

Most banks in Iceland offer accounts and services specifically aimed at expats. These accounts often include international transfers, currency exchange, and online banking.

Bank Opening Hours

Banking hours in Iceland are usually from 9:00 am to 4:00 pm, Monday to Friday.

Areas of Concern

The banking system in Iceland is generally stable and safe. However, expats should be aware of the high cost of living and the potential for fluctuations in the Icelandic currency.


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Opening a Bank Account

To open a bank account in Iceland as an expat, you will need to follow these steps:

Step 1: Choose a Bank

Research the different banks in Iceland and choose one that meets your needs.

Step 2: Gather Your Documents

You will need to provide the following documents:

  • A valid passport or national ID card
  • Proof of address (e.g. utility bill or rental agreement)
  • Proof of income (e.g. pay stubs or tax returns)

Step 3: Make an Appointment

Contact the bank to make an appointment to open an account.

Step 4: Attend the Appointment

Bring all of your documents to the appointment, and the bank will guide you through the process of opening an account.

Step 5: Receive Your Bank Card

Once your account has been approved, you will receive your bank card, and you can start using your account.

If you are an expat living in Iceland, it is important to choose a bank that meets your needs and to understand the banking system in Iceland. With the right knowledge and documents, opening a bank account in Iceland is a straightforward process.


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