Iceland’s currency is called the Krona , (plural kronur). Iceland is a rich country. The Krona is at times abbreviated as ISK. The country’s coins come in 1,10,50 and 100 denominations, while notes can be found in denominations of 5000kr,2000kr, 1000kr, and 500kr. Historical sources explain that Krona was subdivided into 100 aurar even though the division is no longer in use.
The word ‘krona’ means ‘crown’. This currency is believed to have some relations with several other Nordic currencies like the currencies of Denmark, Sweden and Norway.
It should be remembered that Iceland is not a member of EU (European Union) and therefore it doesn’t use the euro. The currency is entirely managed by the central bank of Iceland and that is why its value in terms of other currencies is said to be volatile.
Tips on getting the best rates if you are new to Iceland
As a result of the fact that other currencies are not easily acceptable in Iceland, it is good to have some information about how to obtain acceptable currencies so that inconveniences can be evaded.
If you plan to visit Iceland, you should be aware that other currencies are rarely accepted for use in the country. It is at the Keflavik International airport where other currencies like the US dollar and Euro is accepted.
However, electronic ways of settling debts is widely accepted and that is why the use of debit and credit cards is encouraged here.
ATM’s are one of the most reliable ways to get liquid cash at friendly rates. It is advisable to opt for the ATM exchange because it is common to find visitors spending a lot of time trying to obtain the Kronur on arrival. Basically, if you have taken a flight to Iceland, immediately you land at Keflavik International airport, locate a currency exchange desk and change.
Always avoid exchanging your money at hotels since the transaction fees may not be friendly.
ATM’s are scattered all over the country. Most of the ATM’s operate for twenty four hours, every traveler should bear in mind that the Icelandic ATM’s accept credit and debit cards.
Facts about the use of credit and debit cards in Iceland
To begin with, credit cards are convenient and safe. It is our concern to ensure that our money is kept safely as we travel. All the safety services are available if only we use the ATM. Another thing that champions the use of ATM’s is the fact that they offer fair exchange rates. As a traveler, it is obvious that you should be mindful about the value of your money because you would not love to get broke in a foreign country.
As a visitor, you will have plenty of things to do, plenty of activities to participate in and obviously, there are some beautiful things that you will need to purchase from Iceland. In order to obtains the ideal value of your money, you need to get the best exchange rate from your trusted provider – the ATM.
While in Iceland, the regulation requires that you have the PIN (personal identification number) in order for you to cash advances of a credit card. However, still a good number of credit card purchases do not demand PIN but that will change with new regulation late 2013 . So it is always good to have the PIN on the finger tips while making credit purchases because circumstances may arise where a buyer will be required to produce a PIN.
Why is the use of Debit and credit cards common in Iceland?
Iceland is one destination where you will find the use of debit cards and credit cards. This is because Iceland is a country which allows the use of the cards to make purchases at shops and other tourist establishments. Charging for a ride can even be made using a debit or credit card in Iceland.
Summary of acceptable cards in Iceland.
Accepted credit cards
Visa and master cards. The two cards are serviced by the major banks. Ideally, the master cards are the agents of the JCB and the Diners club
Accepted debit cards
They include the Electron cards and maestro cards.
Can you use Debit Cards and kredit in Iceland ? The short answer is YES