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ISK – Icelandic Krona

Overview

ISK is subject to many restrictions. We recommend to send EUR instead if possible.

Currency Guidelines

Besides the standard information, the IBAN format is mandatory (see Appendix VI).

A clear reason / purpose of payment is recommended and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.

Example: Payment of travel expenses – invoice n° 123456789

Instructions, technical guidelines & more

To consult the Technical Guidelines of this currency, click here

TECHNICAL GUIDELINES

To consult the Appendix(es) click here

Appendix VI: IBAN Application Rules
Additional information

• Available charge options: OUR/SHA/BEN

In principle, for payments subject to the Payment Services Directive (PSD) and without currency
conversion, only shared charges are allowed.

• Additional information:

According to the central bank:

Foreign exchange transactions: “Foreign exchange transactions taking place between residents and nonresidents and involving the domestic currency are prohibited. Residents are permitted to purchase foreign currency from a financial institution in Iceland when payment is made with another foreign currency”.

Foreign Exchange transactions for the purchase of goods and services: “Cross-border movement of foreign currency is authorised if the transfer is made as payment for the purchase of goods and services. For example, it is permissible to conduct foreign exchange transactions for the importation of goods and services and for the purposes of trading in goods and services during travel abroad. Foreign exchange transactions carried out on the basis of this authorisation must be based on specific trades in goods and services that can be verified through, for instance, the presentation of an issued invoice, confirmed order, or contract, or by other verifiable means. Financial institutions must require that counterparties to foreign exchange transactions submit the aforementioned documents, and they may request an opinion from the Central Bank if they are in doubt about whether the documents submitted are satisfactory. It is not permissible, however, to conduct foreign exchange transactions for trade in goods and services between two residents if domestic currency is a part of the transaction. For example, it is prohibited to purchase foreign currency from a financial institution in Iceland in order to pay for goods or services purchased in Iceland, even though the invoice is issued in foreign currency”.

Please find the list of other information concerning foreign exchange issues here:
http://www.cb.is/the-bank/foreign-exchange/questions-and-answers/

• Central bank of Iceland: http://www.cb.is/