Information on the conditions you need to fulfil in order to open a bank account and take out a loan in Iceland is available here.
Opening a bank account
Commercial banks in Iceland set varying requirements for persons wishing to do business with them. However, as a general rule persons wishing to open a bank account in Iceland must have both and Icelandic Id. No. and be domiciled in Iceland. The banks’ interest rates and services offered may also vary. So it is a good idea to check which bank offers the best terms and which has a service outlet close to your residence or workplace before opening an account.
The banks offer a variety of services. Online banking is widely used to handle various types of banking transactions. To use online banking services you need an electronic ID.
Payment cards and loans
The banks themselves determine whether they issue a payment card and provide a loan. Customers should contact their commercial bank for information on these possibilities and the terms available. Banks cannot make cross-border checks on creditworthiness in Nordic countries.
Everyone who intends to use online banking services needs to have an electronic ID. By using your electronic ID you verify who you are, you can sign agreements, make payments to public authorities and businesses, and confirm your identity or purchase with a password. You must apply for this specifically.
Please fill in our contact form if you have any questions or if you have encountered an obstacle in another Nordic country.
NB! If you have questions regarding the processing of a specific case or application, or other personal matters, please contact the relevant authority directly.