iceland travel money card

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The 6 Best Travel Money Cards for Iceland 2024

Iceland has firmly established itself as a popular tourist destination from the UK, with jaw dropping scenery, vibrant cities and unique experiences you simply can’t get anywhere else in the world. Iceland may be a dream trip, but it’s not famed for being budget friendly. Getting a travel money card can help.

From the UK you’ll be able to choose from a range of travel debit, prepaid and credit cards which may allow you to cut your overall costs, beat foreign transaction fees, or earn cash back and rewards. This guide walks through your travel money card options and touches on 6 of our favourites to kickstart your research.

Wise - our pick for travel debit card when travelling to Iceland

Wise accounts can hold and exchange 40+ currencies, and you can get a linked Wise card for a one time delivery fee. Top up your account in GBP and switch to ISK before you travel. All currency conversion uses the mid-market exchange rate, with low fees from 0.41%. Here are some of the pros and cons of the Wise travel money debit card, to help you decide if it’s right for you.

Hold and exchange 40+ currencies , including GBP-ISK

No fee to spend any currency you hold, low conversion fees from 0.41%

Mid market exchange rate on all currency conversion

Some fee free ATM withdrawals every month

No ongoing fees and no interest to pay

7 GBP delivery fee

No option to earn points or rewards

Click here to read a full Wise review

What is a travel money card?

A travel money card can be used in the same way as any other credit or debit card. Usually travel cards are contactless so you can tap to pay in stores, spend online and make cash withdrawals just as you do with your bank card. The main difference is that you could cut the costs of spending in a foreign currency, as travel cards are optimised for international spending.

Different cards have their own features and benefits, but some let you hold a balance in multiple currencies, others are designed to avoid foreign transaction fees, while some travel credit cards are handy if you want to earn cash back or rewards overseas.

What are different types of travel cards?

Generally you can split the different types of travel cards available in the UK into the following categories. We’ll walk through the features and benefits of each in a moment:

Travel debit cards

Travel prepaid cards

Travel credit cards

Quick summary: Best travel cards for Iceland

This review of travel cards for visitors to Iceland from the UK picks out 2 of our favourite card options from each category to help you get a feel for which might suit your specific spending patterns. Here’s what we’ll be looking at:

Wise travel debit card : Hold 40+ currencies, including THB, with no ongoing fees, and spend with the mid-market exchange rate with no foreign transaction fee and low conversion costs from 0.43%

Revolut travel debit card : Hold 25+ currencies including ISK, in one of 4 different plan types, including some with no monthly fee, and some which come with ongoing costs but which unlock more benefits and no fee transactions

Post Office travel money card : Hold GBP and 21 other currencies, with a secure card you can pick up in person at a Post Office. A 3% fee applies when spending ISK

Monese travel money card : Hold a balance in GBP, then spend in ISK with no fees, up to your plan’s limit. Different plans on offer, including Simple which has no ongoing fees to pay

Barclays Rewards Visa travel credit card: Spend with the Visa exchange rate, and earn 0.25% cash back, with no foreign transaction fee and no cash advance fee. Interest and penalties can apply

Halifax Clarity Mastercard travel credit card: No foreign transaction fee, no annual fee, and no cash advance fee if you withdraw money at an ATM. Variable interest and penalties can apply

Travel money cards for Iceland compared

Here’s a brief comparison of all the cards we’ve picked out - in a moment we’ll also look at each card in more detail.

Different travel card types available in the UK can work quite differently in terms of features and fees.

As ISK isn’t a super common currency, you may prefer Revolut if you specifically want to convert your funds to ISK in advance, but you can also choose Wise or Monese for currency conversion with low or no fees from GBP.

In general, debit and prepaid travel cards are cheap to use, while credit cards can be convenient for spreading the costs of a trip, but may also come with higher overall costs. Which suits you depends on the types of transactions you’ll make. Read on to learn more.

Travel Debit Cards for Iceland

You can order a travel debit card online from a specialist provider, and manage your balance and transactions in a linked digital account. Travel debit cards often come with multi-currency account balances, although as ISK isn’t a particularly common currency you might not be able to hold krona in your account. Instead, you’ll add money in GBP, and the card will convert your payment to ISK automatically, with no hidden fees and no foreign transaction costs.

Different travel debit cards have their own features - we’ve introduced two popular picks below so you can compare.

Travel debit card option 1: Wise

There’s no fee to open a personal Wise account , but you’ll pay a one time card order fee of 7 GBP. After that there’s no minimum balance and no monthly charge. Wise accounts can support 40+ currencies for holding and exchange, with low fees from 0.43% when you convert currencies, and transparent ATM fees when you exhaust the monthly free transactions available with your account.

No fee to open a personal Wise account, no minimum balance requirement

7 GBP one time fee to get your Wise card

2 withdrawals, to 200 GBP value per month for free, then 0.5 GBP + 1.75%

Hold 40+ currencies, convert between them with the mid-market rate

Get local account details to receive GBP, NZD, EUR, USD and a selection of other major currencies conveniently

Travel debit card option 2: Revolut

Revolut has a selection of different account tiers for personal customers in the UK, including Standard plans with no monthly fee, to the top end Ultra plan which has a 45 GBP/month fee and comes with loads of perks including a fancy platinum plated card. You can hold around 25 currencies, and convert currencies with the mid-market rate to your plan’s allowance. The higher account tiers also come with extras like various different forms of complimentary insurance, discounts, cash back opportunities and travel benefits.

No monthly fee for a Standard Revolut account, or upgrade to one of 4 different account plans which have monthly fees running from 3.99 GBP/month to 45 GBP/month

All accounts have some no fee weekday currency conversion with fair usage fees after that which are 1% for Standard plan holders

Standard plan holders can withdraw 200 GBP overseas per month for free

Hold around 25 currencies

Pros and cons of using debit travel cards in Iceland

How much does a travel debit card cost.

Using a travel debit card is usually pretty cheap, but probably not entirely free. The exact costs depend on the provider you pick and the way you transact.

If you choose the Wise travel debit card you’ll pay a one time fee to get your physical card, but there are no monthly charges or minimum balance requirements after that. ISK isn’t a supported currency for holding a balance so when you spend you’ll pay a small currency conversion cost which can be as low as 0.43%.

Other providers, like Revolut, have different account plans available which means you’ll be able to choose an account with no ongoing charges but relatively limited features, or pay a monthly fee in exchange for getting more no-fee transactions and a range of extras like lounge access or insurance.

How to choose the best travel debit card for Iceland?

The best travel debit card for Iceland will depend to an extent on your personal preference. If you really want to see your travel budget in ISK ahead of time, you might consider Revolut as you can add a balance and then convert to ISK for spending later. Some Revolut accounts have monthly fees so it’s worth comparing your options based on how frequently you might use your card. As an alternative, you might choose Wise which lets you add money as and when you need to and spend in ISK with no foreign transaction fee and no need to convert in advance. Currency conversion costs start from 0.43%.

Is there a spending limit with a travel debit card in Iceland?  

You’ll probably find there’s a spending limit for your travel debit card. However, this limit can vary quite significantly, depending on the provider you pick. You can also usually adjust your spending limits for security in the provider’s app which means you can set the limit you’re comfortable with.

For the providers mentioned above, Revolut UK travel debit card holders have some spending caps based on merchant and transaction type. This applies to things like sending money to others, buying travellers cheques or money orders, and betting. Wise caps monthly card spending at 30,000 GBP but you can also move your limit lower if you’d like to, for security reasons.

ATM withdrawals

ATM withdrawals with a travel debit card are also likely to be subject to limits. Revolut applies a 3,000 GBP limit based on any given 24 hour period. Wise ATM withdrawal limits are 4,000 GBP per month. Both providers allow you to make some no fee ATM withdrawals monthly, but the exact amount you can withdraw will depend on your account type.

Prepaid Travel Cards for Iceland

[Prepaid travel cards] ( https://exiap.co.uk/guides/best-prepaid-travel-cards ) work fairly similarly to travel debit cards, but may not have quite the range of features offered by some debit card options. You’ll still have the advantage that your card isn’t linked to your main UK bank account which adds a layer of security, but there could be a few extra transaction fees which creep in and push up the overall cost. Here are a couple of strong contenders for prepaid travel cards in the UK:

Prepaid travel card option 1: Post Office Travel Money Card

You can order a Post Office Travel Money Card online or pick one up in person at a branch as long as you have a valid ID on you. Cards allow you to top up and hold 22 currencies, although bear in mind a fee applies when you spend in ISK as it’s not a currency supported by the card. That means that when you spend in Iceland, payments will be deducted from your GBP balance instead, with a 3% fee.

3% cross border fee when you spend in ISK

22 currencies are supported for holding and exchange

No fee to spend a currency you hold on your card

ATM withdrawal fee will be deducted from your GBP balance, and will be the equivalent of 1.5 GBP

Manage your account and card from the Post Office travel money app

Prepaid travel card option 2: Monese Travel Money Card

Monese offers several different account plans which come with linked cards you can use while overseas. Depending on the plan you pick you’ll get some free international spending and some free ATM withdrawals. Simple account plans have no monthly fees, but are more limited in terms of no-fee transactions compared to the other account tiers. While Monese does offer foreign currency account plans, these are not available in ISK.

• Pick the account plan that suits your needs, including a Simple plan with no monthly costs and some plans which do have a fee to pay every month
• Accounts offered in GBP, EUR and RON
• Simple account plan holders can spend up to 2,000 GBP a month in foreign currencies with no fees - other account plans have unlimited overseas spending with no extra fees
• All accounts have some fee free ATM withdrawals every month, with variable limits based on account plan
• Virtual cards available

Pros and cons of using prepaid travel cards in Australia

How much does a prepaid card cost.

The costs of a prepaid travel card can vary quite a lot. The Post Office travel card has no initial fee, but as ISK isn’t supported for holding and exchange, you’ll pay a 3% cross border fee when you’re in Iceland. Monese has account plans which offer some currency conversion with no fees every month, so this can still be an attractive option based on cost, but you’ll need to weigh up any monthly fees that apply for your specific card plan.

How to choose the best travel prepaid card for Iceland?

There’s no single best prepaid travel card for Iceland - the right one for you depends on your spending patterns.

If you already have a Post Office Travel Money Card, or if you’re looking for a card you can pick up in person instantly, this could be a contender - but it’s not the cheapest option for Iceland as you’ll pay a 3% fee whenever you spend or withdraw.

Monese does not allow you to hold an ISK balance, but has different plan types which can offer some currency conversion with no fee. That could make it a good option, particularly if you don’t mind paying a monthly fee to unlock more features.

Prepaid travel card spending limit

The Post Office travel card lets you top up to 5,000 GBP at a time, with the maximum balance at any given time set at 10,000 GBP, or 30,000 GBP annually. Monese accounts may have different limits based on the tier you pick - usually set at a maximum holding balance at any time of 40,000 GBP. You may be limited to spending up to 7,000 GBP a day, depending on your account type.

With the Post Office card, you can make up to 17,000 THB maximum daily withdrawals and each withdrawal costs 80 THB. Monese accounts may have a maximum ATM withdrawal of 300 GBP a day, depending on the specific account you pick, so it’s worth reading the fee schedule carefully to understand the details.

Travel credit cards for Iceland

Travel credit cards can be safe and convenient, but are often more expensive than a debit or prepaid card. However, they have their own strong features - you can spread your costs of travel over several months if you want to, you may earn cash back or rewards, and you can use them as a payment guarantee when checking into a hotel or hiring a car. Weigh up the benefits and drawbacks when you’re considering if a travel credit card is right for you.

Travel credit card option 1: Barclaycard Rewards Visa 

The Barclaycard Rewards Visa credit card is a good, straightforward option for UK customers looking for a credit card which does not have foreign transaction fees, and which doesn’t have an annual fee. As with any credit card, some costs can apply including interest fees if you don’t clear your bill monthly, but you’ll be able to earn 0.25% cash back on all your card spending at home and abroad.

No annual fee, with 0.25% cash back on card spending

Currency exchange uses the network rate and no foreign transaction fee

No ATM withdrawal fee - but interest can still apply

28.9% representative APR, with penalty fees for late payments

Secure spending with extra protection on some purchases

Travel credit card option 2: Halifax Clarity Mastercard

The Halifax Clarity Mastercard has a variable interest rate which is based on your creditworthiness, but doesn’t use different rates for different transaction types as some cards do. There’s no foreign transaction fee when you spend or withdraw in foreign currencies, but bear in mind that an ATM operator might charge a fee, and interest accrues instantly for cash advance transactions.

No foreign transaction fee when spending or making a cash withdrawal overseas

Interest applies instantly when making cash withdrawals

Same interest rate applies on all purchase categories

Variable APR based on your credit score - you’ll need to check your eligibility online to see the APR you’d be offered

Spending is covered by the Consumer Credit act which means extra protections for purchases from 100 GBP to 30,000 GBP in value

Pros and cons of using credit cards for Iceland

How much does a travel credit card cost.

The cards we’ve picked out above have no order fee and no annual charge. However to avoid paying interest you’ll need to make sure you pay your bill in full every month - and also avoid using your credit card in an ATM as this can mean interest accrues instantly. If you don’t pay back everything you owe in full you’ll be charged interest - and if you’re late making a payment, penalties can also apply.

How to choose the best travel credit card for Iceland?

If you’re planning on spreading the costs of your spending over a few months it’s worth looking for the card which has the lowest available interest, particularly if it has no annual fee to worry about. If you’ll usually repay your bill in full monthly it may be more important to you to find a card which offers cash back or rewards. Weigh up a few different options while you decide, to make sure you get the right match for your specific needs.

Travel credit card spending limit

Your travel credit card spending limit will be set by the card provider, and will depend on your credit score. You’ll be shown details of your spending limit when you’re approved for a travel credit card.

The cards we’ve looked at earlier don’t charge a cash advance fee, but this is a common cost when using a credit card at an ATM, so worth looking out for when you select any credit card. It’s also worth noting that it’s very common for ATM withdrawals to start accruing interest instantly, so you’ll end up needing to repay some charges whenever you use your credit card in an ATM.

How much money do I need in Iceland?

Iceland is pretty expensive option when it comes to accommodation and food. You may be able to get bargain flights, but if you’re heading out there during peak season and looking to take advantage of some of the unique experiences on offer, you’ll need to stretch that budget a bit. Here’s a quick look at some common costs in Iceland:

Conclusion: Which travel money card is best for Iceland?

Using a travel money card when you’re overseas can help you cut costs and manage foreign transaction fees. It’s also a secure and convenient way to spend and to make cash withdrawals.

The right travel card for Iceland will depend a bit on your priorities. For example, the Wise travel debit card might suit if you need a card for occasional use which allows for real time conversions to ISK with low fees. A Monese travel prepaid card might be a good pick if you’ll only exchange money to the free currency conversion limit set in your specific plan. Or, a travel credit card like the Barclays Rewards Visa could work if you want a card for earning cash back and for using as a payment guarantee.

FAQ - Best travel cards for Iceland

Can you withdraw cash with a credit card in iceland.

Yes. You can use your credit card to make an ATM withdrawal at any ATM in Iceland where your card network is accepted. However, bear in mind you’ll pay interest instantly when you use a credit card in an ATM. Choosing to withdraw with a low cost travel debit card from Wise or Revolut may bring down your overall fees.

Can I use a debit card in Iceland?

Debit cards are pretty widely used in Iceland so you should have no problems paying in larger and chain stores, hotels and restaurants in the cities. Bear in mind that you may not be able to pay with card in smaller merchants or at markets, so having both a prepaid or travel debit card and some Icelandic krona in cash is a smart plan.

Are prepaid cards safe?

Yes. Prepaid cards are not linked to your normal UK bank account which means that they’re safe to use. Even if you were unlucky and someone stole your card while you’re in Iceland, they would not be able to access your main account - and you could freeze your prepaid card in the app easily if you needed to.

What is the best way to pay in Iceland?

Paying for things with a specialist travel debit, prepaid or credit card in Iceland is most convenient. However, having a few options for payment is a good plan, so you’ll always have a back up. Consider getting a travel card from a provider like Wise or Revolut, which has some no fee ATM withdrawals so you can also conveniently get cash for those times card payments aren’t offered.

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5 Best Travel Cards for Iceland

Getting an international travel card before you travel to Iceland can make it cheaper and more convenient when you spend in Icelandic Króna. You'll be able to easily top up your card in USD before you leave the US, to convert seamlessly to ISK for secure and flexible spending and withdrawals.

This guide walks through our picks of the best travel cards available for anyone from the US heading to Iceland, like Wise or Revolut. We'll walk through a head to head comparison, and a detailed look at their features, benefits and drawbacks.

5 best travel money cards for Iceland:

Let's kick off our roundup of the best travel cards for Iceland with a head to head comparison on important features. Here's an overview of the providers we've picked to look at, for customers looking for ways to spend conveniently overseas when travelling from the US:

Each of the international travel cards we’ve picked out have their own features and fees, which may mean they suit different customer needs. Keep reading to learn more about the features, advantages and disadvantages of each - plus a look at how to order the travel card of your choice before you head off to Iceland.

Revolut travel card

Choose a Revolut account, from the Standard plan which has no monthly fee, to higher tier options which have monthly charges but unlock extra features and benefits. All accounts come with a smart Revolut card you can use in Iceland, with some no fee ATM withdrawals and currency conversion monthly, depending on the plan you pick. Use your Revolut account to hold and exchange 25+ currencies, and get extras like account options for under 18s, budgeting tools and more.

Revolut features

Revolut travel card pros and cons.

• Pick the Revolut account plan that suits your spending needs
• Hold and exchange 25+ currencies, and spend in 150 countries
• Accounts come with different card types, depending on which you select
• All accounts have some no fee currency exchange and some no fee ATM withdrawals monthly
• Some account tiers have travel perks like complimentary or discounted lounge access
• You need to upgrade to an account with a monthly fee to get all account features
• Delivery fees may apply for your travel card
• Fair usage limits apply once you exhaust your currency conversion and ATM no fee allowances
• Out of hours currency conversion has additional fees

How to apply for a Revolut card

Set up your Revolut account before you leave the US and order your travel card. Here’s how:

Download and open the Revolut app

Register by adding your personal and contact information

Upload your ID document to complete the verification step

Follow the prompts to confirm your address and order your card

Pay any required delivery fee - costs depend on your account type

Wise travel card

Open a Wise account online or in the Wise app, to order a Wise travel card you can use for convenient spending and withdrawals in Iceland. Wise accounts can hold 40+ currencies, so you can top up in USD easily from your bank or using your card. Whenever you travel, to Iceland or beyond, you’ll have the option to convert to the currency you need in advance if it’s supported for holding a balance, or simply let the card do the conversion at the point of payment.

In either case you’ll get the mid-market exchange rate with low, transparent fees whenever you spend in ISK, plus some free ATM withdrawals every month - perfect if you’re looking for easy ways to arrange your travel cash.

Wise features

Wise travel card pros and cons.

• Hold and exchange 40+ currencies with the mid-market rate
• Spend seamlessly in ISK when you travel
• Some free ATM withdrawals every month, for those times only cash will do
• Ways to receive payments to your Wise account conveniently
• Manage your account and card from your phone
• 9 USD delivery fee for your first card
• ATM fees apply once you've exhausted your monthly free withdrawals
• Physical cards may take 14 - 21 days to arrive

How to apply for a Wise card

Here’s how to apply for a Wise account and order a Wise  travel card in the US:

Open the Wise app or desktop site

Select Register and confirm you want to open a personal account

Register with your email, Facebook, Apple or Google ID

Tap the Cards tab to order your card

Pay the one time 9 USD fee, confirm your mailing address, and your card will be on the way, and should arrive in 14 - 21 days

Chime travel card

Use your Chime account and card to spend in Iceland with no foreign transaction fee. You’ll just need to load a balance in USD and then the money is converted to ISK instantly with the Visa rate whenever you spend or make a withdrawal. There’s a fee to make an ATM withdrawal out of network, which sits at 2.5 USD, but there are very few other costs to worry about. Plus you can get lots of extra services from Chime if you need them, such as ways to save.

Chime features

Chime travel card pros and cons.

• No Chime foreign transaction fees
• No ongoing charges for your account
• Lots of extra products and services if you need them
• Easy ways to manage your money online and in app
• Virtual cards available
• You'll need to inform Chime you're traveling to use your card abroad
• Low ATM limits
• Cards take 7 - 10 days to arrive by mail

How to apply for a Chime card

Here’s how to apply for a Chime account and order a travel card in the US:

Visit the Chime website or download the app

Click Get started and add your personal details

Add a balance

Your card will be delivered in the mail and you can use your virtual card instantly

Monzo travel card

Monzo cards can be ordered easily in the US and used for spending in Iceland and globally. Monzo accounts are designed for holding USD only - but you can spend in ISK and pretty much any other currency easily, with no foreign transaction fee. Your funds are just converted using the network exchange rate whenever you pay or make a withdrawal.

Monzo doesn’t usually apply ATM fees, but it’s worth knowing that the operator of the specific ATM you pick may have their own costs you’ll need to check out.

Monzo features

Monzo travel card pros and cons.

• Good selection of services available
• No foreign transaction fee to pay
• No Monzo ATM fee to pay
• Manage your card from your phone conveniently
• Deposits are FDIC protected
• You can't hold a foreign currency balance
• ATM operators might apply their own fees

How to apply for a Monzo card

Here’s how to apply for a Monzo account and order a travel card in the US:

Visit the Monzo website or download the app

Click Get Sign up and add your personal details

Check and confirm your mailing address and your card will be delivered in the mail

Netspend travel card

Netspend has a selection of prepaid debit cards you can use for spending securely in Iceland. While these cards don’t usually let you hold a balance in ISK, they’re popular with travelers as they’re not linked to your regular checking account. That increases security overseas - plus, Netspend offers virtual cards you can use to hide your physical card details from retailers if you want to.

The options with Netspend vary a lot depending on the card you pick. Usually you can top up digitally or in cash in USD and then spend overseas with a fixed foreign transaction fee applying every time you spend in a foreign currency. You’ll be able to view the terms and conditions of your specific card - including the fees - online, by entering the code you’ll find when your card is sent to you.

Netspend features

Netspend travel card pros and cons.

• Large selection of different card options depending on your needs
• Some cards have no overseas ATM fees
• Prepaid card which is secure to use overseas
• Manage your account in app
• Change from one card plan to another if you need to
• You may pay a monthly fee for your card
• Some cards have foreign transaction fees for all overseas use, which can be around 4%
• Selection of fees apply depending on the card you pick

How to apply for a Netspend card

Here’s how to apply for a Netspend account and order a travel card in the US:

Visit the Netspend website

Click Apply now

Complete the details, following the onscreen prompts

Get verified

Your card will arrive by mail - add a balance and activate it to get started

What is a travel money card?

A travel money card is a card you can use for secure and convenient payments and withdrawals overseas.

You can use a travel money card to tap and pay in stores and restaurants, with a wallet like Apple Pay, or to make ATM withdrawals so you'll always have a bit of cash in your pocket when you travel.

Although there are lots of different travel money cards on the market, all of which are unique, one similarity you'll spot is that the features and fees have always been optimised for international use. That might mean you get a better exchange rate compared to using your normal card overseas, or that you run into fewer fees for common international transactions like ATM withdrawals.

Travel money cards also offer distinct benefits when it comes to security. Your travel money card isn't linked to your United States Dollar everyday account, so even if you were unlucky and had your card stolen, your primary bank account remains secure.

Travel money vs prepaid card vs travel credit card

It's helpful to know that you'll be able to pick from several different types of travel cards, depending on your priorities and preferences. Travel cards commonly include:

• Travel debit cards
• Travel prepaid cards
• Travel credit cards

They all have distinct benefits when you head off to Iceland or elsewhere in the world, but they do work a bit differently.

Travel debit and prepaid cards are usually linked to an online account, and may come from specialist digital providers - like the Wise card. These cards are usually flexible and cheap to use. You'll be able to manage your account and card through an app or on the web.

Travel credit cards are different and may suit different customer needs. As with any other credit card, you may need to pay an annual fee or interest and penalties depending on how you manage your account - but you could also earn extra rewards when spending in a foreign currency, or travel benefits like free insurance for example. Generally using a travel credit card can be more expensive compared to a debit or prepaid card - but it does let you spread out the costs of your travel across several months if you'd like to and don't mind paying interest to do so.

What is a prepaid travel money card best for?

Let's take a look at the advantages of using a prepaid travel money card for travellers going to Iceland. While each travel card is a little different, you'll usually find some or all of the following benefits:

• Hold and exchange foreign currencies - allowing you to lock in exchange rates and set a travel budget before you leave
• Convenient for spending in person and through mobile wallets like Apple Pay, as well as for cash withdrawals
• You may find you get a better exchange rate compared to your bank - and you'll usually be able to avoid any foreign transaction fee, too
• Travel cards are secure as they're not linked to your everyday USD account - and because you can make ATM withdrawals when you need to, you can also avoid carrying too much cash at once

Overall, travel cards offer flexible and low cost ways to avoid bank foreign transaction and international ATM fees, while accessing decent exchange rates.

How to choose the best travel card for Iceland

We've picked out 5 great travel cards available in the US - but there are also more options available, which can make choosing a daunting task. Some things to consider when picking a travel card for Iceland include:

• What exchange rates does the card use? Choosing one with the mid-market rate or as close as possible to it is usually a smart plan
• What fees are unavoidable? For example, ATM charges or top up fees for your preferred top up methods
• Does the card support a good range of currencies? Getting a card which allows you to hold and spend in ISK can give you the most flexibility, but it's also a good idea to pick a card with lots of currency options, so you can use it again in future, too
• Are there any other charges? Check in particular for foreign transaction fees, local ATM withdrawal fees, inactivity fees and account close fees

Ultimately the right card for you will depend on your specific needs and preferences.

What makes a good travel card for Iceland

The best travel debit card for Iceland really depends on your personal preferences and how you like to manage your money.

Overall, it pays to look for a card which lets you minimise fees and access favourable exchange rates - ideally the mid-market rate. While currency exchange rates do change all the time, the mid-market rate is a good benchmark to use as it’s the one available to banks when trading on wholesale markets. Getting this rate, with transparent conversion fees, makes it easier to compare costs and see exactly what you’re paying when you spend in ISK.

Other features and benefits to look out for include low ATM withdrawal fees, complimentary travel insurance, airport lounge access or emergency cash if your card is stolen. It’s also important to look into the security features of any travel card you might pick for Iceland. Look for a card which uses 2 factor authentication when accessing the account app, which allows you to set instant transaction notifications, and which has easy ways to freeze, unfreeze and cancel your card with your phone.

For Iceland in particular, choosing a card which offers contactless payments and which is compatible with mobile wallets like Apple Pay could be a good plan. Card payments are extremely popular in Iceland - so having a card which lets you tap and pay easily can speed things up and make it more convenient during your trip.

Ways to pay in Iceland

Cash and card payments - including contactless, mobile wallet, debit, credit and prepaid card payments - are the most popular ways to pay globally.

In Iceland card payments are common in most situations. You’ll be able to make Chip and PIN or contactless payments or use your favourite mobile wallet like Apple Pay to tap and pay on the go. It’s still worth having a little cash on you just in case - and for the odd situations where cash is more convenient, such as when tipping or buying a small item in a market.

Which countries use ISK?

If you have ISK, you should be able to use it in a few countries. You may decide to keep your travel card topped up with a balance for this trip to Iceland or for the next time you’re headed somewhere which uses ISK.

What should you be aware of when travelling to Iceland

You’re sure to have a great time in Iceland - but whenever you’re travelling abroad it's worth putting in a little advance thought to make sure everything is organised and your trip goes smoothly. Here are a few things to think about:

1. Double check the latest entry requirements and visas - rules can change abruptly, so even if you’re been to Iceland before it’s worth looking up the most recent entry requirements so you don’t have any hassle on the border

2. Plan your currency exchange and payment methods - you can change USD to ISK before you travel to Iceland if you’d like to, but as card payments are common, and ATMs widely available, you can actually leave it until you arrive to get everything sorted as long as you have a travel money card. Top up your travel money card in USD and either exchange to ISK in advance or at the point of payment, and make ATM withdrawals whenever you need cash. Bear in mind that currency exchange at the airport will be expensive - so hold on until you reach Iceland to make an ATM withdrawal in ISK if you can.

3. Get clued up on any health or safety concerns - get travel insurance before you leave the US so you have peace of mind. It’s also worth reading up on any common scams or issues experienced by tourists. These tend to change over time, but may include things like rip off taxis or tour agents which don’t offer fair prices or adequate services.

Conclusion - Best travel cards for Iceland

Ultimately the best travel card for your trip to Iceland will depend on how you like to manage your money. Use this guide to get some insights into the most popular options out there, and to decide which may suit your specific needs.

FAQ - best travel cards for Iceland

When you use a travel money card you may find there’s an ATM withdrawal fee from your card issuer, and there may also be a cost applied by the ATM operator. Some of our travel cards - like the Wise and Revolut card options - have some no fee ATM withdrawals every month, which can help keep down costs.

Travel money cards may be debit, prepaid or credit cards. Which is best for you will depend on your personal preferences. Debit and prepaid cards are usually pretty cheap and secure to spend with, while credit cards may have higher fees but often come with extra perks like free travel insurance and extra reward points.

There’s no single best prepaid card for international use. Look out for one which supports a large range of currencies, with good exchange rates and low fees. This guide can help you compare some popular options, including Wise, Revolut and Monzo.

Yes, you can use your local debit card when you’re overseas. However, it’s common to find extra fees apply when spending in foreign currencies with a regular debit card. These can include foreign transaction fees and international ATM charges.

Usually having a selection of ways to pay - including a travel card, your credit or debit card, and some cash - is the best bet. That means that no matter what happens, you have an alternative payment method you can use conveniently.

Yes. Most travel debit cards have options to make ATM withdrawals. Check the fees that apply as card charges do vary a lot. Some cards have local and international fees on all withdrawals, while others like Wise and Revolut, let you make some no fee withdrawals monthly before a fee kicks in.

Both Visa and Mastercard are globally accepted. Look out for the logo on ATMs and payment terminals in Iceland.

The cards you see on this page are ordered as follows:

For card providers that publish their exchange rates on their website, we used their USD / ISK rate to calculate how much Icelandic Króna you would receive when exchanging / spending $4,000 USD. The card provider offering the most ISK is displayed at the top, the next highest below that, and so on.

The rates were collected at 15:54:21 GMT on 19 February 2024.

Below this we display card providers for which we could not verify their exchange rates. These are displayed in alphabetical order.

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Learn how to easily plan your dream trip to Iceland with helpful guides and tips!

7 Helpful Things To Know About Money In Iceland

June 24, 2020 //  by  Iceland Trippers //   15 Comments

If you are planning a trip to Iceland , you are probably wondering about the money and currency in Iceland!

Currency in Iceland is a bit more complicated than you are probably used to, which is why we created this easy guide so you can learn more about money in Iceland before your trip!

Planning your trip to Iceland last minute?

Make sure to book your hotels and tours in Iceland in advance to ensure availability! The longer you wait, the more difficult it gets. Here are my top picks for your trip :

Top Experiences And Tours In Iceland:

• Golden Circle Full Day Tour From Reykjavik (Likely to sell out!)
• Silfra Snorkeling Tour (Includes photos + only small group)
• South Of Iceland Full Day Trip (Our pick!)
• Whale Watching In Reykjavik (On a luxury yacht)
• Northern Lights Bus Tour (Great to go with a local)
• Ice Cave Tour And Glacier Hike (Likely to sell out)

Tickets You MUST book in advance:

• Keflavik > Reykjavik Bus Airport Transfer (Skip the line!)
• Sky Lagoon Entrance Ticket (Includes 7-step spa ritual)
• Blue Lagoon Entry Ticket With Drink (Likely to sell out!)

Top picks for places to stay in Iceland:

• Hotel South Coast (Great central location)
• Grandi Reykjavik (Includes free breakfast)
• Hotel Kria (Close to black sand beach)
• Hotel Skaftafell (Mid-range price)

Iceland is a beautiful country but also an expensive country, depending on where you are coming from!

If you are American or European or from pretty much anywhere other than a Nordic country, currency in Iceland will be stronger than yours which means that Iceland will be a more expensive country to visit!

Nonetheless, there are a few things to know about money in Iceland which will prepare you for your visit to this beautiful but expensive country!

Get a FREE printable “Hidden Gems In Iceland” E-book by joining our private  Iceland Facebook Group  and share your photos and ask for tips and tricks.

#1. The Icelandic Krona Is The Official Currency In Iceland

The official currency in Iceland is the Icelandic Krona. The abbreviation for the Iceland currency is ISK. Despite popular belief, the Euro is NOT the official currency of Iceland even though Iceland is indeed in the European Union! 

The currency is very strong, one of the strongest in the world, so chances are if you are visiting Iceland from pretty much anywhere else in the world, Icelandic currency will be stronger than your local currency.

This means that the exchange rate of Icelandic currency will not be in your favor and that you will be paying more with your local currency than Icelanders would pay with local currency in Iceland.

While the Icelandic Krona fell over a decade ago, the Icelandic government has done well in getting Iceland currency back on its feet and back as a contender on the world stage.

The strength of currency in Iceland is similar to the strength of currency in other countries such as Switzerland, Norway, Sweden, and Japan. This is why tourists must expect to pay a lot more for simple things such as gas in Iceland and groceries in Iceland when visiting this beautiful but expensive country.

You can try and convert your local currency to Icelandic currency with this handy converter below to see just how far it stretches…or not!

#2. You Can Use Credit And Debit Cards Pretty Much Anywhere So There Is Not Much Need For Cash Currency In Iceland

Something unique about traveling to Iceland is that you will virtually never need to use cash currency in Iceland. The vast majority of Icelanders use debit or credit card for making purchases.

In fact, we went to Iceland on two whole trips before we ever even needed to pull out money and even then we came back to the United States with Iceland currency left over! The fact that you don’t have to withdraw cash in Iceland makes the country a very appealing travel destination!

Many tourists are unsure about money in Iceland and always wonder if it is necessary to withdraw cash Icelandic currency. We are here to tell you that it is easier and cheaper to simply use your credit or debit card when traveling throughout Iceland.

From roadside restaurants to gas stations and souvenir shops, the majority of the country utilizes cash currency in Iceland. That being said, we still recommend bringing a debit card when traveling in Iceland just in case you do need to take out some Icelandic money!

#3. If You Want Cash Iceland Currency, Withdraw Money At The ATM in Keflavik Airport

So, what if you do want to withdraw money in Iceland? If you are going to be traveling outside of the Reykjavik area and you want to have cash money in Iceland, we highly recommend withdrawing Icelandic currency at Keflavik Airport.

If you are driving in Iceland , you are going to want to make the airport ATM one of your stops before the Ring Road!

Iceland is pretty remote in spots and there really aren’t a lot of banks or ATMs spread around everywhere like you may be used to in other countries. While there are multiple options in Reykjavik, if you are going outside of the city and you want cash currency in Iceland, you need to be prepared.

Keflavik Airport is relatively small, so finding the ATM is quite easy. Once you exit the baggage claim area at Keflavik Airport, you will be in a small reception area where you can pick up a rental car or shuttle into Reykjavik. This is the area where you will find the ATM.

Figure out how much Icelandic currency you are going to need for your trip, and take out that amount right then and there at the Keflavik Airport ATM. There will be a small fee for withdrawing Icelandic money from the ATM from your local bank, so it is better to pull out a larger sum of money all at one time than lots of smaller transactions.

This allows you to have cash currency in Iceland if you should need it during your trip.

#4. The Only Times You May Need Cash Money In Iceland Will Be To Pay For Entrance To Bathrooms And Hot Springs

If you are sticking to the main tourist routes such as the South Coast and the Golden Circle, you will probably never need to take out Icelandic currency in cash. The vast majority of Iceland operates on a plastic card basis which makes it very convenient for visitors.

That being said, there are some scenarios when having cash in Iceland may be necessary. This is why figuring out a loose plan of what you want to do during your trip is a good idea. Even if you don’t know what you are going to be doing, it is never a bad idea to simply take out $20 USD of cash at the ATM in Keflavik Airport just in case.

Many bathrooms in Iceland charge a fee for entry and some allow you to even swipe a credit card. For Americans, a fee for a bathroom is just a crazy idea but it is the norm in Iceland [and lots of places in Europe too!] Icelanders have gotten smart and added a place to swipe your credit card to pay for bathrooms at many tourist sites in Iceland.

If you are going off the main tourist route or stop at a smaller establishment, you may have to pay with coins or cash to use the restroom. Withdrawing a small amount of money to have on hand for using the bathroom will come in handy when traveling through the country.

Similarly, if you are going to one of the smaller hot springs in Iceland, you may need to pay with cash Iceland currency in order to enter the facility. For example, Hrunalaug Hot Springs is small and requires cash only!

Many of the more popular hot springs in Iceland with fees do take credit card, but there are some smaller ones that are on personal property that require a small fee for entry. This is another reason why having some money handy while traveling in Iceland.

#5. Save Your Receipts From Tax-Free Shopping In Iceland So You Get Money Back Upon Your Departure

Say what? For Americans, this may be a foreign concept but we are here to show you the way! Iceland has a VAT Tax [Value Added Tax] that applies to items purchased in Iceland that will be taken out of the country. This means that you will get a refund on some of the money spent in Iceland upon your departure from the country! Pretty cool, right?

In order to get the money back, you will have to save your receipts to show at the airport. The Tax-free shopping applies to clothes, souvenirs, and goods totaling over 6000ISK but does not apply to food or drink purchased in Iceland. When you are checking out, ask your cashier for a tax-free receipt. Upon your departure at Keflavik Airport, you will then submit your receipt to the customs office at the airport to receive your refund.

Refunds are usually given in Icelandic currency and it is then up to you to convert this money back to your home currency. If you want to get back some of the money you spent in Iceland, we highly recommend arriving at the airport earlier than normal as the line may be quite long from all the other people looking to get some additional Iceland currency back!

The VAT Tax in Iceland is currently 25.5% and 7% on special goods. If you are purchasing a lot of souvenirs, this money adds up quickly. Save your receipts and don’t forget to get a tax-free proof of purchase so you can receive some extra Icelandic currency upon your departure.

#6. You Will Need A Card With A Pin Or Cash In Order To Get Gas In Iceland

If you are planning on driving in Iceland, you are going to need to get gas at some point or the other. Don’t get stranded out in the middle of Iceland with no gas and no money so be prepared!

You can go inside a gas station store in Iceland and pay for your gas with a card or Icelandic currency. That being said, many gas stations in more rural parts of Iceland close early and some don’t even have an attendant.

In these situations, you are going to need to use cash or a card with a pin. Most credit cards do not come with a pin so if you are only bringing a credit card, make sure to call your bank before you leave your home country and get a pin.

A pin is not the same thing as a zip code either so be sure to specifically request a pin for your credit card. Better still, avoid trouble all-together and simply bring your debit card and use it when you need money in Iceland to fill your car at a gas station.

You can use your debit card pin number and use self-serve gas station pumps with no issues. Make sure to call your bank ahead of time to let them know your dates of travel so your debit card is not declined when trying to use your money in Iceland.

Finally, if you are worried about not knowing how to use your credit or debit card when getting gas in Iceland, simply have a little Iceland currency on hand for an emergency.

Withdraw it from Keflavik Airport as detailed above and tuck it away in the event you need money in Iceland and your card is declined. Sometimes it happens to the best of us and you really don’t want to be stranded in an emergency with no money.

This is rare and if you call your credit card and bank and tell them of the dates of your travel and fill up your gas tank early and often while driving, you should never run out of money in Iceland. Just be prepared and know what to expect and you will be fine!

#7. There Is No Tipping Culture In Iceland

There is no tipping culture in Iceland so there is no need to have Icelandic currency on hand for such an occasion. This may feel weird to Americans traveling in Iceland as the tipping culture in our country is strong but don’t feel bad!

People in Iceland are well paid and tips are included in the cost that you pay up front. There is no need for tipping in Iceland for taxis, restaurants, bars, or tour guides so there is no need to carry extra money in Iceland for this occasion.

That being said, if you do decide to tip because you want to or aren’t sure, Icelanders won’t be offended and will take your tip graciously. Other countries around the world are offended by tips as it shows their service wasn’t good enough already and many other people around the world refuse to take tips of any kind which can be confusing.

Tips are not necessary or a cultural norm in Iceland, but if you do tip, Icelanders will not refuse it. We recommend sticking to what is normal in the local culture you are visiting so you don’t disrupt the flow! If you are in a country that does not have a tipping culture, do as the locals do, even if it feels foreign or weird to you!

Money in Iceland isn’t all that hard to figure out and we hope this guide helped you to prepare for your visit to Iceland. While the currency of Iceland is indeed strong, there are steps you can take to travel the country on a budget and you are able to save a few bucks here and there.

Make sure to follow these simple rules of money in Iceland so you are prepared and have a wonderful stay in one of our favorite countries!

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Reader Interactions

July 23, 2020 at 8:45 pm

Iceland is not a member of the EU, which you claim.

October 20, 2020 at 4:02 pm

Iceland is NOT a member of the EU however they do follow some of their rules and regulations to benefit the people like importing food etc. As an Icelander I hope my little country never joins as the people would loose more then gain like the 200 mile fishing right which the EU would love to control and my people would not be feee to live the way we have lived for over a thousand years. Also the currency fluctuates it’s not always strong as you imply, I was in Iceland a week ago and the US dollar was very strong against the Krona so items I bought were very reasonable.

September 15, 2021 at 8:20 am

I wonder how similar this is to Norway. Certain political elites keep pushing to get Norway into the EU but the people keep realizing it is not in the interest of most Norwegians. So Norway is as closely connected to EU as the politicians can make it without a popular referendum, and popular referendums keep saying no to EU membership. –This may be only roughly true, I have not looked into it fully, but the Norwegians who told me this seemed very intelligent and well informed.

November 2, 2021 at 2:05 pm

“As an Icelander I hope my little country never joins as the people would lose more than gain like the 200 mile fishing right which the EU would love to control and my people would not be free to live the way we have lived for over a thousand years.”❤️ Well said Elin. As an example we here in the UK are now having to deal with President Macron who seems to think all the fish in the sea belongs to France! Best for Iceland to just keep the EU at arms length and stay in the European Economic Area (EEA). All the best Elin.

January 20, 2021 at 4:13 pm

Can anybody give me advice on an upcoming trip to Iceland on 23/12/2021 Covid permitting for 4 days. We have excursions, travel and accommodation included but after visiting 6 years ago at the same time, can u advise me of cost of eating out and drinks at Christmas time and does Reykjavik cathedral still hold their Carol service please

April 25, 2021 at 5:29 pm

Please add a caution to your statement that a credit card requires a PIN. You can get a PIN, but there is a good chance your bank now considers using your card this way as a cash advance. There will be a charge of typically 3% for a cash advance, but check with your bank. Also, your changes will start to accrue interest immediately, not at the end of the billing cycle for regular credit card charges. Thins is based on calls to 3 different US credit cards i have checked out.

September 3, 2022 at 7:44 pm

Glad I read this. I just finished getting a PIN setup for my Credit Card through my bank, then I saw this comment. I called back and it turns out mine is 2% interest on top of my normal interest rate, and it accrues daily. They also said if the credit card is charged as a normal credit card (no PIN requested) then everything is normal. But, if it is charged and a PIN is required, then it’s treated as a cash advance and the higher interest rate applies.

February 5, 2024 at 3:10 pm

just getting a prepaid credit card and put money on it or use a debit card. easy enough.

May 15, 2021 at 3:08 am

US credit cards do not have a pin for credit card use. What is popularity of using applepay?

May 17, 2021 at 4:35 pm

No apple pay too much in my experience but I also don’t widely use it.

June 15, 2021 at 8:07 pm

I am looking at a 1 he helicopter tour of the volcano eruption. Says the charge is 114.000 isk for 2 people. What is the USD equivalent? Heli Tours is the company.

June 16, 2021 at 3:30 am

Hello Janice, you simply need to pop the number into ISK to USD converter on the internet and it can help with all conversions! I went ahead and did it for this question and it was about $950. hope this helps!

September 18, 2022 at 10:20 am

When I visited Iceland in 2007 U.S. debit cards did not work. I was told later, by my bank, that it was due to some dispute between Iceland and the United States over Icelandic bank secrecy laws and American homeland security laws. My U.S. credit cards worked fine. So has that changed?

September 18, 2022 at 5:33 pm

Yes I was just there in June 2022 and we used debit cards on gas stations

September 23, 2022 at 5:43 pm

Does a Venmo debit card work in Iceland

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Find out more about common forms of payment in Iceland

When visiting Iceland, you'll find that the most convenient way to make purchases is by card or mobile payment. In fact, locals rarely use cash since most merchants accept credit and debit cards even for small purchases.

Credit cards

VISA and MasterCard are the major credit cards in Iceland. Both are serviced by all banks in the country. MasterCard is the agent for Diners Club and JCB.

You should check with your local bank regarding currency exchange rate. There may be a difference between the official exchange rate in Iceland and the one charged by your bank. 

Note for visitors from USA

If you want to pay by card, it's good to note that Iceland accepts cards with the chip-and-PIN system (and not swipe-and-sign cards). This  requires a 4-digit PIN for purchases.  Cash advance services for cardholders are available as follows:

• VISA – at all banks and ATMs
• MasterCard – at all banks and ATMs
• Diners Club – at all banks and ATMs
• JCB – at Kreditkort, Ármúli 28-30, 108 Reykjavík (tel: 550-1500)

Debit cards

Electron and Maestro cards are commonly accepted.

Mobile payments

Apple Pay and Google Pay are widely accepted around the country. This is true in small shops and even at petrol stations outside the capital. 

You'll be able to find ATMs to withdraw cash in Iceland. These require a PIN as stated above. Check with your bank in case they have international withdrawal charges. 

Traveller’s cheques

Traveller’s cheques, though less common, are also accepted at banks and major hotels or tourist centres.

Book  a trip to Iceland  and our travel experts will be available to give you more local advice before and during your visit.

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Whether you have a single question or a special request, we're here for you.

Guide to the Icelandic Krona (with a currency converter!)

Currency exchange widget

Faqs about the currency in iceland, what is the currency used in iceland, can i use foreign currency in iceland, where can i exchange currency in iceland, is it better to exchange currency in iceland or before arriving.

• What is the exchange rate for Icelandic króna?

Are credit cards widely accepted in Iceland?

• Can I withdraw Icelandic króna from ATMs in Iceland?
• Can I exchange Icelandic króna back to my home currency?

Is it safe to carry cash in Iceland?

Money in iceland: the icelandic krona, the icelandic krona and other krona currencies in europe, history of the currency of iceland, icelandic currency through the ages.

• Iceland's Currency Crisis in 2008

Historical Figures Gracing the Icelandic Krona Banknotes

Jon sigurdsson - 500 krona, brynjolfur sveinsson - 1,000 krona, johannes kjarval - 2,000 krona, ragnheidur jonsdottir - 5,000 krona, jonas hallgrimsson - 10,000 krona.

• How Much Does It Cost to Stay in Iceland?

Tips for Saving Money in Iceland

Book everything in advance, take the bus when possible, stay at a campsite or a hostel instead of a hotel, always bring a refillable water bottle.

• Useful Information About Currency in Iceland

Credit Cards vs. Money

Exchanging your currency, atms in iceland, about tipping in iceland, shopping tax-free, frequently asked questions about money in iceland.

• Can You Use Euro in Iceland?
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How Much Money Should You Bring When You Go to Iceland?

What are the different ways to pay in iceland.

Iceland is a small island nation in western Europe famous for its breathtaking beauty and high volcanic activity . The country is home to spectacular nature , like beautiful waterfalls, hot springs , black sand beaches, and many more natural wonders.

But Iceland is also famous for being an expensive destination to visit. Therefore, it's essential for you to learn everything you need to know about the money and currency in Iceland before you go. And see this article about the best  cheap things to do in Reykjavik , the capital of Iceland.

Use this widget to compare the currency exchange rate of the Icelandic króna to more than 50 other currencies. By entering the amount you can also figure out the total price of items listed in Icelandic króna. In the website header, you can also choose to change all prices on our website to your preferred currency. 

The currency used in Iceland is the Icelandic króna (ISK).

It is not recommended to use foreign currency in Iceland as it may not be accepted. It is best to exchange your currency for Icelandic króna.

You can exchange currency at banks, exchange offices, and some hotels in Iceland. There are also ATMs available in most towns and cities.

It is recommended to exchange your currency for Icelandic króna before arriving in Iceland to avoid unfavorable exchange rates. If you need to change the currency in Iceland, you should avoid doing so at the airport, where the exchange rates are less favorable than in other banks.

What is the exchange rate for Icelandic króna?

The exchange rate for Icelandic króna varies depending on the currency and exchange location, but as of March 2023, one US dollar (USD) is equivalent to around 136 ISK. For the latest and most up-to-date information about the exchange rate of the Icelandic króna, we recommend checking the Icelandic central bank website or using the widget below.

Yes, credit cards are widely accepted in Iceland, especially Visa and Mastercard. However, it is still recommended to carry some cash for small purchases.

Can I withdraw Icelandic króna from ATMs in Iceland?

Yes, you can withdraw Icelandic króna from ATMs in Iceland. However, some ATMs may charge a withdrawal fee.

Can I exchange Icelandic króna back to my home currency?

Yes, you can exchange Icelandic króna back to your home currency at banks and exchange offices in Iceland. But it is recommended that you do so while in Iceland, as your local bank might not be able to exchange Icelandic króna.

Iceland is generally a safe country, but it is still recommended to be cautious when carrying cash and to keep it in a secure place.

Learning about the currency of Iceland is crucial if you're planning to visit the country. Knowing about it can help you with the most practical stuff, like knowing how much to pay for your transportation fee, how to  shop for groceries , and how to avoid the worst tourist traps .

The official currency of Iceland, the Icelandic krona, can be written as ISK or with the currency symbol kr. Krona is the singular form of the currency, while kronur is its plural form.

The Icelandic krona comes in both coins and bills or banknotes. The coins come in five denominations of 1, 5, 10, 50, and 100 kronur.

Photo from  Wikimedia, Creative Commons, by Thorsten Schmidt.  No edits made.

Regarding the bills, they also come in five denominations but in higher amounts. These denominations are 500, 1,000, 2,000, 5,000, and 10,000.

The Central Bank of Iceland manages and issues the currency of Iceland. They're also in charge of maintaining the country's financial policies and stability.

The Icelandic krona is used in Iceland. However, note that the term is also used in other European countries, especially in other Scandinavian nations, such as Sweden, Denmark, and Greenland.

In Sweden, they use the Swedish krona, while in Greenland and Denmark, they use the Danish krone. Although they sound almost the same, note that Iceland's currency differs from the countries mentioned above.

Aside from being called the Icelandic krona, the currency of Iceland is not pinned to another currency. For example, the Danish krone used by Greenland and Denmark is tied to the Euro. As a result, Iceland's currency is better controlled by its nation.

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Iceland was a territory of Denmark from the 14th century to the 19th century. However, it was only in the 1870s that the Danish krone was introduced in the country after replacing an older Danish currency, the rigsdaler.

At the beginning of the 20th century, Iceland became autonomous from Denmark. As a result, the Icelandic government started issuing the Icelandic krona, making it its official currency.

You can learn more about Denmark and Iceland's story through this  complete history of Iceland .

Iceland has been issuing banknotes since 1885. Its first banknotes are the 5, 10, and 50 kronur. However, it was only in the 1920s that Iceland started issuing coins, beginning with the 10 and 25 aurar (now obsolete).

In 1925 and 1926, five more coin denominations were added. These denominations are:

- 5 aurar 

After the second world war, in 1946, the Icelandic currency's coins were redesigned to remove the royal monogram of Denmark. 

In 1981, Iceland revalued its currency and added new coins in 5, 10, and 50 aurar denominations. However, in 2003, all coins denominated in the aurar were taken out of circulation. 

Iceland's Currency Crisis in 2008

Iceland is now one of the most livable countries in the world. However, did you know it experienced a financial crisis in early 2008? 

In 2008, the world experienced a global financial crisis, significantly affecting many countries, including Iceland. 

Three of Iceland's primary banks collapsed, resulting in the country's economic slump. Other factors, such as the banks' inability to finance short-term loans and people simultaneously withdrawing their money due to fear, added to the problem. 

In addition, Iceland's currency lost a lot of value against the Euro before eventually collapsing. 

Due to these difficulties, the country got emergency funding from the International Monetary Fund (IMF), and currency training was restricted. 

The changes were able to help the country get back on its feet, and Iceland's currency has remained stable. 

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Currently, Iceland's currency has five banknotes in circulation. 

If you look closely, you'll notice that each bill features an image of a person. These people are some of Iceland's most famous and prominent historical figures. 

Meanwhile, activities or locations related to the main figure in the banknote are on the other side of each Icelandic krona bill. 

Here are the names and contributions of these historical figures to Iceland. 

Jon Sigurdsson, a statesman, is one of the leading figures in Iceland's independence movement against Denmark in the 19th century. He's also a scholar who has compiled stories and documents of the Old Norse sagas and created a crucial part of Icelandic literature , the Icelandic Sagas.

The banknote is color red. 

On one side of the banknote, you'll see Sigurdsson. However, on its back is a usual scene when he was alive, with him writing on his desk, surrounded by books, and a tapestry behind him. 

Brynjolfur Sveinsson is a bishop in the 17th century known for his intelligence and stubbornness. Aside from that, he's a champion of the clergy and advocates the rights of the people involved. 

In some writings, he's described as a genius debater and is said to help build a church in Skalholt, improve it, and get excellent instructors. 

The 1,000 krona banknote has a predominantly purple color on a multicolored underprint. 

On one side of the note is Sveinsson, and on its back is the Brynjolfskirkja church at Skalholt town . 

Johannes Kjarval was a pioneer of Icelandic art in the 20th century and one of the most revered artists in Iceland. He created thousands of artworks, including his interpretation of Iceland's nature. Many of these are displayed at the Kjarvalsstadir art museum . 

Hist artworks include styles from various art movements, such as expressionism, abstract, and cubism. 

The 2,000 krona banknote has a blue-violet and yellow print. 

At the front is an image of Kjarval and a detail from his "Outside and Inside" painting. Meanwhile, at the back are details from his artworks, "Yearning for Flight" and "Woman and Flowers." 

Ragnheidur Jonsdottir was a beloved 17th Century embroiderer who was married to a bishop. In these times, bishops and their families were some of the most influential people in the country.

The 5000 krona denomination is the only currency in Iceland with a woman figure printed on it. 

At the front is Jonsdottir, with his husband, and the two earlier wives of her husband. Meanwhile, at the back is Jonsdottir, instructing two girls on embroidery.

Jonas Hallgrimsson is one of the most admired poets in Iceland. He's a Romantic poet who helped usher in a new movement in Iceland's poetry scene. 

He also helped found the Icelandic magazine, Fjolnir, invoking nationalism in the citizen to resist the Danish rule during his time. 

The banknote has a predominantly blue color. 

At the front is an image of Hallgrimsson. Meanwhile, on the other side is an illustration of a plover bird and his poem, "Skjaldbreidur Mountain." 

How Much Does It Cost to Stay in Iceland? 

Aside from housing, food can be expensive in Iceland because the country greatly relies on imported goods. 

Meanwhile, the estimated cost for foreign visitors can vary between 100 USD and 200 USD per day. The price depends on the type of accommodation, transportation, and meals. 

On accommodations, it can cost as low as 35 USD per night or as high as 300 USD per night. Depending on the area, and amenities of each accommodation, the price can still go higher or lower. 

Food at an inexpensive restaurant can cost around 17 USD per meal. 

When riding Reykjavik city buses , a single ticket costs around 3 USD, while for those using a rental car, the gas can cost about 2 USD per liter. 

Fortunately, there are many affordable ways to enjoy Iceland. You can swim in its hot springs, join affordable sightseeing tours , or independently hunt for the beautiful northern lights in Iceland . 

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If you want to explore, make sure to book everything in advance. This includes renting a car in Iceland , booking a tour, and even booking airport transfers . 

When you book in advance, you have more time to compare different options and get the cheapest offer. Also, the earlier you book, the better deal you'll get from various car rental and travel companies.

You can also check our affordable car rentals in Iceland if you want to start looking for one now. 

Car rentals are one of the best ways to travel and reach different parts of Iceland. However, if you're traveling alone, car rentals can be expensive. Fortunately, you can also travel by bus. 

Straeto buses operate across Reykjavik city and in many famous sights in the countryside. 

You can pay using your debit or credit card and cash when you board a bus in Reykjavik.

There are also busses that take you directly to your chosen destination. For example, this Blue Lagoon transportation from Keflavik airport allows convenient transfer at an affordable price. 

There are many hotels in Iceland. However, hotels in Iceland can be expensive and too much if you're trying to budget.  

If you want to stay at a place for a lower cost, check out campsites or hostels in Iceland. These options can help you cut your accommodation expenses by almost half. 

Hostels often have a common area, which allows you to make friends on your travel, and a kitchen so you can cook your meals.

Meanwhile, campsites are a great place to stay if you want to visit Iceland's natural attractions and immerse in them. Aside from being affordable, campsites have their own bathroom, showers, and electricity. Many are even nearby shops and restaurants. 

Check out our guide to camping in Iceland if you want to learn more about it. 

Bring a refillable water bottle or container anywhere you go so you can save money by not buying from the store. 

Whether planning to go on an outing or stay at a paid accommodation, having your own water container can help save you money. 

Tap water in Iceland is clean and safe, so refill your water bottle as often as possible. 

When outside, for example, on a trekking journey, there are also water sources you can use to refill your water.

Useful Information About Currency in Iceland 

Knowing the standard practices in Iceland regarding money ensures less hassle on your part and better planning before your trip.

Learn what those practical pieces of information are so that you can apply them during your trip. 

Cash is accepted in Iceland. However, most people who travel to Iceland, and even the locals, prefer to pay through a credit or debit card than cash. 

Businesses, even with small purchases, accept cards. 

For credit cards, most businesses in Iceland accept major credit cards such as VISA and MasterCard. Meanwhile, not all businesses accept American Express. For debit cards, many accept Electron and Maestro cards.

If you prefer to bring cash, there are ATMs you can use to withdraw money. Fortunately, ATMs are available anywhere in Iceland. 

You can also exchange money from your home country before traveling to Iceland. 

The best place to exchange your currency in Iceland is through banks. 

As soon as you land in Iceland at the Keflavik International Airport (KEF), you can change your currency at the Arion Bank. 

If you have a direct transfer to Reykjavik, there're many regular banks you can go to exchange your money, such as Arion Bank, Islandsbanki, and Landsbankinn. 

Many Automated Teller Machines (ATMs) are available in Iceland, from its big cities to even its smaller villages. However, many of them are situated in the capital city of Reykjavik and at the Keflavik International Airport. 

Tipping is not mandatory in Iceland. However, if you want to give tips to the service crew of the establishments you visit, you're free to do so. 

Tour guides, in particular, appreciate being tipped.

Often, the total amount in many bills already includes service charges. In addition, Iceland's workers make decent wages in most industries. Thus, tipping is not as crucial as in other countries such as the US. 

Foreign visitors are entitled to a VAT-free purchase of at least 6,000 ISK for a single receipt when shopping in Iceland. 

However, note that this is limited to purchases meant to be taken out of the country. 

To get a tax refund, visitors should get a Tax Refund Cheque at the store counter after purchase. 

Before flying out of Iceland, at the Keflavik International Airport, visitors can cash their cheques in the currency of their choice. 

Here are the answers to some of the commonly asked questions people ask about Iceland's currency.

Can You Use Euro in Iceland? 

Yes, you can use Euro in Iceland, but in limited places only. 

Iceland is not part of the European Union (EU), so it doesn't use Euro as its currency. However, there are few businesses, especially the ones near the business center, that accept Euro, as well as US dollars. Since that's the case, bringing Euro currencies won't be practical when you visit the country. 

Moreover, the value of Iceland's currency is higher than that of the Euro or even the US dollar. That's why it can be difficult to convert them mentally or while you're on the go. 

What's the Best Currency To Bring to Iceland?

It's best to bring the Icelandic krona when you visit Iceland since only a few business establishments accept other currencies.

The short answer is the less money you bring, the better since most merchants in Iceland use cards. However, if we're talking about how much budget you should have while in Iceland, the answer is around 700 USD to 1,365 USD per person for one week. 

This estimated amount is based on various expenses, including accommodation, food, and gas price. 

Most establishments in Iceland accept credit and debit cards for payment and cash. 

Aside from those, prepaid cards, such as prepaid Visa cards, Apple Pay, and Google Pay, are also accepted in some establishments in Iceland. 

We hope this article helps shed light on all of your questions about Iceland's currency. In addition, we hope that the tips are enough so you can plan for the best Icelandic vacation. You can also check out our article on the best things to do in Iceland  or the top five destinations in Iceland to help you plan. 

Let us know if there are more questions you need to be answered. Don't hesitate to leave your comments and queries below. 

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Mastering Currency in Iceland: Your Essential Guide on How to Pay for Things

Some of the most common questions I get asked are related to money and currency in Iceland.

Have you ever had nightmares of being stranded somewhere in a foreign country without any money, or without being able to pay for things because you can’t access your money? 

That’s one dream you don’t want to make a reality!

Money matters and travel can be stressful, but I’m here to put your mind at ease. 

Thankfully, paying for things in Iceland is SUPER simple.

I’ll take you through how to pay for things when you’re here, what kind of cards work best, if you need local currency in Iceland and how much, and what the actual transaction looks like when you pay for things like groceries, fuel, etc.

Let’s get into it!

Table of Contents:

• What Is the Currency in Iceland
• Where to Exchange Icelandic Króna
• Paying With Cash
• Paying With Debit and Credit Card
• Using The Chip and Pin Method
• Contactless Payments in Iceland 

Paying for Fuel or Groceries

• What Credit Cards Are Accepted in Iceland

What Is the Currency in Iceland?

The official currency in Iceland is the Icelandic Króna.

Before this, the Danish Krone was used but since Iceland gained independence from Denmark, the new currency was introduced.

Cash is still widely accepted around the country and I suggest having some on hand while you’re traveling, but it’s not essential – more about that in a moment.

Iceland’s currency to the USD is currently at 136 ISK to a dollar.

The Icelandic Króna exchange rate to the Euro is 148 ISK and 173 ISK to the Pound Sterling.

Where to Exchange Icelandic Króna?

As I mentioned before, cash is not necessary, but here are a few things to consider if you plan on paying with physical money in Iceland.

If you want to exchange your currency in Iceland, you can easily do this at the bank at Keflavík airport when you arrive or when you get to Reykjavík. 

Just be aware of any fees associated with ATM withdrawals before you leave home.

If you’re wondering how much cash to bring to Iceland, I suggest taking out about 10,000 ISK. 

You can also exchange currency in Iceland if you plan on visiting another city.

Traveling to Iceland for the first time? Do yourself a favor and check out the post below:

➡️ READ : Iceland for first-timers | 5 tips you need to know!

Does Iceland Accept Other Currencies? 

You might be wondering…does Iceland use Euros or U.S. dollars? Because the official currency is the Icelandic Krona, euros or dollars are not widely used in Iceland. However, you will find that some restaurants, bars, and attractions geared towards tourists may accept US and Canadian dollars, as well as Euros – but I wouldn’t count on it. 

Just know, you’ll always get the best rate by paying in the local currency!

How to Pay for Things in Iceland

There are a few different ways that you can pay for things in Iceland. The actual transaction can look different depending on what method you use.

Let’s take a look at what they are so you’re not caught off guard.

Let me answer the burning question: Do you need to carry local currency in Iceland?

Carrying cash will come in handy for various things like if you’re doing laundry, or if you’re camping and you want to use the showers at the campsite. 

It’s also nice to have if you booked a tour, loved it, and wanted to tip your tour guides.

But, carrying money in Iceland is 100% not required.  

Gratuity : Many people worry about the tipping situation at restaurants, but a gratuity is already built into the cost of the meal, so it isn’t necessary. But, I suppose a little something extra is always welcome if you feel like rounding up your bill! However, tips are never expected in Iceland. 

While carrying local currency in Iceland is not essential, I do recommend having a little bit of cash on hand while you travel.

I’m sure you’ve noticed that a trip to Iceland can be pretty expensive. I’ve got some useful tips on how you can save money, take a look 👇

➡️ READ : 19 Easy Ways to Save Money on Your Trip to Iceland

Debit and Credit Card

The preferred method of payment in Iceland is by debit or credit card.

That being said, one thing I’ve found fascinating is that using a credit card in Iceland is not as common as a debit card.

So, what’s the difference between the two? 

Well, when you use your debit card, the money comes directly out of your bank account. 

A credit card, on the other hand, has a revolving line of credit so you’ll essentially spend money first and then pay for it later. 

It’s not common for people to have multiple credit cards, unlike in the U.S.

So, when Icelanders use a card to pay, it’s usually a debit card tied to their bank account where the funds come directly out when the transaction is made.

We know it’s expensive to travel to Iceland, but how much does it cost to live here? No need to wonder, tell you all about it…👇

➡️ READ : How Much is the Cost of Living in Iceland? Groceries, Housing, Transport and More

Chip and Pin Method

What does a typical transaction look like? 

When you’re using your credit or debit card, all you have to do is swipe or if there’s a chip on the card, insert it into the chip and pin reader.

The machines in Iceland almost always have a chip reader so that’s the most common way to pay. 

Insert the chip, type in the PIN, and then pay for the transaction. 

If you don’t have the pin, then of course you’ll swipe your credit card and that’s how the transaction is completed. 

If your card doesn’t have a chip, then you can simply sign to complete the purchase.

Pro tip : Sometimes when paying with a card, there’ll be a pop-up asking you if you want to pay in your currency or the local currency.

It’s always best to pay in the local currency because that will have lower conversion rates and fees associated with it. 

Contactless

In Iceland, using a credit card with no pin is also possible with the contactless method.

It’s also known as tap-and-go and it’s becoming increasingly common here.  

This happens right at the kiosk and there’s a wireless sign built-in.

If you’ve got a contactless card, you’ll know because it’ll have a little Wi-Fi sign on it and if you have your cards connected to your Apple Watch or iPhone, then you can just tap and be on your merry way!

This includes things like Apple Pay, and Google Pay, as well as linking your credit or debit cards to your wallet on your phone. 

I’m not a fan of carrying a physical wallet. Since I store everything on my phone, this is super convenient and easy and by far my favorite method of payment.

When I’m out sightseeing or hiking and arrive somewhere that I need to pay for something, the less I have to carry, the happier I am!

If I’m using my credit card to pay for groceries or gas, 50% of the time it’ll push my transaction through, and the rest of the time I’ll have to sign for that purchase.

On the other hand, if I were to use my Icelandic debit card at the pump or the grocery store, I would swipe the card, and I would immediately be prompted to enter my PIN.

It’s so easy to pay with a plastic card whether or not you have a debit or a credit card. 

I still have a U.S. bank account and a U.S. credit card, and have the same in Iceland. Therefore, I’m able to be quite flexible when I’m paying for things.

But, as a tourist, it’s a good idea to have a couple of payment options handy. 

You don’t want to find yourself in a tricky situation, like being at a gas pump in the middle of the countryside without a way to pay because they only accept one payment method you don’t have.

This is not a story you want to be telling when you get home!

What Credit Cards Are Accepted in Iceland?

I remember when I moved to Iceland, I wanted to apply for an Icelandair credit card so that we could gather points when traveling.

Let me tell you, it wasn’t easy to locate and apply for this credit card!

Some people have told me that Visa and MasterCard are the most widely accepted and Discover and American Express are less accepted, but I’m not an expert on this and can’t confirm that. 

It’s just something to keep in mind when planning your travels. 

By the way, if you’re looking for a credit card with NO foreign transaction fees, 5x on travel purchases, and a low annual fee this is my preferred travel credit card . 

We build up a lot of points for travel and I love it!

Looking for an all-in-one resource to help you plan your trip to Iceland?

One with scenic locations, hidden gems and practical details like toilets, pharmacies and grocery stores – all plotted on a digital map with over 500 locations?

Then you need to check out my 👉 Iceland Guidebooks + Maps .

Rest assured that you’ll have the best information at your fingertips to plan the best trip ever!

Pin it for later 👇🏼

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• Related: Is Iceland expensive? Your budgeting guide .

What currency does Iceland use?

Iceland uses its own currency, the Icelandic króna (plural: krónur ). The currency symbol is ISK or kr.

See Landsbankinn for the latest exchange rates.

Can I use my card in Iceland?

International credit and debit cards are widely accepted using contactless (tap) payment or chip and PIN. The limit for contactless payments is ISK 7,500 per transaction.

It’s a good idea to make sure you know your PIN number, as you won’t be able to authorize with your signature.

Cards are accepted at most retailers, including small kiosks and market stalls, and at gas station pumps, parking meters, swimming pools, and elsewhere.

You’ll sometimes be asked if you prefer to pay in Icelandic krónur or your home currency. It’s almost always cheaper to pay in Icelandic krónur, as the exchange will be made by your bank and not the retailer.

Do I need cash in Iceland?

Card payments are preferred in most places in Iceland. Of course, it’s a good idea to take out some cash just in case you have issues with your card.

It’s normally cheapest to withdraw straight from an ATM or exchange cash at a local bank, rather than at the airport.

Do you tip in Iceland?

There’s generally no tipping culture in Iceland at restaurants , cafés, bars , and so on. That said, if you had a truly exceptional experience, a tip of around 10% would be gratefully received.

How much is VAT in Iceland?

VAT (or sales tax) in Iceland is 24% on most goods. On food and books, it’s 11%.

Can I shop tax-free in Iceland?

Yes! Participating retailers in Iceland will provide you with a tax-free receipt, which allows you to claim back most of the VAT on purchases of goods over ISK 6,000 when you leave the country.

Keep your receipts together for stamping at the airport, and post them in the envelope provided before you board your flight home.

You can shop tax-free regardless of where you’re from, the only requirement is that you’re not resident in Iceland.

• On a budget? Browse these wallet-friendly camping trips and multi-day bus tours .

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Iceland awaits. Let’s get your travel money sorted

Whether you're going for the glaciers or the volcanoes, the hot springs or the Northern Lights, there are few places with more spectacular scenery than Iceland.

Despite its name and lying just a few degrees south of the Arctic Circle, it has a surprisingly mild climate too. The warm waters of the Gulf Stream regulate its coastal weather and vary Iceland's average summer temperatures from around 5°C at night to as high as 25°C throughout the day.

You'll warm to the exchange rate we offer you for your Icelandic króna too. We offer our best rates online and if you order your Icelandic travel money now, it can be in your pocket the next working day.

Order Icelandic króna online  and you'll get a better deal for your Reykjavik money.

The more Icelandic króna you order, the better your rate. 

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How far does your Icelandic króna go?

Iceland is expensive for its citizens, not just visitors, so lots of homeowners in Reykjavik let their properties through Airbnb. While there’s a lot of availability, it may contribute to difficult housing situations for locals so it’s preferred visitors stay in formal accommodation like hotels and hostels or outside of the capital

Eating out is considered a treat by the locals. High prices apply to food cooked by someone else, whether that’s a takeaway pizza or a meal in a restaurant

Alcohol can only be bought (outside of bars) in state-run off-licences, which are open during office hours. You might need to plan to stock up before heading out

Items such as designer clothing are taxed highly and so can be very expensive – so don’t go to Iceland expecting to replenish your wardrobe

Renting a car is by far the cheapest way of getting around Iceland

Some common questions

Why visit iceland.

Iceland is one of the more popular destinations for UK travellers in recent years, and it’s not hard to see why. With its unique geothermal landscape, there are rafts of natural phenomena that travellers can’t see anywhere else on earth.

The whole country runs on geothermal energy and is, for many, the template of a country that functions well and offers something for everyone. With its rugged, otherworldly landscapes, bewitching culture of ‘hidden folk’, arts in every town and unique cuisine, travellers are guaranteed an experience like no other.

What is the Iceland króna?

The Icelandic króna is the official currency of Iceland.

The numeric value of króna is quite high, which can make mental arithmetic a little more challenging than, say, US dollars. But once you’ve got your head around it, it’s not too tricky.

Króna come in coins of 1, 5, 10, 50 and 100. The króna is nominally divided into aurar (cents) however these are no longer accepted tender. However, it is hugely unlikely you would see any.

Króna notes are 500, 1,000, 2,000, 5,000 and 10,000.

Where is the Icelandic króna used?

The Icelandic króna is only used in Iceland.

Where can I buy Icelandic króna?

It’s easy to buy Icelandic króna online using our  click and collect service. Or, to buy travel money in-branch,  use our branch finder tool  to locate those that sell currency.

You can get our best exchange rates, and we can also deliver to your home, if you buy online. You’ll get a better rate the more you buy. And, if you buy at a good time for the pound, you can lock in that great rate.

With our travel money buy back  service you can sell us any leftover notes you have. And we can  refund your travel money  at the rate you bought it if your trip’s cancelled for a reason beyond your control.

What are the best ways to pay in Iceland?

Iceland is an increasingly cash-free society and it’s common for locals and visitors to pay for everything using credit cards or debit cards.

But remember that paying for items using a credit or debit card abroad can come with charges, so if you want to keep costs down, it’s useful to research what charges your provider levies.

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Here Are the Four Best Travel Money Cards in 2024

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Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last ten years.

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A writer and editor at Monito, Jarrod is passionate about helping people apply today’s powerful finance technologies to their lives. He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context.

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From the multitude of bank fees and ATM charges to hidden currency conversion fees, there's no question that spending your money abroad while travelling can be costly — and that's saying nothing about the cost of the holiday itself!

As you prepare for your trip abroad, the golden rule is that you'll save the most money by using the local currency of your destination. This means withdrawing local cash at foreign ATMs and using a debit card to pay directly in the local currency. For example, if you're from the UK, using your bank's debit card that accesses your British pounds will likely lose you money to hidden fees at ATMs abroad and at local merchants.

In general, we rate Revolut as the best travel card all around. Its versatile account and card can be used to spend like a local pretty much anywhere in the world. ✨ Get 3 months of free Revolut Premium as a Monito reader with our exclusive link .

If you're from the EU, UK, or US, here are a few more specific recommendations to explore:

• Best for travelling from the UK: Chase
• Best for travelling from the US: Chime ®
• Best for travelling from the Eurozone: N26

If it's not possible for you to spend in the local currency when travelling abroad, then spending in your home currency while using a card that doesn't charge any hidden exchange rate markups from your bank (e.g. only the VISA or Mastercard exchange rates to convert currency) is still a good bet for most people.

In this guide, we explore cards that waive or lower ATM fees and that hold multiple currencies. Spend on your holiday like a local and enjoy peace of mind after each tap and swipe!

Best Travel Cards (And More!) at a Glance

Best travel money cards.

• 01. What is the best best multi currency card? scroll down
• 02. Are prepaid currency cards really it? scroll down
• 03. Monito's best travel money card tips scroll down
• 04. FAQ about the best travel cards scroll down

Revolut: Best All-Rounder

Revolut is one of the most well-known fintechs in the world because it offers services across Europe, the Americas, Asia, and Oceania.

• Trust & Credibility 8.9
• Service & Quality 7.9
• Fees & Exchange Rates 8.3
• Customer Satisfaction 9.4

Revolut is available in many countries. You can double-check if it's available in yours below:

Here's an overview of Revolut's plans:

Revolut Ultra is currently only available in the UK and EU.

Like Wise, Revolut converts your currency to the local currency of your travel destination at an excellent exchange rate (called the 'Revolut Rate', which, on weekdays, is basically on par with the rate you see on Google), making it a good way to buy foreign currency before travelling abroad. As always though, bear in mind that Revolut's exchange rates might be subject to change.

Revolut's Standard Plan only allows currency exchange at the base mid-market exchange rate for transfers worth £1,000 per month. ATM withdrawals are also free for the first €200 (although third-party providers may charge a withdrawal fee, and weekend surcharges may also apply). These allowances can be waived by upgrading memberships.

N26: Good Bank For EU Travellers

One of the most well-known neobanks in Europe, N26 and its debit card operate in euros only. However, N26 is a partner with Wise and has fully integrated Wise's technology so that you never have to pay foreign transaction fees on your purchases outside of the eurozone. While N26 does not have multi-currency functionality, N26 will apply the real exchange rate on all your foreign purchases and will never charge a commission fee — making N26's card a powerful card for EU/EEA residents who travel across the globe.

• Trust & Credibility 7.9
• Service & Quality 8.0
• Fees & Exchange Rates 9.3
• Customer Satisfaction 8.1

These are the countries in which you can register for an N26 account:

And here is an overview of the various plans and account:

This low-fee option for banking is also ideal for travellers who do not belong to a European bank but frequent the Eurozone. For example, N26 is available for residents and citizens of Switzerland, Norway, and other European Economic Area countries that do not run on the Euro.

These citizens, who are in close proximity to the Eurozone, will save each time they spend with an N26 card while in Europe. N26 provides three free ATM withdrawals per month in euros but does charge a 1.7% fee per ATM withdrawal outside of Europe.

Take a look at our guide to the best travel cards for Europe to learn more.

Wise: Best For Multi-Currency Balances

Load up to 54 currencies onto this card at the real exchange rate, giving you access to truly global travel.

• Trust & Credibility 9.3
• Service & Quality 8.9
• Fees & Exchange Rates 7.6
• Customer Satisfaction 9.6

These are the countries in which you can order a Wise debit card:

Unlike banks, credit unions, airport kiosks, and foreign ATMs, Wise is transparent about never charging a hidden exchange rate margin when you convert your home currency into up to 54 currencies. The live rate you see on Google or XE.com is the one you get with Wise.

An industry-low commission fee per transaction will range from 0.35% to 2.85%, depending on the currency.

Chase: Great UK Bank For Travel

A recent arrival from the USA, Chase is one of the UK’s newest digital challenger banks and comes with a rock-solid reputation and no monthly charges, no currency conversion charges, no withdrawal fees, and no other charges for everyday banking from Chase. It’s a simple, streamlined bank account with an excellent mobile banking app and a great cashback offer. However, it doesn’t yet offer more advanced features like international money transfers, joint accounts, business banking, overdrafts and loans, and teen or child accounts.

• Trust & Credibility 10
• Fees & Exchange Rates 10
• Customer Satisfaction 8.7

Chime: Great Account For US Travelers

Chime  is a good debit card for international travel thanks to its no foreign transaction fees¹. Unlike multi-currency accounts like Revolut (which let you hold local currency), Chime uses the live exchange rate applied by VISA. This rate is close to the mid-market rate, and Chime does not add any extra markup to your purchases, although out-of-network ATM withdrawal and over-the-counter advance fees may still apply.

• Trust & Credibility 9.5
• Service & Quality 8.8
• Fees & Exchange Rates 9.8

While Chime waives ATM fees at all MoneyPass, AllPoint, and VISA Plus Alliance ATMs within the United States, this fee waiver does not extend to withdrawals made outside the country. For withdrawals abroad, Chime applies a $2.50 fee per transaction, with a daily withdrawal limit of $515 or its equivalent. This is in addition to any fees charged by the ATM owner. Therefore, we recommend Chime primarily for card purchases rather than relying on it for withdrawing cash while traveling internationally.

• No  foreign transaction fees ¹;
• Uses VISA's exchange rate ( monitor here ):
• A $2.50 fee per ATM withdrawal made outside of the United States;
• More info:  Read our  Chime review  or  visit their website .

Best Travel Money Cards in 2024 Compared by Country

In the table below, see our comparison summary of the four best travel cards for 2024 by country:

Last updated: 8 January 2024

What's The Best Prepaid Card to Use Abroad?

Travel cards come in many varieties, such as standard credit cards or debit cards with no foreign transaction fees or cards that waive all foreign ATM withdrawal fees.

What is a Multi-Currency Card?

Multi-currency cards are a specific type of travel card that allows you to own all kinds of foreign currencies, which you can instantly access when you pay with your card abroad. By spending the local currency in the region of travel , you bypass poor foreign exchange rates. ATMs and cashless payment machines will treat your card like a local card.

We have already mentioned a few multi-currency cards in this review, but we will also introduce Travelex . Travelex's Money Card also allows you to top up several foreign currencies — albeit at exchange rates slightly poorer than the real mid-market rate .

Wise Account

Wise has one of the best multi-currency cards available on the market.

Read our full review for more details.

Revolut is impressive for its vast options in currencies and its additional services.

Our in-depth review explores Revolut's services in detail.

Travelex offers a prepaid travel money card that supports 10 currencies and waives all ATM withdrawal fees abroad.

• Trust & Credibility 9.0
• Service & Quality 5.8
• Fees & Exchange Rates 7.1
• Customer Satisfaction 9.3

Travelex charges fees, which fluctuate according to the exchange rates of the day, in order to convert your home currency into the currencies that it supports. But once the currency is on the card, you'll be able to spend like a local. Learn more with our full review .

Don’t Let Banks, Bureaux de Change, and ATMs Eat Your Lunch 🍕!

Are you withdrawing cash at an ATM in the streets of Paris? Exchanging currencies at Gatwick airport? Paying for a pizza with your card during a holiday in Milano? Every time you exchange currencies, you could lose between 2% to 20% of your money in  hidden fees . Keep reading below to make sure you recognize and avoid them.

Currency Exchange Fees Eating My Lunch? What’s That?

You’re often charged a hidden fee in the form of an alarming exchange rate.

At any given time, there is a so-called “ mid-market exchange rate ” — this is the real exchange rate you can see on  Google . However, the money transfer provider or bank you use to exchange currencies rarely offers this exchange rate. Instead, you will get a much worse exchange rate. They pocket this margin between the actual rate and the poor exchange rate they apply, allowing the bank or money transfer provider to profit from the currency exchange. 

In other words, you or your recipient will receive less foreign currency for each unit of currency you exchange. All the while, the provider will claim that they charge zero commission or zero fees.

So the question now is… how can you avoid them? Thankfully, the best travel money cards will allow you to hold the local currency, which you can access instantly with a tap or swipe. Carrying the local currency avoids  exchange rate margins  on every purchase.

Top Travel Money Tips

• Avoid bureaux de change. They charge between 2.15% and 16.6% of the money exchanged.
• Always pay in the local currency and never accept the  dynamic currency conversion .
• Don't use your ordinary debit or credit card unless it's specifically geared toward international use. Doing this will typically cost you between 1.75% and 4.25% per transaction. Instead, use one of the innovative travel money cards below.

By opting for a travel card without FX fees, you can freely swipe your card abroad without worrying about additional charges. However, saving money doesn't stop there. To make the most out of your travel budget, consider using  Skyscanner , one of the most powerful flight search engines available that allows you to compare prices from various airlines and find the best deals.

With Skyscanner's user-friendly interface and comprehensive search options, you can discover cheap flights and enjoy your holidays with peace of mind and more money in your pocket.

Best Travel Money Card Tips

When you convert your home currency into a foreign currency, foreign exchange service providers will charge you two kinds of fees :

• Exchange Rate Margin:  Providers apply an exchange rate that is poorer than the true  "mid-market" exchange rate . They keep the difference, called an  exchange rate margin .
• Commission Fee:  This  fee  is usually a percentage of the amount converted, which is charged for the service provided.

With these facts in mind, let's see what practices are useful to avoid ATM fees, foreign transaction fees, and other charges you may encounter while on your travels.

Tip 1: While Traveling, Avoid Bureaux de Change At All Costs

Have you ever wondered how bureaux de change and currency exchange desks are able to secure prime real estate in tourist locations like the Champs-Élysées in Paris or Covent Carden in London while claiming to take no commission? It’s easy: they make (plenty of) money through hidden fees on the exchange rates they give you. 

Our study shows that Bureaux de Change in Paris charges a margin ranging from 2.15% at CEN Change Dollar Boulevard de Strasbourg to 16.6% (!!) at Travelex Champs-Élysées when exchanging 500 US dollars into euros for example. 

If you really want cash and can’t wait to withdraw it with a card at an ATM at your destination, ordering currencies online before your trip is usually cheaper than exchanging currencies at a bureau de change, but it’s still a very expensive way to get foreign currency which we, therefore, would not recommend.

Tip 2: Always Choose To Pay In the Local Currency

Don’t fall for the dynamic currency conversion trap! When using your card abroad to pay at a terminal or withdraw cash at an ATM, you’ve probably been asked whether you’d prefer to pay in your home currency instead of the local currency of the foreign country. This little trick is called dynamic currency conversion , and the right answer to this sneaky question will help you save big on currency exchange fees.

As a general rule, you always want to pay in the local currency (euros in Europe, sterling in the UK, kroner in Denmark, bahts in Thailand, etc.) when using your card abroad, instead of accepting the currency exchange and paying in your home currency. 

This seems like a trick question - why not opt to pay in your home currency? On the plus side, you would know exactly what amount you would be paying in your home currency instead of accepting the unknown exchange rate determined by your card issuer a few days later.

What is a Dynamic Currency Conversion?

However, when choosing to pay in your home currency instead of the local one, you will carry out what’s called a “dynamic currency conversion”. This is just a complicated way of saying that you’re exchanging between the foreign currency and your home currency at the exact time you use your card to pay or withdraw cash in a foreign currency, and not a few days later. For this privilege, the local payment terminal or ATM will apply an exchange rate that is often significantly worse than even a traditional bank’s exchange rate (we’ve seen margins of up to 8%!), and of course, much worse than the exchange rate you would get by using an innovative multi-currency card (see tip #3). 

In the vast majority of times, knowing with complete certainty what amount you will pay in your home currency is not worth the additional steep cost of the dynamic currency conversion, hence why we recommend always choosing to pay in the local currency.

Tip 3: Don't Use a Traditional Card To Pay in Foreign Currency/Withdraw Cash Abroad

As mentioned before, providers make money on foreign currency conversions by charging poor exchange rates — and pocketing the difference between that and the true mid-market rate. They also make money by charging commission fees, which can either come as flat fees or as a percentage of the transaction.

Have a look at traditional bank cards to see how much you can be charged in fees for spending or withdrawing $500 while on your holiday.

These fees can very quickly add up. For example, take a couple and a child travelling to the US on a two-week mid-range holiday. According to this study , the total cost of their holiday would amount to around $4200. If you withdraw $200 in cash four times and spend the rest with your card, you would pay $123 in hidden currency exchange and ATM withdrawal fees with HSBC or $110 with La Banque Postale. With this money, our travellers could pay for a nice dinner, the entrance fee to Yosemite Park, or many other priceless memories. 

Thankfully, new innovative multi-currency cards will help you save a lot of money while travelling. Opening an N26 Classic account and using the N26 card during the same US holidays would only cost $13.60.

Need Foreign Cash Anyway?

In many countries, carrying a wad of banknotes is not only useful but necessary to pay your way since not every shop, market stall, or street vendor will accept card payments. In these cases you'll have two options to exchange foreign currency cheaply:

1. Withraw at an ATM

As we've explored in great depth in this article, withdrawing money from a foreign ATM will almost always come with fees — at the very least from the ATM itself, and so it's therefore the best strategy to use a travel debit card that doesn't charge in specific ATM withdraw fees on its own to add insult to injury. That said, if you need cash, we recommend making one large withdrawal rather than multiple smaller ones . This way, you'll be able to dodge the fees being incurred multiple times.

2. Buy Banknotes (at a Reasonable Rate!)

As we've also seen, buying foreign currency at the airport, at foreign bank branches, or in bureaux de change in tourist hotspots can be surprisingly expensive. Still, not all exchange offices are equally pricey . If you're looking for a well-priced way to exchange your cash into foreign currency banknotes before you travel, Change Group will let you order foreign currency online and pick them up at the airport, train station, or a Change Group branch just before you leave for your holiday. A few pick-up locations in the UK include:

• London centre (multiple locations),
• Glasgow centre,
• Oxford centre,
• Luton Airport,
• Gatwick Airport,
• St. Pancras Station.

(Note that Change Group also has locations in the USA, Australia, Germany, Spain, Sweden, Austria, and Finland!)

Although its exchange rates aren't quite as good as using a low-fee debit card like Revolut, Change Group's exchange rates between popular currencies tend to be between 2% to 3%, which is still a lot better than you'll get at the bank or at a touristy bureau de change in the middle or Paris or Prague!

FAQ About the Best Travel Money Cards

Having reviewed and compared several of the industry's leading neobanks, experts at Monito have found the Wise Account to offer the best multi-currency card in 2024.

In general, yes! You can get a much better deal with new innovative travel cards than traditional banks' debit/credit cards. However, not all cards are made equal, so make sure to compare the fees to withdraw cash abroad, the exchange rates and monthly fees to make sure you're getting the best deal possible.

• Sign up for a multi-currency account;
• Link your bank to the account and add your home currency;
• Convert amount to the local currency of holiday destination ( Wise and Revolut convert at the actual mid-market rate);
• Tap and swipe like a local when you pay at vendors.

Yes, the Wise Multi-Currency Card is uniquely worthwhile because it actually converts your home currency into foreign currency at the real mid-market exchange rate . Wise charges a transparent and industry-low commission fee for the service instead.

More traditional currency cards like the Travelex Money Card are good alternatives, but they will apply an exchange rate that is weaker than the mid-market rate.

The Wise Multi-Currency Card is the best money card for euros because unlike banks, credit unions, airport kiosks, and foreign ATMs,  Wise  is transparent about never charging a hidden exchange rate margin when you convert your local currency into euros with them.

The live rate you see on Google or XE.com is the one you get with  Wise . An industry-low commission fee will range from 0.35% to 2.85%. USD to EUR transfers generally incur a 1.6% fee.

Learn more about how to buy euros in the United States before your trip.

There are usually three types of travel cards, prepaid travel cards, debit travel cards and credit travel cards. Each have pros and cons, here's a short summary:

• Prepaid travel cards: You usually need to load cards with your home currency via a bank wire or credit/debit card top-up. You're then able to manage the balance from an attached mobile app and can use it to pay in foreign currencies or withdraw cash at an ATM abroad tapping into your home currency prepaid balance. With prepaid travel cards, as the name indicates, you can't spend more than what you've loaded before hand. Some prepaid card providers will provide ways to "auto top-up" when your balance reaches a certain level that you can customize. On Revolut for example, you can decide to top-up £100/£200/£500 from your debit card each time your balance reaches below £50.
• Debit travel cards: Some innovative digital banks, like N26 or Monzo, offer travel debit cards that have the same advantages than a Prepaid Travel Cards, except that they're debit card directly tapping into your current account balance. Like a Prepaid travel card, you can't spend more than the balance you have in your current account with N26 or Monzo, but you can activate an overdraft (between €1,000 or €10,000 for N26 or £1,000 for Monzo) if you need it, for a fee though.

Note that even if they're Prepaid or Debit cards, you can use them for Internet payments like a normal credit card.

• Credit travel cards: You can find credit cards made for international payments offering good exchange rates and low fees to withdraw money abroad, but you'll need to pay interests in your international payment if you don't pay in FULL at the end of every month and interest on your ATM withdrawals each day until you pay them back.

Why You Can Trust Monito

Our recommendations are built on rock-solid experience.

• We've reviewed 70+ digital finance apps and online banks
• We've made 100's of card transactions
• Our writers have been testing providers since 2013

Other Monito Guides and Reviews on Top Multi Currency Cards

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

Monito is trusted by 15+ million users across the globe.

Monito's experts spend hours researching and testing services so that you don't have to.

Our recommendations are always unbiased and independent.

Travelling to Iceland

Your essential guide to this fascinating nordic island., discover iceland this year, bathe in the iconic blue lagoon, explore iceland’s national parks, wander the quirky streets of reykjavik, what currency does iceland use, is reykjavik expensive, travelling around iceland, travelex in iceland.

It’s easy to pick up some Icelandic krónur from us before you head off to Iceland. All you need to do is place your order online and you’ll be able to pick up your travel money from us in store or choose to have it delivered right to your home . Check out our store locator to find your nearest Travelex.

Keep exploring...

History of the holiday, rio de janeiro, türkiye, sports travel, quick links, about travelex, useful information, customer support, travelex foreign coin services limited.

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Money in Iceland

The icelandic krona (isk) and the culture of paying in iceland.

There are important things to be conversant about when travelling, one of which is money asides safety and language differences. So, you should know that when travelling to Iceland, there will be a lot of things different from what you are familiar with. You need to know that this applies to any international travel you might want to embark on but the focus here in this article is Iceland .  It is important to have a piece of reasonable knowledge about the money details and payment structure in Iceland as part of your pre-plans before setting out; this will help make your travel bothersome.

The abbreviation for the Icelandic Króna is ISK however you could also see it written as IKR which in most cases is not regarded as the correct form. Oftentimes, on price tags in shops, it is written as KR without the ‘I’ before it. There are four main money denominations in Iceland and they are 10.000 ISK bill (ten thousand krónur), 5.000 ISK bill (five thousand krónur),  1.000 ISK bill (one thousand krónur) and 500 ISK bill (500 hundred krónur).  In coins, there are 100 ISK coins, a 50 ISK coin, 10 ISK coin, a 5 ISK coin, and a 1 ISK coin.   Frommer’s lists precise costs in the local currency. However, rates waver, so before embarking on your travel, confer with a currency exchange website.

Accepted Currencies In Iceland

In Iceland, you can make use a credit card almost in all places.  Iceland operates nearly a cashless society which means that credit and debit cards are predominantly used for transactions. Though there are a few who still make use of cash in their transactions as it assists them in checking their spending. As a fact, credit cards are the preferential mode of payment in Iceland. However, various places like tourist attractions, souvenir stores, a few bars and restaurants might accept US dollars and Euros.

ATMs are the most reasonable and authentic mode of getting cash at equitable exchange rates.  On arrival at Keflavík International Airport,  ATMs and the currency exchange desk are easy to find; which are both managed by Arion Banki, and is reputed for reasonable exchange rates; it also interesting to note that ATMs are found in most villages in Iceland, though not all have 24 hours access.

You should also know that credit cards are secure, suitable, and commonly provide good exchange rates, though numerous banks evaluate a 1% to 3% ‘foreign transaction fee’ on all rates you incurred overseas. Note that you will need a PIN to make cash withdrawals on your credit card. The need for a PIN for most credit card transactions might not arise, but in situations like at an automated fuel pump, there will be a need for a PIN.  Icelanders are quite comfortable with the use of credit and debit cards.  All stores and tourist centers accept credit cards.

First, please be advised that you will need a credit card with a 4-digit pin for a lot of things.  The Icelandic credit card makes use of a 4-digit pin hence, just in case you will be making use of any automatic services, you will need a 4-digit pin. Note that all payment machines in restaurants and stores will also request a pin however, if your card has a chip, payment can be made for any transaction below 5000 ISK. Visa and MasterCard are very much accepted over others; while Diner’s Club and American Express do not enjoy the same level of acceptance.

EDC Electron and Maestro debit cards are sometimes accepted at retail shops. It is also pertinent to understand that American Express credit cards are in most cases not accepted.  Although most travel eateries and businesses accept American Express, however, there are still some businesses that do not accept it; the reason being the high transaction charges for the business.

Payments for transactions from your phone is gradually becoming more regular in Iceland. Now, more of the numerous retailers are accepting mobile payments but if your transaction is being done in a relatively small retail shop, it is most likely that a credit card will be demanded;  it is the same for gas stations and other automatic payment systems.   You should also be knowledgeable about Value Added Tax (VAT) and the items that you can buy that fall into this category.

It is money that can be returned on items that you buy in Iceland and will be taken out of the country; VAT in Iceland is presently 25.5% or 7% on distinctive goods.  Gift items, souvenirs, and clothes whose overall cost is up to ISK 6,000 or more fall into this category; however, this does not apply to food and drinks while in Iceland.  To redeem your money, ensure to request for your tax-free receipt at the point of transaction. All your tax-free receipts should be submitted to the customs office at the Keflavik International Airport.  A refund is usually given in ISK cash, which you can then convert to your currency.   Iceland is amongst the few countries in the world that have duty free at the arrivals and departures at Keflavík International Airport.

A few more Iceland Trip-Planner Blogs:

Basic Travel Tips for Iceland

Tipping Etiquette in Iceland

Iceland Crash Course

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Travel Money Card - Australian Traveller - Iceland Forum

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Travel Money Card - Australian Traveller

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You could try the Currency Card of Arion Banki. https://www.arionbanki.is/english/individuals/payment-cards/currency-card/

Use the 28 Degrees MasterCard, which many Australians use ( including me) for overseas travel, it doesnt charge exchange fees. You can withdraw money via ATM's though that now has a charge ( it never used to).

The other one I use is the Citibank card - decent exchange rates and no charge if used to withdraw money via another Citibank ATM overseas.

This topic has been closed to new posts due to inactivity.

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Iceland Hotels and Places to Stay

• Covid testing FAQs
• Dos and don'ts of Iceland
• Winter driving in Iceland - read this
• What to Wear?
• Wild camping with a vehicle is illegal in Iceland
• Weather advice for Iceland
• Northern Lights Advice
• Don´t be a bad tourist
• What ,,not to do when traveling in Iceland"
• Car Rental Options & Advice
• Taxi/Bus costs from KEF Airport to Reykjavik
• Trip reports
• Trip reports - families
• Trip reports - ring road