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.