Iceland in detail

Money and Costs


Icelandic króna (kr or ISK)

Daily Costs

Budget: Less than 18,000kr

  • Camping: 1500–1800kr
  • Dorm bed: 4000–7000kr
  • Hostel breakfast: 1800–2000kr
  • Grill-bar meal or soup lunch: 1500–2200kr
  • One-way Reykjavík–Akureyri bus ticket: 10,120kr

Midrange: 18,000–35,000kr

  • Guesthouse double room: 18,000–28,000kr
  • Cafe meal: 2000–3500kr
  • Museum entry: 1000kr
  • Small vehicle rental (per day): from 8000kr

Top end: More than 35,000kr

  • Boutique double room: 30,000–45,000kr
  • Main dish in top-end restaurant: 3500–7000kr
  • 4WD rental (per day): from 15,000kr


Bargaining is not an accepted practice. You are expected to pay advertised rates.


Iceland is an almost cashless society where credit cards reign supreme, even in the most rural reaches. PIN required for purchases. ATMs available in all towns.

Exchange Rates


For current exchange rates, see


  • As long as you’re carrying a valid card, you’ll need to withdraw only a limited amount of cash from ATMs.
  • Almost every town in Iceland has a bank with an ATM (hraðbanki), where you can withdraw cash using MasterCard, Visa, Maestro or Cirrus cards.
  • Diners Club and JCB cards connected to the Cirrus network have access to all ATMs.
  • You’ll also find ATMs at larger petrol stations and in shopping centres.

Credit & Debit Cards

  • Locals use plastic for even small purchases.
  • Contact your financial institution to make sure that your card is approved for overseas use – you will need a PIN for purchases.
  • Visa and MasterCard are accepted in most shops, restaurants and hotels. Amex is usually accepted, Diners Club less so.
  • You can pay for the Flybus from Keflavík International Airport to Reykjavík using plastic – handy if you’ve just arrived in the country.
  • If you intend to stay in rural farmhouse accommodation or visit isolated villages, it’s a good idea to carry enough cash to tide you over.

Essential: Credit Card PIN

Note: a four-digit PIN is required to make credit- or debit-card purchases, and is essential for operating unstaffed petrol pumps. Ensure you have a PIN-enabled card before you leave home.


The Icelandic unit of currency is the króna (plural krónur), written as kr or ISK.

  • Coins come in denominations of 1kr, 5kr, 10kr, 50kr and 100kr.
  • Notes come in denominations of 500kr, 1000kr, 2000kr, 5000kr and 10,000kr.
  • Some accommodation providers and tour operators quote their prices in euro to ward against currency fluctuations, but these must be paid in Icelandic currency.


  • Tipping As service and VAT taxes are always included in prices, tipping isn’t required in Iceland.
  • Restaurants Rounding up the bill at restaurants or leaving a small tip for good service is appreciated.

Travellers Cheques

Travellers cheques and banknotes can be exchanged for Icelandic currency at all major banks, but be aware that bank branches are only found in towns of a reasonable size.