Money Exchange: Best Places to exchange Currency in Iceland

The best places to do currency exchange in Iceland are banks and local exchange centers, although it’s also possible to do so at airports. You’ll also be able to withdraw Icelandic króna from ATMs throughout the country which is another great option. Make sure to bring a credit card without foreign transaction fees to really capitalize on avoiding exchange fees.

Using Cash and Card in Iceland

Like many other progressive countries, you can use credit or debit cards almost anywhere in Iceland. In fact, you won’t likely need to withdraw cash at all if you don’t want to. For convenience purposes, having a small amount of Icelandic króna, around 10,000 ISK (about $70), is a good idea if you’re traveling outside the capital of Reykjavik as there might be small things you’ll need cash or coins for.

Keep in mind that American Express is not widely accepted in Iceland. If you plan to bring an AMEX card, have another Visa or Mastercard as backup. It’s also important to know that many Icelandic credit card machines will only accept chip cards instead of swipe cards.

Tipping in Iceland

While tipping in Iceland isn’t common, or expected, it can be a nice way to show your tour guide or waitstaff that their service was exceptional. Many restaurants already include service charges in the VAT and some also include gratuity as well.

At restaurants, 10-15% of your total bill is a great tip, although rounding up to the nearest whole number is also acceptable. For tour guides, 5-15% of your total tour cost is greatly appreciated. It’s also common to not tip at all and you won’t be seen negatively if you don’t.