University of Iceland

Opening a bank account

In order to receive wages, you must open an Icelandic bank account. You will need an Icelandic ID number to do this.

There are four banks in Reykjavík that offer banking services for individuals. These are Arion banki, Íslandsbanki, Landsbankinn and MP banki. Both Arion and Landsbankinn have branches very close to the University.

We recommend applying for a debit and/or credit card, as these are widely used and accepted in Iceland, even for small transactions.

All Icelandic banks offer online banking services, which can be very convenient for handling most of your day-to-day finances.

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