Travelex Online GBP to ISK Travel Money Compared

Currency Guide: Iceland (ISO: IS)

When planning a week-long mid-range stay in Iceland, travelers should budget around 200,000 ISK (approximately 1,400 USD) for a comfortable experience without feeling restricted. Here's a short list of typical daily expenses you may encounter during your visit:

• 🍽️ Meal at a local restaurant: 3,500 ISK

• ☕ Coffee: 600 ISK

• 🚍 Public transport fare: 1,500 ISK

• 📱 Prepaid SIM card: 5,000 ISK

• 🏨 Budget hotel or Airbnb: 15,000 ISK per night

Overall, Iceland is considered an expensive destination compared to many countries, including the United States and the United Kingdom. For example, daily spending in Iceland can be up to 30% higher than in the US and about 20% more than the UK, especially for dining and accommodation. However, traveling during the off-peak season or utilizing local dining options can help mitigate costs.

Tips for Expats in Iceland

For those relocating to Iceland, typical monthly living costs for a comfortable lifestyle can range from 300,000 to 400,000 ISK (roughly 2,000 - 2,800 USD). This includes rent for a one-bedroom apartment, utilities, groceries, and transport. It's important to note that banking in Iceland is straightforward, with most people relying on credit and debit cards for everyday purchases. Cash transactions are declining in popularity, so having a local bank account is beneficial.

When it comes to exchanging money, it’s usually better to avoid exchanging cash at airports or banks due to unfavorable rates. Instead, using online transfer services like Wise or OFX can provide substantial savings due to their competitive exchange rates and lower fees. Both platforms allow you to send and receive funds efficiently, making them genuine alternatives to traditional banking methods.