Embarking on your once-in-a-lifetime trip to discover the magical country of Iceland? Then you’ll need to make sure you have enough Icelandic krona for all the delicious local cuisine and beautiful activities you’d like to experience.
Take a look through our complete Iceland currency guide for all you need to know about money in Iceland. It includes top Iceland money tips, conversion rates from Icelandic krona to USD and interesting facts about Icelandic krona.
As the currency used across the country of Iceland, the Icelandic krona is commonly referred to by its code: ISK. Did you know that Iceland is the second-smallest country in the world to have its own currency and monetary policy?
The name ‘Icelandic crown’ is sometimes used to refer to Icelandic krona, particularly in the financial markets. Krona itself means ‘crown’. Icelandic krona is only traded internally within Iceland. That means exchange rates can be high due to a very low number of banks outside Iceland keeping stocks of Icelandic krona.
You may be wondering what the cost of a trip to Iceland is, right? Especially if you’ve heard about the high costs on this unique, beautiful and fairly remote island. Prices can be high when traveling in Iceland, but driving a car or renting a campervan in Iceland is the cheapest way of getting around. Our money-saving tips further on in this Iceland currency guide will help you to keep costs down.
Iceland Money: Coins and Notes
Icelandic krona is the currency used in Iceland. Note that there are other currencies called krona used across Scandinavian nations. For example, the Swedish krona is used in Sweden and the Danish krone is used in Greenland and Denmark. Be aware that the specific krona used in Iceland is called Icelandic krona. Iceland currency = Icelandic krona. Easy enough to remember!
Icelandic Krona Coins
There are five different coins in Icelandic krona, which are:
- Silver coins: 1, 5 and 10.
- Gold coins: 50 and 100.
Icelandic Krona Notes
In terms of Icelandic banknotes, you’ll find that there are five different banknotes. They come in much higher denominations than you’ll probably be used to at home: 500, 1000, 2000, 5000, 10000.
Icelandic krona collapsed in value during the 2008 financial crisis, causing Iceland’s currency to lose 50% of its value. This led to the high numbers on daily essentials. For example, a cup of coffee costs around 600 ISK, which equals around 4 USD.
Icelandic Krona to USD Conversion
Now, let’s explore some Iceland currency to USD conversions to help prepare for your travels. At the time of writing, the conversion rate of Icelandic krona to USD is 1 ISK to 0.007 USD. This means that 1 USD is equivalent to 142 Icelandic krona.
If you’re looking for dollar to Icelandic krona conversions, these USD to Icelandic krona figures for common denominations should give you a good idea of the conversion rate:
1 USD = ~142 ISK
5 USD = ~170 ISK
10 USD = ~1420 ISK
15 USD = ~2130 ISK
20 USD = ~2840 ISK
50 USD = ~7104 ISK
100 USD = ~14207 ISK
Some useful Icelandic krona to USD conversions are:
1 ISK = ~0.007 USD
100 ISK = ~0.70 USD
500 ISK = ~3.50 USD
1000 ISK = ~7 USD
2500 ISK = ~18 USD
5000 ISK = ~ 35 USD
10000 ISK = ~70 USD
20000 ISK = ~141 USD
50000 ISK = ~352 USD
These Icelandic krona to dollar conversions should give you more of an idea of how much Icelandic krona you can expect to pay for essentials during your trip to Iceland. We recommend keeping this Iceland money to USD conversion list handy as you make your way around the island. It will help you understand the costs of products and services. Why not take a screenshot and save it to your favorites for an easily accessible and helpful Iceland currency guide?
Interesting Facts About Icelandic Krona
- Icelandic krona became the official currency of Iceland following the country’s independence from Denmark in 1918.
- The first Icelandic krona was issued in 1885, with the first coins being introduced in 1922.
- Jón Sigurdsson is pictured on the 500 Icelandic krona note. He was the leader in Iceland’s fight for independence.
- The only female on an Icelandic bank note, the talented seamstress Ragnheidur Jónsdóttir, features on the 5000 Icelandic krona note.
- Icelandic currency is issued by the Bank of Iceland, which has its headquarters in the capital, Reykjavík.
Top Iceland Currency and Money-Saving Tips
- Carry both cash and cards: It’s good to be aware that most people use credit and debit cards in Iceland, so cash is not widely used throughout the country. We still recommend carrying some emergency cash. You never know when you’ll need it, especially when visiting isolated villages or rural farmhouses. Make sure to also top up your travel cards with Icelandic krona and you’ll be good to go!
- Drink tap water: Save money by drinking tap water, rather than buying bottled water. Better for the environment and your pocket, drinking tap water is no chore in Iceland, as the country boasts one of the best drinking waters in the world.
- Research gas station prices ahead of time: Gas is notoriously expensive in Iceland. When hitting the road, be sure to check gas prices in Iceland in different brands of gas station across the country to find the best price.
- Book in advance: Get the best deals by reserving your accommodation and rental vehicle in Iceland as early as possible. Iceland is a popular country to visit, with more demand than supply. It is then essential to book ahead of time to guarantee essentials for your trip and secure the cheapest prices.
Prepare Your Icelandic Krona for an Unforgettable Iceland Adventure
Now you’re all clued up about Iceland currency and understand the krona in Iceland to USD conversion rates! Let’s then get packing for your Iceland adventure.
Prepare for an unforgettable trip as you explore the country’s incredible geology, including visiting expansive volcanic craters, relaxing in geothermally-heated pools and hiking in magical glacier caves. All that’s left to do is rent your campervan in Iceland, prepare your itinerary and pack your bags – let’s go!