Banking services

  • 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.
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