Banking in Iceland

Are you moving to Iceland for the long term or the short term? Take a minute to familiarise yourself with your personal finance options.

Follow these easy steps


    The first step

    You need an Icelandic ID-number to open a bank account in Iceland. 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

    If you have an Icelandic ID-number, you can apply for an electronic ID. You can then use the electrionic ID to open a bank account online.


    Opening a bank account

    Opening an account for your everyday banking needs only takes a few minutes if you have an electronic ID. Choose 'debit account' and sign in using your electronic ID. You can then choose a debit account with or without a debit card. If you don't have an electronic ID you can visit our nearest branch to apply for a bank account. Just remember to bring a passport. Customers from any country outside the EEA/EFTA also need to bring a residence permit.

    View the process


    Savings accounts

    Start saving for the things that matter to you. Be prepared for those unexpected costs. Open a savings account with us and worry less about the future.

    Private pension

    You contribute 2-4% of your monthly income to your personal pension and your employer is obligated by law to contribute an additional 2% on top of your wage. This is one of the easiest ways to secure a better future.


    Online bank and app

    You can manage your money wherever you are.

    We are continually developing new digital solutions because we are committed to providing around the clock services for our customers.


    International transactions

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


    Personal loans

    Foreign nationals who have had 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 EEA/EFTA must present a residence permit when applying for a loan.


    Credit cards

    You can apply for a prepaid credit card. However, if you wish to apply for a traditional credit card you must comply with the same Terms and Conditions we have for loans. Learn more


    Contact us

    If you have any questions regarding our services or banking in Iceland, feel free to contact us