Opening a Bank Account

LavaIn order to an employment contract in place and receive wages, one must open an Icelandic bank account. The Icelandic ID number is crucial to be able to do this.

There are four banks in Reykjavík that offer banking services for individuals:

  • Arion banki
  • Íslandsbanki
  • Landsbankinn
  • MP banki

Both Arion and Landsbankinn have branches very close to the University.

We recommend applying for a 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 a online bank account, username and password please ask for it as the University of Iceland does not mail printed version of the payslip home to all employees. UI employess receive an electronic version of the payslip in their online bank account.

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