We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Buying Krona

Sheffield, United...
Level Contributor
141 posts
13 reviews
Save Topic
Buying Krona

We are going to Iceland in April, normally I would get some currency just before, but with the situation at the moment would we best buying it now?

Cheers

11. Re: Buying Krona

-:- Message from TripAdvisor staff -:-

This post has been removed at the author's request. The author may post again if desired.

Posts on the TripAdvisor forums may be edited for a short period of time. Once the edit period has expired, authors may update their posts by removing and reposting them.

To read more about editing your posts, please follow this link: http://www.tripadvisor.com/help/how_to_edit_your_posts

Removed on: 16 March 2017, 20:59
Bristol
Level Contributor
135 posts
11 reviews
Save Reply
12. Re: Buying Krona

I was in Iceland a month ago and was unable to get currency in advance here in the UK. Once I got to Iceland, I realised that I had no need of cash - every single place we went to took credit cards. That includes bars, hot dog stands, petrol stations - everywhere! The only thing I didn't do was take a taxi so I'm not sure if they take plastic.

Getting currency from a cashpoint is easy and there's one right in the airport if it makes you feel more comfortable to have a small amount of Icelandic cash on you. Don't het too much though - I doubt you'll be able to exchange it once you get home.

Reykjavik, Iceland
Level Contributor
2,754 posts
65 reviews
Save Reply
13. Re: Buying Krona

Taxis do take plastic.

It is a good idea to have a small amount of cash with you; any remaining can be exchanged in the bank in the departures hall (after the departures security check).

Harrisburg PA
Level Contributor
19 posts
1 review
Save Reply
14. Re: Buying Krona

What do you think about Icelandic tourism services charging in Euros? Certain busineses I want to purchase services from are using Euros instead of ISK. I don't know much about currencies or economy, but I get the feeling that somehow this might be costing me more. Is it normal for Icelandic tourism companies to be charging in Euros, or is this unusual? It's hard to wrap my brain around all these conversions from USD to EUR to ISK and figure out what I'm really paying.

Should I try to do business mainly with people who are willing to charge in ISK?

UK
Level Contributor
21 posts
5 reviews
Save Reply
15. Re: Buying Krona

I'm going to Iceland with my girlfriend in July and was also wondering how to prepare currency wise. I was considering taking advantage of the good exchange rate of krona to British pounds by ordering some krona this weekend, but this thread has made me have doubts if this is a good idea. For a start, people have posted that it could be difficult to obtain Icelandic currency in another country and also there are some earlier posts stating that Iceland might enter the Euro. I kind of thought that maybe the Icelandic economy would get a boost with the upcoming peak tourist season,but this is probably a too simplistic view.

Newcastle
Level Contributor
39 posts
Save Reply
16. Re: Buying Krona

When we went in April, we did not buy any ISK in the UK. We were a bit worried, but even arriving late night on Iceland Express, the airport exchange desk was open, and there was a cash machine next to it displaying the exchange rate.

We converted 100 ISK, and that lasted the whole holiday becuase everything else was on credit ir debit cards. On our final night we even managed to spend all our remaining cash (apart from a few coins) by paying part of our restaurant bill with cash and part with card. We bought our breakfast next day at the airport using a card.

I would however strongly urge you to check your card operator's fees, as these can vary greatly, and some have a minimum fee of £2.50 or so per transaction. On a previous thread I posted a link to a table of card charges. (I recommend Nationwide!)

We only found one operator that required payment in Euros, and that was whale watching. We payed by card.

Icelander in...
Destination Expert
for Iceland
Level Contributor
10,860 posts
26 reviews
Save Reply
17. Re: Buying Krona

There is some misunderstanding in dampflippers pos, and just to try to clarify this topic a little.

Noone DEMANDS payments in Euros, or any other currency than Icelandic. Most ACCEPT payments in other currency than Icelandic Krona.

You can ALWAYS pay with Icelandic money, and most prefer cash, you can also pay with foreign currency cas, but expect a little higer price then, because we then have to do the converting our self.

The reason for why we advertise prices in foreign currency (Euros) is because of the fluctating value of the Icelandic Krona, the price would not be stable, and there would be no possibility to plan ahead.

When paying, or on the day of transaction (with cards), you can always get the price in Icelandic Krona based on that day´s exchange currency, and you can decide which currency you use, it is usually much cheaper to use Icelandic currency, and pay cash.

The exception is when paying in advance online, some companies do not accept payments in advance in Kronas, because of the unstable Icelandic currency.

Another thing I have seen people do not understand, is that you are not stuck with ,,unused" Icelandic currency when you leave. You simply change it back to what ever currency you like in the nearest bank, or in the bank in the ,,duty free zone" in the airport.

In short:

Buy Icelandic Krona on arrival, either in any Icelandic bank, or withdraw from any ATM.

Pay with Icelandic cash, it´s the cheapest way, but credit cards are accepted widely, remember transaction costs.

The currency in Iceland is still Icelandic krona, and it is illegal to demand any other currency ,,hand to hand". Online payments are quite another thing, so is credit card payments.

It is cheapest to pay cash with Icelandic Krona !!

B-)

Harrisburg PA
Level Contributor
19 posts
1 review
Save Reply
18. Re: Buying Krona

Icelandicguide,

I guess my issue is that for one of the companies I want to use for accommodation, Icelandic Farm Holidays, only have price sheets in EUR. I like to use their sleeping bag vouchers and buy a book of them when I arrive. IFH is supposed to end up saving me money overall, and it's a great service, but in one example I checked their price ( EUR) against the price of one of the farms directly (ISK) and I would have ended up paying double. Not sure if that's typical or if I chose a bad example to compare.

Bottom line is that when their prices are listed in EUR, I can't plan in advance because I don't know if I'm going to end up overpaying for the same accommodations that I could have reserved directly with the local farmers in ISK. I like to use the voucher program when possible because I have no idea where I'm staying until I get on the road and see where I am at the end of the day.

So it sounds like you are saying that they will probably accept the ISK once I get there, but I just won't know what I'm paying until I calculate the EUR - ISK exchange rate upon arrival?

Icelander in...
Destination Expert
for Iceland
Level Contributor
10,860 posts
26 reviews
Save Reply
19. Re: Buying Krona

This could be a mistake, since the Farms operating with farmholidays, are not supposed to have online pricelist, no more than Farmholidays them self. I suggest you ask IFH about this.

Another possibilities is that you are not using the correct exchange rate. This: landsbanki.is/english/markets/exchangerates/ is the correct one, +- 3%.

All foreign currency trading is subject to a little ,,gambling", since the Icelandic krona is so unstable. You never know if you loose, or gain, when trading in advance.

It´s a terrible situation, I agree.

B-)

20. Re: Buying Krona

-:- Message from TripAdvisor staff -:-

This post has been removed at the author's request. The author may post again if desired.

Posts on the TripAdvisor forums may be edited for a short period of time. Once the edit period has expired, authors may update their posts by removing and reposting them.

To read more about editing your posts, please follow this link: http://www.tripadvisor.com/help/how_to_edit_your_posts

Removed on: 16 March 2017, 03:03