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Bank - Available at University of Iceland

Open a Deposit Bank Account

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
Both Arion and Landsbankinn have branches very close to the University, at Hagatorg, see map.

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 University of Iceland does not offer a printed version of the payslip. UI employees receive an electronic version of the payslip into their online bank account.

Electronic ID

In the process of opening a bank account we recommend getting an electronic ID simultaneously. This option gives the opportunity to access various sites, authenticate yourself and provide signature with the smartphone only. More detailed information can be found under "Electronic ID" on this site.

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