Monzo in Iceland 🇮🇸 [Discussion]

Topic on Iceland @Naji . Traveling at the end of December to see the New Year in. Any feedback before be greatful

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Likewise! And really looking forward to taking advantage of Three’s ‘Feel At Home’. Monzo + free data = :heart_eyes:

Me too! Going at the end of November though to try and hopefully catch the lights, so will be taking Monzo with me.

When I went to Iceland in April I was still on the waiting list, so unfortunately didn’t get a chance to test. However I do remember being surprised at the number of contactless terminals in Reykjavik - they were literally everywhere! Have a great trip, I’d love to go back!

I went there earlier in the year, again I didn’t have the Monzo card at the time but I really remember everything there being card or contactless. Most people don’t really take cash out because of the amount you would need to buy anything. I can’t imagine you would have any issue. Even the taxi’s there had a contactless terminal! Fantastic country and I had an amazing time, enjoy!

I’m going in just a few weeks, partly to see the Northern Lights and go whale watching for my partner’s birthday. Judging from the previous replies, I can’t imagine I’ll have any trouble in Reykjavik but just wondering if I’ll need cash for the hiking tours and any stops in the smaller villages.

We’re also going to visit Snaefellnes National Park, Golden Circle, Blue Lagoon and South Coast. Any tips?

Heading there on Wednesday - I’ll report back!


Heading there on Saturday for a week, I’ll also report back :airplane: :volcano: :whale: :milky_way:

Used my card a fair amount today. Never needed alternative payment yet but it’s only day 1 of 7.

Chip and PIN works in most places. Contactless is also accepted most places but according to the shopkeepers has a tendency to fail (not sure if it’s still tied to a £30 limit here too? Maybe need to ask a shopkeeper who knows). Mag-stripe and signature is however still the only available form of card holder verification in some places, even in Reykjavik.

UPDATE 10/10/2016
Used an ATM today. The one outside Geysir gift shop. Drawing 2000 Krona (£14.49 at time of withdrawal), I was presented with two options:

  1. my card be charged 2000 Kr
  2. my card be charged £14.49 plus a conversion charge of 42p

Obviously I chose option 1. Not all ATMs in the country can be expected to offer those options though. I probably was just lucky to find that one.

As a side note not directly related to using Monzo, I’d advise taking a lot of money. Not sure if this is limited to Iceland, but shops and restaurants along the tourists routes are extremely expensive. Over £20 for a soup with bread and a latte. Also saw a Scandinavian style woolly hat for over £24 :cold_sweat:

UPDATE 11/10/2016
As a little help with saving money here, my tour guide for today just told us most shops provide a tax receipt (as in the UK), they vary between 11-25% depending on the type of goods being purchased. Interestingly though, you’re eligible to claim that tax back on departure from Keflavik airport, either in Krona or most foreign currencies. I’ll have to try it.


Interesting. Keep us updated as the trip progresses. :+1:

Just arrived in Iceland! Headed to the local Vidir supermarket to buy food - contactless failed but chip and pin was fine. Transaction appeared as quickly in the app as it does in the UK - super impressed! It has the GBP and Krona price, which is currently in grey and I presume will go black once the transaction clears and final conversion rate confirmed.

All good so far! I second what was said above - everything is super expensive here!


Reykjavik Roasters coffee shop in Brautarholt, Reykjavik just failed to accept my card. They only accept chip and PIN. PIN is correct, card just failed. Cash paid instead.


From Keflavik airport website:
You can have your value added tax (VAT) refunded at Keflavík Airport at Arion bank which is located in the arrivals hall of the airport. Passengers are to fetch their refund before checking in and must be ready to show the goods for which they are claiming a refund.
Minimum spend ISK 6,000

My friend bought a jumper and a few other items and received a refund when we visited a few years ago. I intend to keep all VAT receipts this time round.

Also a question I’m curious to know before hand…exchange rate? Anyone know what it is roughly for using Monzo when it is preloaded with sterling?

Good to know for future reference. Cheers :smiley:

Unfortunately though, I had already made my large transactions for physical items (massage at Blue Lagoon can’t be shown at the airport) and the rest won’t add up to over 6000 Krona.

There’s a post explaining the MasterCard currency conversion rates & how to find past rates here

That’s great, thanks Alex

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Sorry, just saw your question late. In addition to the link @alexs gave, for me at least since I arrived on Sunday, it’s been around 1000 Kr to £7.70.

I went to Iceland in August this year. No problems at all using Monzo. Yes it is a bit pricey compared to the UK, not helped by the weakening of sterling.

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Hey all,

I am currently on my way to Iceland and will let you know the latest situation over there.