Iceland Currency Guide
Iceland, the land of ice and fire, has to be one of the most magical destinations on the planet and is home to some amazing scenery and truly unique experiences. But, for anyone planning a trip to this Nordic paradise, the first step is understanding what currency you’ll need to enjoy your trip to the fullest.
To make things as clear as possible, the team at Crown Currency have created this ultimate guide to Icelandic currency. Here, you’ll find information on its name, physical characteristics, history, and even some top tips on how much spending money you’re likely to need based on your preferred travel style.
Taking Travel Money to Iceland
Since the Króna is the official currency of Iceland, you’ll need to factor in exchanging your Australian Dollars for these when planning your trip. At Crown Currency Exchange, you can easily buy Icelandic Króna, and, better yet, there aren’t any hidden fees or expensive commissions to worry about. Visit one of our many stores today!
Is it better to convert currency in Australia or Iceland?
For Australian travellers planning a trip to Iceland, converting currency in Australia before you leave is best, and there are a some very good reasons why. Firstly, Australian currency exchange services like Crown Currency offer competitive rates compared to those in Iceland. So, by converting your money in Australia, you can secure a better rate and avoid potential fluctuations in the exchange rate that might occur during your travel.
Secondly, converting currency in Australia provides peace of mind and convenience, allowing you to arrive in Iceland with local currency in hand, ready for immediate use. This means there’s no need to search for currency exchange offices or ATMs upon arrival, which is especially useful after a long, tiring flight!
How much cash can I take to Iceland?
If you’re bringing over €10,000 (or equivalent) in cash, traveler’s cheques, or negotiable instruments into or out of Iceland, just be sure to give customs a heads-up at the airport. It’s a quick step that keeps things running smoothly!
Where to convert currency?
Crown Currency Exchange is Australia’s largest and leading foreign exchange provider. With over 20 years of experience in ensuring our customers have the exact currencies needed to get the most from their travel adventures, we offer great rates on foreign currency and exceptional customer service. You can collect your foreign currencies from over 60 stores across Australia and get your travel money on the spot, locking in a fantastic exchange rate. Our stores are located nationwide in Sydney, Melbourne, Brisbane, Gold Coast, Canberra, Adelaide, Tasmania & Perth.
What should you budget per day?
Now you know what the official currency of Iceland is and the best way to exchange it. But how much spending money do you need for your trip? This ultimately depends on your travel style, but to make things easier, here’s an average based on the preferences of different travellers.
Budget
Budget travellers can explore Iceland on a modest daily budget of around kr14,000 ISK. This budget allows for accommodation in hostels or guesthouses, basic meals at local restaurants or self-catering options, and using public transport or shared transfers, although your activity options will be more limited.
Mid-Range
Those with a mid-range travel style can enjoy a comfortable trip to Iceland with a daily budget of around kr30,000 ISK. This budget covers accommodation in mid-range hotels, dining at a mix of local and international restaurants, and renting a car to explore the country at your own pace. Mid-range travellers can also participate in popular tours and activities, such as whale watching, glacier hikes, and guided tours of national parks.
Luxury
Travellers with more room in their budget will be able to enjoy the best Iceland has to offer with an average daily budget of kr60,000 ISK. For this, you’ll get accommodation in luxury hotels or private villas, be able to dine at high-end restaurants, and enjoy exclusive tours and private excursions.
What is ATM access like in Iceland?
Iceland has a strong banking infrastructure, which includes ATMs in most cities and towns throughout the country. Many of these will allow cash withdrawals using an international credit or debit card, especially those in areas popular with tourists and at the airport. However, while ATMs are widely available, it is important to note that you are quite likely to be charged a fee by your bank or credit card provider for using an ATM abroad, so be sure to check how much this will be before you travel. Better yet, carry cash with you instead of relying on your bank card or ATMs, and you won’t have to worry about paying fees at all.
Is tipping customary in Iceland? How much is expected?
Tipping in Iceland is not customary, as service charges are typically included in bills at restaurants, hotels, and other services. As such, Icelanders generally do not expect tips, and leaving a gratuity is entirely at your discretion. However, if you receive exceptional service or want to show appreciation, you can either round up the bill or leave a small tip of around kr500 – kr1,000 ISK ($5 – $10 AUD).