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Currency Exchange - here or there?

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Toronto, Canada
5 posts
1 review
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Currency Exchange - here or there?

I know this question has been asked many times but I'm trying to get a little more insight into the pros and cons.

I'm travelling from Canada in May to Reykjavik. I'm wondering whether or not to exchange my money at home or wait until I get to Reykjavik. I've heard that the banks in Iceland offer the best rate. I've never used a bank where I'm visiting to exchange currency, how does it work?

I'm just a little hesitant to land in Reykjavik without any Icelandic Krona, but if I will get the best rate it will probably be worth it. Am I just being too cautious?

If anyone can advise which way worked for them and how they went about it, that would be greatly appreciated!

Takk!

Toronto, Canada
10 posts
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1. Re: Currency Exchange - here or there?

From what friends have told me do it over there. Krona is very hard to come by here and the banks will charge you extra because they have to order the currency in. I'm heading over next week and plan to do an exchange there and just use my credit card until I get to a bank.

Toronto, Canada
5 posts
1 review
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2. Re: Currency Exchange - here or there?

Thanks for the tip, that totally makes sense. This may be a silly question but do our bank cards work over there or are you using your credit card at the bank? I have just never used my bank card outside of Canada before.

Toronto, Canada
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781 posts
255 reviews
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3. Re: Currency Exchange - here or there?

Do the currency exchange in Iceland, but not the airport. In central reykjavik, there are few tourist centres and exchange offices.

Reykjavik, Iceland
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488 posts
58 reviews
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4. Re: Currency Exchange - here or there?

Hi,

Most people don't exchange until they arrive in Iceland if they do it at all!

99% of everything can be payed for with credit card and bank cards usually work everywhere to but do check with your bank before you go. I saw somewhere here on TripAdvisor that you may have to tell your bank where you are going so that they won't suddenly close the card (because of many withdrawals :-) ). Where you can't pay with your card there is always ATM's near by.

Kind regards,

Gunnsi Guide at Season Tours

Toronto, Canada
5 posts
1 review
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5. Re: Currency Exchange - here or there?

Thanks for all you help everyone. I will definitely check with my bank first but think I will use my bank & credit card which sounds like it will be the easiest way to travel.

Reykjavik, Iceland
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1,656 posts
2 reviews
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6. Re: Currency Exchange - here or there?

Visa and MasterCard are accepted everywhere in Iceland. Others cards could also work, including Union Pay, JCB, Diners Club, Discover Card og American Express.

Make sure to remember the PIN number for the card (or ask for one). You will need it when paying for gas at self service gas stations and at ATM's.

If you plan on using the card at stores and for services then you should check with your bank if they have a transaction fee for foreign transactions.

And it's always a good idea to let your bank know beforehand that you're going to use the card in another country, so they don't shut it down due to suspicious transactions.

Toronto, Canada
10 posts
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7. Re: Currency Exchange - here or there?

Our bank cards should work there. Check with your bank first. I'm just using my credit card mostly for booking tours and car rental and bringing cash with me to change over at the bank seeing my cc has a bit of a high foreign transaction fee.

Brisbane, Australia
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214 posts
21 reviews
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8. Re: Currency Exchange - here or there?

I also agree that it is better and more economical to exchange your money once you get there. I paid for nearly everything with my Amex card and had no problems. I also found it extremely difficult to get ISK in Australia. According to the Amex currency exchange people in my capital city, they won't bring it into the country and only have it if someone exchanges it for AUD. When I changed my money last year they said I got the last of the ISK they had anywhere in Australia.

UK
4 posts
1 review
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9. Re: Currency Exchange - here or there?

You might not even need cash. We just spent five days in Iceland and only used credit cards. The only thing you may have to watch for is that you might need your pin occasionally (for instance, when buying fuel in an unmanned petrol station).

Vancouver, Canada
1 post
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10. Re: Currency Exchange - here or there?

I live in Canada and want to send money to my cousin for her childrens birthday how should I do this. Can I send it in Canadian currency thru the mail registered. What are your suggesstion.

Thank you