Personal accounts: Iceland
An honest assessment before work starts, the quote is fixed in writing.
A personal account in Iceland is needed by people moving here for work or study, receiving a salary in krona, renting or buying a home, and by owners of Icelandic companies. Icelandic banks are supervised by the Central Bank of Iceland, and the currency is the Icelandic krona. The capital controls introduced after the 2008 crisis were lifted in 2017, so money can be transferred abroad freely.
The first step: an Icelandic identification number
In Iceland almost everything is tied to a personal identification number: the bank account, rent, phone, salary and taxes. Without it a bank will not open an account. Residents receive the number when they register their address in the national register. People living abroad or staying for a short time receive a separate system number; the request is filed by an Icelandic organisation, such as an employer or a bank. An account can be opened with a system number, but the range of services may be narrower than for residents.
We will calculate online the cost of opening a personal account and maintaining it for a year.
Who can open a personal account
| Your status | Chances | What else the bank will ask |
|---|---|---|
| Resident of Iceland with an identification number | high | passport, address, place of work or study |
| Citizen of a European Economic Area state who has just moved | high | address registration, employment contract |
| Worker from another country with a work permit | medium to high | permit, contract with an Icelandic employer |
| Owner of an Icelandic company or property | medium | system number, company or title documents |
| Non-resident with no link to Iceland | low | a convincing purpose for the account, large documented funds |
What the bank checks
- Passport and identification number, for non-residents the system number.
- Address in Iceland or in the country of residence and proof of it.
- Purpose of the account: salary, rent, family expenses, property upkeep, study.
- Source of funds and income: employment contract, statements, documents on the sale of a business or assets.
- Tax residence: Icelandic banks report foreigners' accounts to the tax authorities of their countries.
Deposit protection and taxes
| Question | How it works |
|---|---|
| Deposit guarantee | up to €100,000 per depositor per bank, ~$112,100 |
| Tax on interest for residents | 22% on the amount above ISK 300,000 a year per person, ~$2,500 |
| Who withholds the tax | the bank when paying interest |
| Account currencies | krona, as well as euro, dollars and other currencies |
Dollar amounts are converted at the European Central Bank rate of 5 October 2026 and rounded up. Deposits in Iceland are protected by a state guarantee fund, and the guarantee rules match European ones because the country is part of the European Economic Area.
How the opening works
- Assessment of your status and choice of a bank that works with your profile.
- Obtaining an identification or system number.
- Document pack: passport, address, purpose of the account, source of funds.
- Meeting at a branch or a video call, signing the agreement.
- Electronic ID for online banking and a bank card.
For residents with a number the opening usually takes a few days. For non-residents the time depends on getting the system number and on the bank's questions, more often several weeks.
Who gets refused
The bank will refuse if the client has no link to Iceland and no clear purpose for the account, if the source of money cannot be proven with documents, or if the client or their money is linked to sanctions. We check whether the bank works with Russian citizens before preparing documents.
What we do
Murblz specialists assess the chances before applying, help obtain an identification or system number, choose the bank, prepare documents and the explanation of the source of funds, arrange the branch visit and handle correspondence with the bank until the account is open. If you need an Icelandic company, we open its account in the same process. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property · Country taxes · All country programs
FAQ
Can I open an account in Iceland without an identification number?
Can the account be opened remotely?
Is money in an Icelandic bank protected?
What tax is charged on deposit interest?
Can I hold euro or dollars in the account?
How much does it cost to open an account with your help?
Opening a personal account in Iceland?
Icelandic banks usually require a local ID number (kennitala): we explain how to get one and follow the account opening. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
Free consultation