Monday, June 27, 2022

Money & Shopping in Iceland

EuropeIcelandMoney & Shopping in Iceland

Read next


The Icelandic króna (kr or ISK) is the native currency, and its value plummeted during the 2008 financial crisis. It is currently trading at about €1 = 140 kr as of May 2016. This has also made local pricing more accessible to visitors, despite the fact that import prices have increased significantly.

If you purchase and sell your króna in Iceland, you’ll receive a higher exchange rate. Credit cards are accepted almost everywhere in Iceland, including taxis, petrol stations, souvenir shops, and even the most distant guest home, so carrying significant sums of Icelandic cash is unnecessary. However, some credit cards are still cautious of króna purchases owing to the currency’s volatility, so check with your bank before you travel and don’t depend solely on plastic.

Foreign trade in the króna has been prohibited since the 2008 economic crisis, therefore you may find it difficult to get króna notes in your own country.


Traveling to Iceland is quite inexpensive: Icelandair and WOW Air both offer a variety of attractive prices and specials, and Keflavk International Airport will soon welcome EasyJet, a European low-cost carrier.

However, as soon as one gets off the aircraft, the scenario changes dramatically: owing to hefty import tariffs and a 25.5 percent VAT rate, costs in Iceland may be much higher than in other areas of Europe, especially for alcohol, foreign cuisines, clothes, and other items. Many retail items, for example, may be 3-4 times more costly than in North America.

The price gap between Iceland and the rest of Northern Europe is considerably less; fuel, for example, is less expensive.

Tourists may take use of useful discount card programs, the most notable of which being the City of Reykjavik’s Reykjavik City Card.

Look for the Bónus while you’re shopping for groceries or other essentials. Netto or Krónan stores, since they are much less expensive than the others. Several second-hand shops, such as Red Cross and Salvation Army, are located in downtown Reykjavk and may be useful for purchasing inexpensive warm clothing.

A pint of beer or glass of wine will set you back 700 to 1200 kr, a pizza for one person will set you back 1700 to 2200 kr, a city bus trip will set you back 350 kr, and a cappuccino or espresso drink will set you back 350 to 600 kr.

A package of 20 cigarettes costs approximately 950 kr. Although cigarettes are not allowed to be visible in stores in Iceland, most petrol stations, supermarkets, and newsagents sell them.


Tipping is not customary in Iceland. In rare instances, leaving a tip may be seen as disrespectful, so try giving vocal appreciation for a job well done instead. It should be noted that some Icelandic businesses have begun to place a tip jar next to the cash register, although these are usually disregarded.


Typical Icelandic products that make good souvenirs include:

  • Products made from Icelandic wool. Icelandic sheep are a unique breed that produces soft and durable wool, and Icelandic woolen products (hats, gloves, etc.) are soft and warm; if you intend to visit the interior, don’t simply purchase them for other people.
  • Crafts and arts. Iceland offers a plethora of amazing little artisan stores selling anything from melodic baskets to bizarre porcelain sculptures to paintings, glasswork, and jewelry. At contrast to the typical mass-marketed goods seen in so many other museums, the National Galleries prefer to carry the same artist’s work in its gift shops.
  • Music from the area. Beyond Björk and Sigur Rós, there are a multitude of intriguing local music CDs worth seeking out. Eberg, Hera, Retro Stefson, FM Belfast, Worm is Green, Mm, Singapore Sling, and Bellatrix are all worth seeking out. Be aware that many of these CDs are often available as imports at considerably cheaper costs back home. CDs usually cost between 1500 and 2000 kr.

How To Travel To Iceland

By plane Iceland is readily accessible by air, with Keflavk (IATA: KEF) in the southwest of the country, approximately 40 kilometers from Reykjavk, serving as the major international airport. The airport itself is sparse, so pack books or other kinds of entertainment if you have a long stopover. Iceland is not...

How To Travel Around Iceland

By plane Airplanes, like buses or trains in other countries, are Iceland's primary mode of internal transportation. If you're entering one of the fjords, such as Akureyri, be aware that the trip may be a little rough. Air Iceland, Atlantic Airways, and Eagle Air provide scheduled service to neighboring locations such...

Visa & Passport Requirements for Iceland

Iceland is a signatory to the Schengen Treaty. Between nations that have signed and implemented the pact, there are usually no border restrictions. This covers the majority of the European Union as well as a few additional nations. Before boarding foreign planes or vessels, identification checks are typically performed. At land...

Destinations in Iceland

Regions in Iceland Southwest IcelandThe capital, Reykjavk, and the bulk of the island's inhabitants are located here. West FjordsRugged terrain with hundreds of fjords surrounded by high hills, sparsely inhabited. West IcelandSnfellsjökull glacier, Breiafjörur islands, and more.00 North IcelandStunning lava fields and raging waterfalls. East IcelandMore fjords and the sole international passenger ferry port...

Accommodation & Hotels in Iceland

You won't regret taking an eye mask with you if you come during the heat. There is no real night throughout the summer, and the sun may only drop for a few minutes below the horizon in the north. Reserving a month or more in advance for travel during the...

Things To See in Iceland

The Gullfoss waterfall is awe-inspiring.Geysir, the most famous of all geysers, and Strokkur, which erupts every five minutes or so.Þingvellir National Park, is a magnificent environment of water-cut lava fields that is historically significant as the location of Iceland's parliament, which dates back to 930 AD.Vatnajökull glacier, Europe's biggest,...

Things To Do in Iceland

Blue Lagoon, a geothermal spa, is a popular attraction and pastime. It's conveniently located between the capital and the main airport, making it accessible to the majority of tourists.There are many hiking possibilities in Iceland. If you decide to go off the beaten route, sturdy ankle-supporting walking boots are...

Food & Drinks in Iceland

Food in Iceland As the popularity of various kinds of food has grown, Icelandic cuisine has shifted significantly in recent decades, from mostly featuring lamb or fish in some form or another. Vegetarian diets are more difficult to follow, although there are many vegetarian restaurants in Reykjavik, and vegetarian meals...

Festivals & Holidays in Iceland

Christmas: Follows the Western church's calendar. On Christmas Eve (December 24), Christmas Day (December 25), New Year's Eve (December 31), and New Year's Day (January 1), stores are typically closed (1 January).Iceland has a total of 13 jule lads. Historically, the jule lads were pranksters who made amends by...

Traditions & Customs in Iceland

Some Icelanders claim to believe in huldufólk, or concealed people, and some even claim to have seen them. They are similar to elves, although they are generally seen as distinct entities. There is even a museum dedicated to the hidden people in Reykjavik. This is an old Icelandic belief...

Internet & Communications in Iceland

Telephone Call 112 from any phone in an emergency. These calls are free, and an emergency services operator will ask you which services you need (police, fire, ambulance, coastguard, rescue teams, civil protection, and child abuse protection), as well as your location. The phone numbers for non-urgent calls vary depending on where...

Language & Phrasebook in Iceland

Icelandic (slenska) is the official language of Iceland, which is extremely close to, but not identical to, 13th-century Norse. Icelandic lettering utilizes the Latin alphabet, but includes two letters that have long since been lost in English: eth (,), which sounds like the voiced th of "they," and thorn(,),...

Culture Of Iceland

The origins of Icelandic culture may be found in North Germanic traditions. Icelandic literature, particularly the sagas and eddas produced throughout the High and Late Middle Ages, is well-known. Centuries of isolation have helped to protect Iceland's Nordic culture from other influences; one notable example is the preservation of...

History Of Iceland

Settlement and Commonwealth 874–1262 Celtic monks known as the Papar, presumably members of a Hiberno-Scottish mission, existed in Iceland before Scandinavian immigrants arrived, according to both Landnámabókand slendingabók. Recent archaeological investigations in Hafniron, on the Reykjanes peninsula, have uncovered the remains of a cabin. It was abandoned between 770 and...

Stay Safe & Healthy in Iceland

Stay Safe in Iceland 112 is the number to call in an emergency. Iceland is one of the safest countries in the world, so you're unlikely to be robbed or harassed. This does not apply to Reykjavik, which has seen an increase in petty theft and nighttime violence. When enjoying the...



South America


North America

Most Popular