What withdrawing cash in Iceland costs with a Singapore card
Iceland is a country where you can get by on a card alone, so the first question is whether you need an ATM at all. If you do take cash out, three charges can stack on one withdrawal: the machine owner’s fee, your card’s own fees, and a currency-conversion offer that’s worth declining.
| Question | Short answer |
|---|---|
| Do you need cash? | Very little. Keflavík Airport says virtually every shop, restaurant, taxi and bus accepts Visa and Mastercard |
| Can a Singapore card withdraw ISK? | Yes. Machines showing the Visa, Mastercard, Maestro or Cirrus logo take cards from those networks, including YouTrip |
| Are Icelandic ATMs free? | Not for foreign cards. Landsbankinn’s tariff lists 1.00% with a 300 ISK (~S$3) minimum for accounts at other banks |
| What’s the costliest mistake? | Accepting a conversion to SGD, which swaps the card network’s rate for the machine operator’s |
| Which currency should you pick at the ATM? | ISK, never SGD, when the screen offers to convert |
| How much will you withdraw? | About 10,000 to 20,000 ISK (~S$103 to S$206) for the whole trip |
| Which card costs least? | YouTrip: first S$400 per month in overseas ATM withdrawals free, 2% after, 0% FX fees |
Table of Contents
- Do You Need Cash in Iceland?
- What Currency Does Iceland Use, and Are US Dollars Accepted?
- Can You Use a Singapore Card at Icelandic ATMs?
- How to Withdraw Cash From an ATM in Iceland
- Are ATMs Free in Iceland?
- Iceland ATM Fees at a Glance
- Should You Pay in ISK or SGD at an Icelandic ATM?
- Iceland ATM Withdrawal Limits
- Where to Find an ATM in Iceland
- Can I Use a YouTrip Card in Iceland?
- Is a Money Changer Worth It in Iceland?
- Safety Tips for Using ATMs in Iceland
- FAQs
Do You Need Cash in Iceland?
No, hardly any. Keflavík Airport’s first-time visitor guide calls Iceland “overwhelmingly card-friendly”. It says virtually every shop, restaurant, taxi and bus accepts Visa and Mastercard, so you don’t need to arrive with króna.
Tap-to-pay with a card or phone is the easiest route, and most terminals also take chip and PIN. Rural fuel stations are the exception worth planning for. Fuel pumps expect a card with a PIN, and a standalone pump in the countryside may take only certain cards. Know your PIN and carry a second card in case your first is refused.
Cash still helps in a few places:
- Campsite showers and laundry. Some campsites charge for showers and laundry, so ask on arrival. A creator who lives in Iceland names these as the main cash uses
- Tipping a tour guide. Tipping isn’t expected, but notes are the easiest way to do it if a guide earned one
- Small stalls and rural stops. A terminal that’s offline in the countryside leaves cash as the only option
For a trip of one to two weeks, 10,000 to 20,000 ISK (~S$103 to S$206) in notes is plenty. Withdraw that amount in one go, because leftover króna are hard to spend back in Singapore.
What Currency Does Iceland Use, and Are US Dollars Accepted?
Iceland uses the Icelandic króna (ISK), and US dollars aren’t the normal way to pay. Foreign cash is rarely accepted, and where a tourist business takes euros, change comes back in króna. Plan on króna or a card.
Common amounts come to roughly this:
| ISK | Approx. SGD |
|---|---|
| 1,000 ISK | ~S$10 |
| 5,000 ISK | ~S$52 |
| 10,000 ISK | ~S$103 |
| 20,000 ISK | ~S$206 |
| 50,000 ISK | ~S$515 |
The cleanest way to get króna is to withdraw them from a machine in Iceland rather than buying them before you fly. Money changers build a markup of a few percent into the rate they quote, and an ATM withdrawal on a card with no FX fee avoids that.
📖 Related Guide: Wondering how to compare rates before you fly? Our guide to getting the best exchange rate in Singapore shows what to check.
Can You Use a Singapore Card at Icelandic ATMs?
Yes. Icelandic machines take cards from the major networks, and YouTrip works at any overseas ATM showing the Mastercard, Maestro or Cirrus logo. Most machines offer an English menu.
Two of the three charges depend on the machine and your card:
- The Icelandic machine’s own fee: set by the bank that owns the machine, and shown on screen before you confirm
- Your own card’s charges: a foreign transaction fee on most Singapore bank cards, plus an overseas ATM fee
You can’t change the first one. You can cut the second by choosing a card with low or no fees.
📖 Related Guide: Want the detail on allowances and limits? Our YouTrip withdrawal guide for Singaporeans walks through how they work.
How to Withdraw Cash From an ATM in Iceland
Withdrawing in Iceland works as it does at home, with two checks that matter: the fee notice and the currency prompt.
- Find a bank-branded machine
Look for Landsbankinn, Arion Banki or Íslandsbanki branding, and check the Visa, Mastercard, Maestro or Cirrus logo matches your card
- Insert your card and choose English
Most machines offer it
- Enter your PIN
Cover the keypad with your other hand. Chip and PIN is the standard in Iceland, so know your PIN before you fly
- Pick the account type if asked
On a debit or travel card, choose Savings
- Choose an amount
Type your own in ISK, and aim for 10,000 to 20,000 ISK (~S$103 to S$206)
- Decline any conversion to SGD
If the screen offers to charge you in Singapore dollars, choose ISK (see the conversion section)
- Read the fee notice before confirming
If it looks steep, cancel and try another machine
- Take your card first, then your cash and receipt
Put the cash away before you step off
What if the machine keeps your card or doesn’t pay out?
Contact your card issuer straight away. A YouTrooper can freeze the card instantly in the app, which stops anyone using it while you sort out a replacement. Keep the receipt if the machine printed one, because it records the time and machine location.
What if your card is declined at the ATM?
Check four things before blaming the machine:
- Overseas use: it should be switched on in your card app
- PIN: it should be the one you set
- Limit: the amount should be within your card’s daily limit (YouTrip’s is S$5,000)
- Network logo: the machine should show your card’s logo
If all four are fine, try a different machine. If it still fails, contact your issuer, who can check whether the transaction was blocked.
Are ATMs Free in Iceland?
No, not for foreign cards, and a card can end up paying up to three separate charges on one withdrawal.
1. The ATM owner’s fee
Landsbankinn’s tariff of charges, valid from 23 April 2026, lists withdrawals from accounts at other banks at 1.00% with a minimum of 300 ISK (~S$3). The line is written for domestic accounts, so we can’t confirm it covers a foreign card to the letter. It’s the only published Icelandic tariff line we found for this, so treat it as a guide, not a promise. The screen shows the real figure before you confirm.
The 300 ISK minimum makes a small withdrawal cost proportionally more, and the fee table shows where it stops mattering. Arion Banki and Íslandsbanki don’t publish a foreign-card figure on their English pages, so the fee notice on the screen is your guide there.
Three small withdrawals mean three 300 ISK minimums. So withdraw once, but don’t take out far more than you’ll spend. A single withdrawal of 10,000 to 20,000 ISK (~S$103 to S$206) covers most trips and pays the 300 ISK minimum only once.
2. Your own card’s fees
A standard Singapore bank card adds a foreign transaction fee on top of the exchange rate. DBS, UOB and OCBC credit cards each charge 3.25%, plus an overseas ATM fee that varies by bank. YouTrip charges no FX fee and gives you your first S$400 of overseas ATM withdrawals each calendar month free, then 2% after that.
Use a debit or travel card for this rather than a credit card. Credit cards treat an ATM withdrawal as a cash advance, and that costs more than a normal purchase. DBS charges 8% of the amount, with a minimum of S$15, plus interest from the day you withdraw.
3. The currency conversion, if you accept it
The machine can offer to charge you in SGD instead of ISK. Accepting adds a markup to the exchange rate, set by the machine’s operator. The conversion section explains how to decline it.
ATM fees are subject to change; verify on screen before withdrawal.
Iceland ATM Fees at a Glance
Three charges can stack on one withdrawal, and only one of them comes from the Icelandic bank.
| Charge | Typical cost for a Singapore card |
|---|---|
| Icelandic machine’s own fee | Landsbankinn lists 1.00% with a 300 ISK (~S$3) minimum. Arion Banki and Íslandsbanki show their fee on screen |
| Your card’s own charges | Standard bank credit card: 3.25% FX plus an overseas ATM fee. YouTrip: 0% FX, first S$400 per month free, 2% after |
| Conversion, if you accept it | A markup on the exchange rate, set by the machine’s operator |
Here’s how that plays out at Landsbankinn’s published rate:
| Withdrawal | Machine fee | Effective rate |
|---|---|---|
| 10,000 ISK (~S$103) | 300 ISK (~S$3) | 3.0% |
| 20,000 ISK (~S$206) | 300 ISK (~S$3) | 1.5% |
| 30,000 ISK (~S$309) | 300 ISK (~S$3) | 1.0% |
The minimum fee is why one withdrawal of 10,000 to 20,000 ISK beats several small ones. It’s also why the machine’s fee is often smaller than your own card’s charge: 3.25% on 20,000 ISK is about S$6.70.
ATM fees are subject to change; verify on screen before withdrawal.
Should You Pay in ISK or SGD at an Icelandic ATM?
ISK, every time. Dynamic Currency Conversion (DCC) is the offer to charge you in Singapore dollars instead of the local currency. The markup it builds into the rate can cost more than the machine’s own fee.
It’s presented as a convenience, but the machine’s operator sets the exchange rate instead of your card network, and the markup is built into that rate. Declining removes the markup, and your card converts at the network rate instead. It takes one tap. The machine owner’s own fee can still appear, because it’s a separate charge.
Keflavík Airport’s ATMs can dispense foreign currency, including US dollars, euros, British pounds and Norwegian kroner. If you’re after króna, check that the screen says ISK before you enter an amount.
The same prompt turns up in shops. A card terminal at a café or fuel station can ask whether to charge you in SGD, and the answer is the same: always choose ISK. In a country where you’ll pay by card most days, a conversion markup on every payment adds up faster than one ATM fee.
Iceland ATM Withdrawal Limits
The lower of two limits applies: what the machine will pay out, and what your card allows per day.
- The machine’s limit. Icelandic banks publish limits for their own customers, such as Íslandsbanki’s 300,000 ISK per day on debit accounts, but not for foreign cards. A visitor’s cap depends on the machine and the issuing bank
- Your card’s daily limit. For YouTrip it’s S$5,000 per day (~485,000 ISK), and most Singapore bank cards set their own
In Iceland one modest withdrawal is enough, and you’re unlikely to hit either cap. Check your card’s limit in its app before you fly, so a low default doesn’t force you into repeated withdrawals that each carry the 300 ISK minimum.
Where to Find an ATM in Iceland
ATMs are easy to find in Reykjavík and at the airport, and sparser in the countryside. Cash is available in Keflavík’s arrivals hall, and more machines sit throughout the terminal both before and after security.
Íslandsbanki lists in-branch ATMs at several sites, including the Kringlan shopping centre in Reykjavík. Look for the Landsbankinn, Arion Banki or Íslandsbanki name on the machine. Treat a standalone operator’s machine as the last choice. Euronet, for example, runs machines in Iceland and often pushes the conversion offer, so read the screen before you confirm.
Airport machines are convenient, but they aren’t the cheapest place to withdraw. If you need cash on arrival, take out a small amount there and the rest from a bank-branded machine in town. That means two withdrawals, so it’s only worth it if you need the cash straight away.
If you’re driving the Ring Road or heading into the highlands, draw your cash before you leave the capital area. Machines are thinner outside Reykjavík and the larger towns, and you won’t want to hunt for one with a half-empty tank.
ATM fees are subject to change; verify on screen before withdrawal.
Can I Use a YouTrip Card in Iceland?
Yes. YouTrip works at any overseas ATM showing the Mastercard, Maestro or Cirrus logo, and withdrawals are processed at our wholesale exchange rate, as our help centre explains.
On withdrawals, your first S$400 per calendar month is free, with a 2% fee on the withdrawn amount after that. Card payments carry no foreign transaction fee, so tapping your YouTrip card at Icelandic shops, buses and restaurants is billed at the wholesale rate with no FX markup. Every payment converts from your SGD balance automatically.
YouTrip can’t remove the Icelandic machine’s own fee, because that charge belongs to the bank that owns the machine, and no card can. It does remove your card’s FX fee and covers your first S$400 of withdrawals each month. On a 20,000 ISK (~S$206) withdrawal, a 3.25% FX fee alone would be about S$6.70, against a machine fee of 300 ISK (~S$3).
To withdraw króna with YouTrip:
- Find a bank-branded machine showing the Mastercard, Maestro or Cirrus logo and insert your YouTrip card
- Enter your PIN and select Savings account
- Choose to withdraw in ISK, the local currency, so you skip the machine’s conversion
- Check the fee notice before you confirm, then take your cash and card
📖 Related Guide: Comparing cards for this trip? Our best multi-currency cards in Singapore comparison sets them side by side.
Is a Money Changer Worth It in Iceland?
No, a money changer isn’t worth it in Iceland. Its rate carries a markup, and the country needs so little cash that changing money before you fly or at the airport desk gains you nothing. An ATM withdrawal on a card with no FX fee gives you the wholesale rate, with the first S$400 each month free.
The airport does have an exchange desk in the arrivals hall, according to Keflavík Airport. It’s for travellers who arrive with foreign cash to swap. You won’t need it if you withdraw króna from an ATM.
Safety Tips for Using ATMs in Iceland
Iceland is generally a safe place to use an ATM, and the basics still apply.
- Use machines at bank branches, airports or shopping centres rather than standalone street ones where you can
- Check the card slot and keypad for anything loose or added before inserting your card
- Cover the keypad when entering your PIN, even with nobody around
- Take your cash and move off before counting or reorganising your wallet
- Turn on transaction alerts in your card app before you travel
FAQs
Landsbankinn’s April 2026 tariff lists 1.00% with a 300 ISK (~S$3) minimum for accounts at other banks, so a 10,000 ISK withdrawal carries the minimum. Other banks’ machines show their fee on screen before you confirm. Your own card then adds its fees, and a conversion to SGD adds a markup to the exchange rate.
Insert your card, choose English, enter your PIN and pick an amount in ISK. If the machine offers to charge you in SGD, choose ISK instead. Read the fee notice before you confirm, then take your card, cash and receipt.
Card, usually. Keflavík Airport says virtually every shop, restaurant, taxi and bus accepts Visa and Mastercard. Keep a small amount of króna for campsite showers, laundry and tipping.
Hardly any. Carry 10,000 to 20,000 ISK (~S$103 to S$206) for campsites, laundry, tips and the odd small stall, and use your card for everything else.
Rarely, and not at a good rate. Iceland uses the króna (ISK), and foreign cash is rarely accepted. Where a tourist business takes euros, change comes back in króna. Plan on króna or a card.
It depends on the machine and your card. Icelandic banks publish limits for their own customers, and a foreign card’s cap isn’t published. Your card’s daily limit applies on top. YouTrip’s daily limit is S$5,000 (~485,000 ISK).
No. Withdraw króna on arrival and use your card for everything else. A money changer builds a markup into its rate, and you won’t need much cash anyway.
Country ATM Guides
Heading somewhere else next? Explore our country-specific withdrawal guides:
🇲🇾 Malaysia | 🇯🇵 Japan | 🇹🇭 Thailand | 🇰🇷 South Korea | 🇹🇼 Taiwan | 🇭🇰 Hong Kong | 🇮🇩 Indonesia | 🇻🇳 Vietnam | 🇦🇺 Australia | 🇲🇴 Macau | 🇨🇳 China | 🇺🇸 US | 🇿🇦 South Africa | 🇵🇭 Philippines | 🇫🇷 France | 🇬🇧 UK | 🇳🇿 New Zealand | 🇮🇹 Italy | 🇰🇭 Cambodia | 🇨🇦 Canada | 🇨🇭 Switzerland | 🇪🇸 Spain | 🇩🇪 Germany | 🇹🇷 Turkey | 🇰🇿 Kazakhstan | 🇳🇱 Netherlands | 🇦🇹 Austria | 🇦🇪 Dubai | 🇲🇻 Maldives | 🇬🇷 Greece | 🇮🇳 India | 🇱🇦 Laos | 🇳🇴 Norway | 🇮🇸 Iceland
Withdraw Once and Pay in ISK
Getting cash in Iceland can cost you three things: the machine’s fee, your card’s own charges and the SGD conversion prompt. Take out one modest amount in ISK from a bank-branded machine, decline the SGD conversion, and pay by card for everything else.
Not a YouTrooper yet? Singapore’s go-to multi-currency wallet helps you save with great FX rates and zero fees. Skip the money changer and get a free YouTrip card + S$5 YouTrip credits with code YTBLOG5.
Then, head over to our YouTrip Perks page for exclusive offers and promotions. We promise you won’t regret it. Join our Telegram @YouTripSG and Community Group @YouTripSquad for travel tips, event invites, and more!
Happy travels!
Bank fees come from Landsbankinn’s published tariff (valid from 23 April 2026), withdrawal limits from Íslandsbanki’s ATM page, and airport ATM and card-acceptance details from Keflavík Airport’s own pages. The information stated above is true as of 3 Nov 2026.
