Opening a bank account¶
There are 3 banks in Iceland:
The easiest way to open an account is to visit a branch in person. You'll need to have a kennitala and bring your passport. Make sure you register for online banking.
It's unlikely that you'll be able to get a credit card or any loans for your first year living in Iceland.
The bank accounts in Iceland look something like this: 323-26-12026.
Here’s what each part refers to:
- 323: This is the bank and branch. The last two digits are usually the branch, although now with online banking this number doesn’t really matter. Arion Banki is 3XX, Íslandsbanki is 5XX and Landsbanki is 1XX.
- 26: This is the type of account. 26 is a checking account, 13 for savings accounts.
- 12026: Account number. Many people choose their own based on birthdays and such if they are not taken.
Moving money around is instantaneous. You simply use your online bank or app, the account number and kennitala. Or use ...
Mobile payment apps¶
There are two popular mobile payment apps in Iceland: aur and kass. These let you send money to a mobile number (useful for splitting the bill at a restaurant) and can be used to pay at certain places (for example Strætó and Dominios).
You can receive and pay most bills though your online bank. This include utility bills, tax, services from companies (accountants etc).