CURRENCY AND PRICES IN ICELAND - SHOPPING IN ICELAND
TAX FREE SHOPPING IN ICELANDA refund of local Value-Added Tax (VAT) is available to all visitors in Iceland.The refund will result in a reduction of up to 15% of the retail price, provided departure from Iceland is within 3 months after the date of purchase. The purchase amount must be no less than ISK 4,000 (VAT included) per store.All goods (except woollens) need to be shown at customs before check-in.At Keflavík airport this applies only to tax-free forms whose refund value exceeds ISK 5,000.
The Icelandic monetary unit is the "króna." Coins are in denominations of 100 kr., 50 kr., 10kr., 5 kr. and 1 kr. Bank notes are in denominations of 5000 kr., 2000 kr.,1000 kr., and 500 kr. All Icelandic banks provide foreign exchange and are generally open on weekdays from 09:15 to 16:00.
TRAVELLERS' CHEQUES, DEBIT and CREDIT CARDS
The major cards in Iceland are EUROPAY/MASTERCARD and VISA, Amarican Express is also accepted in many place. Cash can be obtained at every bank branch (over 170) as well as in all ATMs throughout the country.