What currency does Iceland use

Iceland currency: Icelandic kronor as a means of payment

Iceland, the northernmost European country, is a member of the EU and a founding member of NATO, but the second largest island nation in Europe is not part of the euro zone. Travelers to Reykjavík or one of the 76 municipalities must therefore exchange their money for the local currency.

Icelandic Crowns Flickr (c) James Cridland CC License

If you want to shop in Iceland, you have to exchange your euros for the Icelandic krona (ISK, also ikr or Kr), which is common here. The money in Iceland is divided into seven units in banknotes and five in coin form. The three smallest kroner bills, 10 ISK, 50 ISK and 100 ISK can only rarely be found, but the larger bills 500 ISK, 1,000 ISK, 2,000 ISK and 5,000 ISK are issued everywhere - tourists can often benefit from a discount when shopping over 4,000 Icelandic kronor benefit. Crown coins are available in units of 1, 5, 10, 50 and 100 ISK. The smallest currency unit in Iceland was the Aurar coins until 2003.

Iceland: Currency is cheap for visitors

Iceland has a reputation for being extremely inexpensive for visitors in some areas: CDs and books, branded items and the popular, hand-knitted Icelandic sweaters are often significantly cheaper after converting from ISK to euros than they would be at home. Since Icelandic life happens a lot in nature, you can also stock up on equestrian and outdoor equipment. The reason for this is the relatively weak value of the Icelandic currency.

As a precaution, the prices are often given in euros or dollars so that travelers can orientate themselves better. Some companies also accept this, especially in the tourist-oriented sectors at the airport or in hotels. The discussion about the introduction of a new currency that took place in Iceland at the beginning to the middle of the year - both the euro and the Canadian dollar were under discussion - has meanwhile been largely abandoned.

Exchange euros to Icelandic kronor

The current exchange rate for 100 ISK is currently 0.61001 euros, one euro is 163.932 ISK. When going on holiday in Iceland, you should first exchange euros in the country itself - there is a risk of exchange losses if you do this at your house bank or in exchange offices at home. In order to be up to date on the exchange rate, you can still find out more on the Internet or at the banks before going on holiday.