You can conduct the following international transactions via the online bank:
Exchanging ISK for foreign currency
You can exchange ISK for foreign currency using a simple online banking transaction. You just choose an Icelandic current account and deposit a chosen amount into a Foreign Currency Account. The exchange rate is given each time.
Regulations on international payments have recently been simplified and anyone can now use this payment option to transfer foreign currency and pay bills abroad.
Foreign payments must be classified according to the guidelines issued by the Central Bank of Iceland. Financial institutions are also required to report foreign exchange transactions and specific international currency transfers, according to Central Bank Regulation 200/2017. Further information can be accessed here.
Customers who wish to register foreign payments in the name of another party must submit a mandate to that effect, to one of the bank’s branches. Customers can also monitor foreign transactions.
For further information, please contact one of our consultants by telephone (440-4000) or send us a message here.