The Icelandic monetary unit is the “krona” (ISK). Coins are in denominations of: 100 kr. 50 kr, 10 kr, 5 kr, 1 kr. Bank notes are in denominations of: 10.000 kr, 5.000 kr, 2.000 kr, 1.000 kr and 500 kr. All major currencies can be exchanged at the airport, banks and currency exchange bureaux.
The major credit cards in Iceland are Visa and MasterCard, although other cards are widely accepted as well. Credit cards are accepted in most shops, restaurants and organisations.
If you are a not a resident of Iceland, you can claim a Value Added Tax (VAT) refund. VAT can be refunded at the airport upon presenting a completed VAT refund form. In order to achieve the VAT refund, a minimum purchase of 4,000 ISK per shop is required.