Iceland, the second largest island state in Europe with an area of around 103,000 km², a member of EFTA and a founding member of NATO, is a member of the EU, but they use the currency unit Icelandic krona which has the ISO code ISK.
History of the Icelandic currency
Similar to the currency form of many other northern European countries, this term comes from the kroon.
When Iceland’s independence from Denmark was decided in 1918, the Icelandic currency form of the kroon was introduced.
Since 1961, only the Icelandic central bank has been able to issue kroner.
Banknotes and coins
There are five different banknotes in Iceland. 10, 50, 100, 500, 1000, 2000 and 5000 and since 2013 also 10,000 crowns. Each banknote bears a facsimile of the signature of the two governors of the central bank and a watermark of the first statesman of Iceland.
The 1, 5, 10, 50 and 100 kroner coins are visually quite similar. Provided with marine animals such as crabs and various types of fish.
It is interesting to know that the three smallest notes (10, 50, 100 ISK) are rarely issued in Iceland. Tourists are also more likely to benefit from discounts if they spend more than 4000 crowns.
Change to the Icelandic currency
As with most exchange transactions, in Iceland it is also advantageous to make the change in the country itself, because the own house banks now charge high fees for changing money, especially if the desired units are not in stock.
Those who change the currency on site benefit more often from the daily exchange rates and do not have to pay any fees.
In order to stay up to date with the latest news, you can get information online at any time.
If you don’t want to change cash, you should get a credit card for travel purposes.
Withdrawing money with the credit card at an ATM in Iceland is usually the cheapest option when you are there.