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


    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.


    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.


    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.

    View the process


    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.


    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.


    International transactions

    International transactions can be carried out through our online bank and branches. Open international transactions in online bank


    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 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 us

    Please get in touch with us if you have any questions regarding our services or banking in Iceland.