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Bank

Open a Deposit Bank Account


In order to make a UI employment contract and to receive wages, one must open an Icelandic deposit bank account. 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.

Four banks in Reykjavík offer banking services for individuals:

Arion banki
Íslandsbanki
Landsbankinn
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 mail a printed version of the payslip home to its employees. UI employees receive an electronic version of the payslip into their online bank account.

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