Foreign Currency Account

A Foreign Currency Account is suitable for those who want to save in a foreign currency.

Next step

You can use Íslandsbanki Online Banking to apply for a Foreign Currency Account
Account type
Non-indexed
Interest payout
Annual

Main benefits

  • A wide choice of foreign currencies

  • No fee on ISK withdrawals

  • 1.5% fee if withdrawals are in foreign currency

  • When the exchange rate of an audit entry is higher than the exchange rate of a deposit entry, an exchange rate profit is generated and capital gains tax must be paid on the audit.

  • The exchange rate difference is calculated by taking the difference between the payout rate and the rate of the oldest deposit first, then the second oldest deposit and so on until the amount of the payout is reached.

Why choose a Foreign Currency Account?


Suitable for those who are willing to take on the risk associated with utilising currency fluctuations.

Foreign currency accounts are non-indexed deposit accounts posted in the foreign currency requested upon creation. The accounts thus have exchange rates and their returns depend on the exchange rate development and the interest rate of the currency at any given time.

Further information and Terms