Financial Information
Business Contacts:
The Icelandic Chamber of Commerce
The house of Commerce
Kringlan 7
Reykjavík
tel +354 588 6666, The Trade Council of Iceland
Hallveigarstígur 1
Reykjavík
tel.: +354 511 4000.
Overseas Buissness Service
Rauðárstígur 25
IS-150 Reykjavík
Tel.: +354 560-9930
Fax: +354 562-4878 The Ministry of Trade
Arnarhvoll
Reykjavík
tel.: +354 560 9070
The Trade Council of Iceland
Hallveigarstígur 1
Reykjavík
tel.: +354 511 4000.
The Ministry of Trade
Arnarhvoll
Reykjavík
tel.: +354 560 9070
Business Hours
Offices close promptly in Iceland between 4 and 6pm and remain closed over the weekend. Many shops are now open on Saturdays, but almost all are shut on Sundays. Shops are generally open from 9 am to 6 pm from Monday to Friday, and most from 10 am to 5pm on Saturdays, especially in tourist-prone areas. Newsagents or kiosks selling magazines, tobacco and sweets are usually open until 11:30 pm daily. Banks are open from 9:15 am to 4 pm from Monday to Friday. There is a bank at Keflavík Airport which has normal opening hours.
Currency
The Icelandic monetary unit is the 'króna' (kr), which is equal to 100 'aurar', though these small denominations are no longer used. Coins are in denominations of 100, 50, 10, 5 and 1 krona. Banknotes are in denominations of 500, 1000, 2000 and 5000 kronas.
Rates of exchange are issued daily and can be found in all newspapers and on news websites.
Visitors are allowed to bring a limited sum of kronur into the country, and any sum of foreign currency. Travellers´ cheques or cash can easily be exchanged into kronur at the airport, banks, major hotels and even some restaurants and travel bureaus. It's also possible to take cash out of ATM machines if the PIN number is known.
Credit Cards
Credit cards are widely used in Iceland and are accepted by almost all establishments, regardless of the amount. The major cards in Iceland are VISA and EUROCARD (MASTER CARD) both with independent organisations in Reykjavík. AMERICAN EXPRESS and DINERS CLUB also have representation there.
Public Holidays
January 1, New Year's Day
Maundy Thursday
Good Friday
Easter Sunday
Easter Monday
First day of summer, usually third Thursday in April
May 1, Labour Day
Ascension Day
Whitsunday
Whitmonday
June 17, National Day
First Monday in August, Bank Holiday
December 24, Christmas Eve, from noon
December 25, Christmas Day
December 26, second Christmas Day
December 31, New Year's Eve, from noon
Tax-Free Shopping
Almost all shops in Iceland offer tax-free shopping for travellers through the provision of tax refunds. On leaving Iceland, travellers can reclaim around 15% of the retail price of goods purchased. Participating shops display a Tax-Free Shopping sticker in the window and to qualify for a refund, a minimum purchase of ISK 4,000 (including VAT) must be made in a single transaction.
The shop assistant will fill out a form, stating the amount of the refund, which you need to keep hold of. Write your name and address on the refund form before presenting it for reimbursement. The money can be refunded at two places in the city centre before you leave: in the Reykjavik Tourist Information Centre on Adalstraeti or at the Forex Bank on Bankastraeti. You can also get your refund at Keflavik Airport when you leave.
If the total amount of your refund is more than 5,000 ISK, you need to get the form stamped by the customs office at Keflavik Airport You may be asked to produce your purchases (with the exception of woollen goods), so you should carry them as hand luggage.