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Banking in Iceland

Best banks in Iceland for expats & digital nomads

Opening a bank account is one of the first things you do after moving to Iceland. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.

How to open a bank account in Iceland

You need an Icelandic ID number (kennitala) from Registers Iceland and a registered address; with an electronic ID you can open an account in-app in minutes, otherwise visit a branch with your passport. Non-EEA/EFTA nationals must also show a valid residence permit. There are only three main banks and no foreign retail banks.

Our top pick

Wise multi-currency account

Wise is the option we recommend for almost anyone moving to Iceland: hold and convert 40+ currencies, get local account details to be paid like a local, and send money at the real exchange rate with low, transparent fees. It works before you even arrive, so you can receive income and pay deposits while your local account is still being set up.

Open a free Wise account →

Affiliate link: we may earn a commission at no cost to you. Wise is a fintech, not a bank; balances are safeguarded, not covered by deposit insurance.

Top banks in Iceland

Landsbankinn

traditional
Widest branch/ATM network, common for salaries

Largest bank, state-owned; app and ATMs in Icelandic, English and Polish, useful outside the capital area.

Islandsbanki

traditional
Explicit onboarding for new residents

Universal bank with a dedicated 'Banking in Iceland' section and team for foreigners; open online with electronic ID or in branch.

Arion Bank

traditional
Highest-rated banking app

App available in Icelandic and English; open via electronic ID in the app or at a branch, and members join the Einkaklubbur discount club.

indo

digital
Low-cost digital current account

App-only Icelandic bank; generally requires EEA residency, so non-EEA residents report mixed results.

International accounts & neobanks

Revolut

Multi-currency app account available to Iceland residents (EEA).

N26

German-licensed mobile bank listed as available in Iceland; free tier and English app.

bunq

Dutch mobile bank listed as available in Iceland as a digital-only option.

Availability changes; confirm on each provider's site.

Next steps in Iceland

See the full Iceland tax, cost and visa profile, or compare Iceland with other destinations. Not sure where to go yet? Take the finder quiz.