Preparing for our upcoming trip to Iceland, we were wondering where would it be best to change from Euro to Króna - should we wait for arriving in Reykjavik, or whether it'd be better to do that during our stopover in Munich?
For any of these options - could anyone recommend a particular place with good rates?
Many thanks in advance
You can pay virtually everywhere by cards. Few places where cash is needed - some campsites, boat excursion at iceberg lagoon...
Rates
central bank of Iceland - http://sedlabanki.is/?pageid=194
Landsbanki - http://www.landsbanki.is/english/
Other banks offers same.
So I would simply use ATM to get cash kronur when needed.
if you could give more details what kind of trip you'll have - I would give more specific answer. There is difference between staying in Reykjavik and trekking over country ;-)
But in general - plastic is as good here as cash. So if you find yourselves in the taxi and driver asks for cash - you are not in the taxi really ;-)
And don't forget to ask for TAX REFUND form when buying souvenirs or wool or ...
But if you can get Krona anywhere in Europe at better rate than here, you should do it !
Here you get about 160 Krona for the Euro here, but I know that you could get more in Europe, if you can find Kronas anywhere.
Check with your credit card company which rate your card has.
B-)
Many thanks for all these kind responses.
We plan a backpacking trip through the country, and therefore it would include visits to cities, towns and sites but also a couple of treks as well.
Basing on my experience and knowledge of the extremely high transaction fees entailed in any withdrawal of money from ATMs abroad as well as purchases with the credit card, I know that at least in the case of my Israeli home credit company it is simply too expensive. This is why I even prefer changing cash twice - from Shekel to Euro and then to Krona.
But your advice is indeed very helpful. I will challenge myself (though not too much) to see if I can find a place in Munich that changes into Krona (given the exchange rates on the links you mentioned), but I'd also be glad to know where can I expect the best exchange rate in Reykjavik.
Again, thanks a lot!
Unless you going to deal with few thousands euro you might spend more time (time is money?) to "save" 50 euro as the most. But it's up to you :-)
Talk to you bank what it will cost you to pay by credit card in Iceland - in 99% you won't need cash. Iceland is hell wild but advanced country. Sometimes it's easier to find a warm toilet with running water and Internet than a human :)))
Thanks again.
Would Icelandic ATMs and businesses accept a Maestro debit card?
And another idea I had in mind - is it possible to purchase a prepaid debit card in Reykjavik? If so, where can I find some information on this? (such as where to get it, for how much, is it rechargeable, any restrictions etc.).
I see no problem with Maestro debit card.
But what is «a prepaid debit card»?
Some discussion about exchange matters in Iceland
http://forums.icelandweatherreport.com/viewtopic.php?f=13&t=35&start=0