iceland currency exchange 101
Prepare for Your Iceland Trip, Starting With a Little Currency Info!
FROM KRÓNA TO COINS: UNRAVELING THE MYSTERY OF ICELANDIC CURRENCY
When planning a trip to a new country, one of the first things that you’re going to want to do is research the currency. This should include that country’s specific currency, the currencies that the country accepts, the exchange rate from your currency to theirs, and more. If you’re looking to travel to Iceland and are curious about what the currency situation is like so that you’re prepared when visiting, then this guide is for you!
The Basics About Icelandic Currency
In 1918, Iceland decided to announce its separation and autonomy from Denmark by creating its own currency- Icelandic Króna. This is the second smallest country to have its own currency, penultimate only to the Seychelles. It is typically represented in the international currency market by the symbols kr or Íkr and is abbreviated as ISK. While the currency used to include coins valued from 5, 10, and 50 aurar
(cents), 1 krona, 5 krona, 10 krona, 50 krona, and 100, as of 2003 Iceland no longer accepts any coins denominated in aurar
(cents). There are also banknotes valued from 500 kr to 10,000 kr. This means that the following coins and banknotes are accepted when utilizing Króna in Iceland:
Coins:
Banknotes:
This means that the bronze 5 aurar (with a bird depicted on the obverse side and a common skate on the reverse), 10 aurar (with a bull depicted on the obverse side and a squid on the reverse), and 50 aurar (with a dragon depicted on the obverse side and a shrimp on the reverse) that were issued in 1981 are no longer in use.
Your Guide to Exchanging Currency Before Visiting Iceland
Now that you have a good understanding about Icelandic Króna/the country’s main currency, it’s time to discuss when you should exchange your money. Many travelers are unsure: should we exchange our money before our trip, or once we arrive in Iceland? The answer is the same regardless of where you go: if you want to ensure a decent rate, you’re going to want to order foreign currency from your bank in advance. When it comes to this I do also advise shopping around for the best exchange rates before ordering, and looking at any additional transactional/service fees you might be charged! It is also a good idea to order foreign currency beforehand if you are going to need large sums of that currency (or if it is a more obscure currency).
Currency Exchange Rate in Iceland
The currency exchange rate fluctuates depending on supply and demand. Though it is hard to pinpoint an exact exchange rate, since it’s different depending on the market, $1 is worth approximately 140 IKR and 1 EURO is worth approximately 150 IKR at this time. This means that the Icelandic currency is stronger than the American dollar and the Euro, making it a more expensive place to travel!
Currencies Iceland Accepts
While the best way to ensure that you’ll always be able to pay for something in Iceland is by using Icelandic Króna, many places will also accept US dollars, Canadian dollars, Euros, Norwegian Kroner, Danish Kroner, and Swedish Krona. Euro/Mastercard and Visa credit and debit cards are also widely used as payment methods. If you find yourself in a pinch and needing to pay with cash, try to see if there is an ATM nearby! You will likely have to pay a small added transactional fee, but you should be able to pull out money in the correct currency wherever you are.
Be a Savy Spender in Iceland
Whether you’re looking to spend a long layover in the beautiful city of Reykjavik or you’re planning an elaborate trip across Iceland’s stunning coastline, understanding the ins and outs of Icelandic Krona can put you ahead of the game and prepare you for your upcoming trip. To learn more about Iceland, make sure to visit my
general Iceland page and skim through my other blogs! From guides about popular tourist destinations to little known facts, maps, and inspirational pictures, you can expect to plan an even more exceptional trip with the help of The Traveling Twin.
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HAVE QUESTIONS ABOUT YOUR NEXT TRIP TO Iceland?
Traveling to Iceland and want to learn a little more about a specific place or topic? Send me a message! I'd love to help you out in any way that I can. Click below to contact me!