Banking in Iceland
Are you planning to relocate to Iceland for a short-term or a long-term stay? You may need to familiarise yourself with the various personal finance options available.
Follow these easy steps
ID-number
The first step
In Iceland, a bank account can only be opened if you have an Icelandic ID number. Citizens from the EEA/EFTA states can apply for an ID number at the Icelandic National Registry. Other citizens can visit the Directorate of Immigration website for more information.
ID
Electronic ID
You can apply for an electronic ID with an Icelandic ID number. You can then use the electronic ID to open a bank account online.
welcome
Opening a bank account
Opening a bank account is quick and easy if you have an electronic ID. Simply choose 'debit account' and sign in using your electronic ID. You can open a debit account with or without a debit card. If you do not have an electronic ID, you can still apply for a bank account by visiting our nearest branch. Please remember to bring your passport with you. A residence permit is also required for customers from any country outside the EEA/EFTA.
savings
Savings accounts
Begin saving for the things that matter to you, and take control of your financial future. Open a savings account with us.
Private pension
A private pension is an easy way to secure a better future. You contribute 2-4% of your monthly income to your personal pension, and your employer is legally obligated to contribute an additional 2% on top of your wage.
digital
Online bank and app
Manage your money wherever you are.
We are constantly working on new digital solutions to ensure we are there for you around the clock.
transactions
International transactions
International transactions can be carried out through our online bank and branches. Open international transactions in online bank
loans
Personal loans
Foreign nationals with an active bank account at Íslandsbanki for a minimum of 12 months can apply for a loan from the Bank. Foreign nationals from countries outside the European Economic Area (EEA) or European Free Trade Association (EFTA) must provide a valid residence permit before applying for a loan.
credit
Credit cards
You can apply for a prepaid credit card. If you want to apply for a traditional credit card, the same terms and conditions apply to credit card applications and loans. Learn more
contact
Contact us
Please get in touch with us if you have any questions regarding our services or banking in Iceland.