- Wages are generally paid into a bank account – workers therefore need to have opened a bank account with one of Iceland’s commercial banks.
- The requirements for opening a bank account may vary from bank to bank. One general requirement is that customers wishing to open a bank account must have an Icelandic national ID number and be legally domiciled in Iceland.
- Different banks may have different interest rates and offer different services. It is therefore a good idea, before you open a bank account, to look into which bank offers the best conditions and has a service branch near where you live.
- Banks offer online services where you can conduct most banking business directly, and cash machines are available in many places.
- At your bank, you can apply for a debit card, a credit card, general loans and overdraft loans.
- Banks also offer payment services and advice.