Bank and Digital ID

In order to make an UI employment contract and to receive wages, one must open an Icelandic deposit bank account as soon as possible. The Icelandic ID number is crucial to be able to do this.
The University can not under any circumstances pay wages into a foreign bank account.

Three banks in Reykjavík offer banking services for individuals:

• Arion banki
• Íslandsbanki
• Landsbankinn

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

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

If you are not offered an online bank account, please ask for it as the UI employees receive an electronic version of the payslip into their online bank account.

An electronic ID is common in Iceland for the use of authentication and signatures.

It depends on your SIM-card whether you can activate your phone for electronic ID use. The ID is saved in the SIM-card and your phone is the only device you need to be able to use your electronic ID.

You simply choose a login PIN that you use every time you use your electronic ID. If your SIM-card does not support digital ID you need to go to your cell phone service provider to exchange your card.

More information about Electronic ID and how to get them.

Where to use digital ID?

• Public organizations and municipality services; tax authorities, child care and schools.
• Various applications , for example housing benefits and tax deduction for foreign experts.
• Banks and other financial institutions.
• Insurance companies.
• Pension funds and trade unions.
• Sports clubs.

The Identification App is an easy, convenient and secure way to identify yourself on the web and perform qualified electronic signatures. The app can be used anywhere in the world, independently of telephone companies on both Icelandic and foreign mobile phone numbers.

More about the app here