Transfer Money to Iceland

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About Money Transfers to Iceland

Transferring money to Iceland? Here you will find the most comprehensive list of options available, customised to your individual needs and developed to guarantee you the best deals when sending money. We make it our mission to provide you with the best exchange rates and strive to ensure that the service we supply to you is second to none.

Sending money abroad has never been easier so whether you are immigrating to cultural Reykjavik or planning to study in central media hub, Kopavogur, our comparison tables will find you the exchange rates and products to suit your needs when transferring money to Iceland.

Last updated: May 08, 2014 Our methodology

Quick Facts: Iceland

Key information for sending money to Iceland

Transfer Speed
2 working days
Local Currency
ISK
Income Tax Rate
0-46%
Avg. Property Price/m²
363,666.67 ISK
Avg. Monthly Rent (3 bed)
209,970.62 ISK
IBAN Required
Yes

Money Saving Tips for Iceland

Expert advice for your international transfer

Members of the EU do not need a visa or a work permit to enter Iceland and can stay and work without a permit for up to three months but this can be extended for up to six months.

The health service in Iceland is available to all EU members who are in possession of an EHIC.

Foreign nationals from outside the EU may need a visa or a work permit but need to check with the consulate.

It is often more desirable to rent until you understand the way things work and whether you are in the right location.

What You Need to Send Money to Iceland

Checklist of recipient bank details required

IBAN e.g. IS140159260076545510730339
International Bank Account Number
SWIFT/BIC Code e.g. BANKISXX
Bank identifier for international transfers
Account Number
Recipient's bank account number
Account Holder's Name
Full name as it appears on the bank account

Popular Banks in Iceland

Arion Bank Íslandsbanki Landsbankinn MP Bank

"When sending money to Iceland, always compare multiple providers. The exchange rate is important, but don't forget to factor in transfer fees and delivery times. For larger amounts, even small rate differences can translate to significant savings."

— MyCurrencyTransfer Editorial Team

Frequently Asked Questions

Common questions about sending money to Iceland

What is the cheapest way to send money to Iceland?

The cheapest way to send money to Iceland depends on your transfer amount. For larger transfers (over £1,000), specialist providers like Wise or OFX typically offer better rates than banks. Compare providers above to see which offers the best deal for your specific amount.

How long does it take to transfer money to Iceland?

Most transfers to Iceland are completed within 1-3 working days. Some providers offer same-day or next-day delivery for an additional fee. The exact time depends on the provider, payment method, and whether the recipient's bank processes weekend transfers.

What information do I need to send money to Iceland?

You'll typically need: the recipient's full name (as it appears on their bank account), their bank account number, the bank's SWIFT/BIC code, and for some countries an IBAN. You may also need the recipient's address and the bank's name and address.

Are money transfer services safe to use?

Yes, the providers we compare are regulated by the Financial Conduct Authority (FCA) or equivalent regulators. They must keep your money in segregated accounts and follow strict anti-money laundering procedures. Always check a provider's regulatory status before sending money.

Should I use my bank to send money to Iceland?

Banks are generally more expensive for international transfers due to higher exchange rate margins and fees. Specialist money transfer providers typically offer rates 2-4% better than banks. Use our comparison to see how much you could save.

How to Transfer Money to Iceland

  1. Compare providers

    Use the comparison table above to find the best exchange rate and lowest fees for your transfer amount.

  2. Create an account

    Click through to your chosen provider and register for a free account. You'll need your email address and basic personal details.

  3. Verify your identity

    Upload ID documents as required (passport, driving licence, or national ID). Most providers verify within 1-2 business days.

  4. Enter recipient details

    Add your recipient's bank account details including their name, account number, and SWIFT/BIC code.

  5. Fund and track your transfer

    Pay by bank transfer or debit card, then track your money until it arrives. Most transfers complete within 1-3 working days.