Opening a Bank Account

LavaIn order to make an UI employment contract and to receive wages, one must open an Icelandic 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.

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

  • Arion banki
  • Íslandsbanki
  • Landsbankinn

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, please ask for it as the University of Iceland does not mail printed version of the payslip home to its employees. UI employess receive an electronic version of the payslip into their online bank account.

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