Currency: Icelandic Krona (ISK)
The Icelandic monetary unitis the "króna." Coins are in denominations of 100 kr., 50 kr., 10kr., 5 kr. and 1 kr. Bank notes are in denominations of 10.000 kr. 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.
Major Credit and Bank Cards are widely accepted in Iceland. The major cards in Iceland are EUROPAY/MASTERCARD and VISA. Cash can be obtained at every bank branch as well as in all ATMs in almost every village throughout the country. Please note that there might be a difference between the official currency exchange rate in Iceland and the exchange rate that the credit card companies do charge.
Excange rate by Icelandic Central Bank
Tax free shooping
A 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.All other forms can be refunded directly in cash at Landsbanki Íslands in the departure hall.
Among cheapest grocery chain stores are: BONUS, KRONAN, NETTO,
You will find a wide selection of fashion shops and souvenir-shops in Reykjavik.
There is a state monopoly on beer, wine and spirits, it's sold in special shops named "VINBÚÐIN"
You can buy tax free beer and wines in arrival shop at Keflavik airport and take with you through customs, ask customs for quantity pr. person.
You don't need to buy water, tab water is clean and delicious everywhere in Iceland.
Paying for sex in Iceland is illegal.
Drinking alcohol in Iceland:
The legal drinking age in Iceland is 20 years. In theory, it is illegal to drink alcohol in public, but if you are not making any trouble the police will not do anything about it. There is a monopoly in selling alcoholic beverages in Iceland, you are not able to buy beer or wines in grocery stores, you will have to visit one of the many "VINBUDIN" stores located all around Iceland to buy alcohol. Of course you are able to by alcohol in clubs, cafes and restaurants. Be prepared to pour your beer into a plastic container if you want to leave with it at a pub usually provided by the pub or club.