National currency is Icelandic króna, and it is normally abbreviated as "kr." or "ISK". Króna has 5 denominations of banknotes: 500 ISK, 1.000 ISK, 2.000 ISK (being removed from circulation), 5.000 ISK and 10.000 ISK. Coins also exist, and they are of the following types: 1 ISK, 5 ISK, 10 ISK, 50 ISK and 100 ISK.
It is possible to use credit and debit cards anywhere in Iceland when paying for goods and services. Visa, MasterCard, American Express, China Union Pay are widely accepted.
ATMs can be found in capital area and bigger towns across Iceland and are normally accessible 24 hours if located outside bank offices, or during office hours (9 AM - 16 PM) if located indoors. They are operated by banks Arion, Íslandsbanki, Landsbankinn and also by independent operator called Tomato.
If money remittance services are needed, Western Union and MoneyGram operate in Iceland. Western Union services are provided by staff of Landsbankinn bank. 10-11 supermarket chain has MoneyGram services at a few locations.
Although Iceland is a country with high living expenses, there are ways to decrease spendings and make a journey both enjoyable and affordable. Here are few examples of what one might expect to pay for various goods and services in Reykjavik as of July 2017:
- 1 menu/set with 2 pieces of chicken, a soft drink and french fries at KFC - 1.399 ISK
- 1 burger with a soft drink and french fries at Hamborgarabúllan (popular chain of burger joints) - 1.890 ISK
- 1 bus ticket (ticket validity of 1 hour 15 minutes) - 440 ISK, or 20 bus tickets - 8.300 ISK
- 1 visit to a swimming pool - 950 ISK
- 1 beer or wine at a bar during happy hour - from 500 ISK
- 1 liter of fuel - from 170 ISK to 195 ISK
Shopping for products for day-to-day use in Iceland can be done in various supermarkets. Most popular chains of supermarkets are Bónus, Krónan, Hagkaup, 10-11 and others where wide selection of food and beverages can be found.
Most of them are open daily and some of them are open 24 hours.