Best ways to make a money transfer in Iceland
There are various ways one can send money in Iceland and they include:
· Western Union: stands out as the best preferred way for one to consider when transferring money in Iceland due to its reliability and convenient transfer rates.
· MoneyGram: stands out as the second method of transfer; has competitive charges. The rest include OFX and World First
Types of options to send money
· Western union and Bank transfers are said to be to most common ways preferred in sending funds overseas despite the fact that they are the most expensive.
· One can consider using the online transfer because they offer cheaper currency rates and they are faster as compared to any other method.
Restrictions on sending money
· Outside trade exchanges have been liable to capital controls as far back as the saving money framework fell in the harvest time of 2008. The Rules of Foreign Exchange were embraced as per impermanent arrangements in the Foreign Exchange Act. At the point when the Rules produced results, all controls on current development of capital and related outside trade exchanges were forced.
Process to send money
Since Western union is the major method of transferring funds in the country, here are the steps:
· Log in to your profile
· Select country
· Enter name of the receiver
· Use card to pay
· Check mail for confirmation link
Brief economic trend
· As a little open economy depending on average assets, Iceland is inclined to broad terms of exchange stuns and blast and bust cycles, yet it has a populist society with unusual amounts of wellbeing and training spending. The neediness rate is the least in the OECD, and the sexual orientation adjusts high.
· Bank of Iceland is ranked as the main. Others include; Arion Bank, MPBank, and Lanksmankin
Currency for Iceland? The Icelandic Krona (ISK) is now the official currency of Iceland. Which is split in to 100 aurar.
Icelandic Krona Currency Denominations.
Note Currency - Kr 1 - Kr 5 - Kr 10 - Kr 50 - Kr 100 - Kr 500 - Kr 1000 - Kr 2000 - Kr 5000.
Currency restrictions - There are no restrictions on the import and export of either local or foreign currency.
Tipping - Many restaurants will charge a service fee as part of the bill. If you're keen to tip it is customary to leave a 10-15% tip in a sit-down restaurant, taxi-drivers will get 5-10% depending on the city.
Bank Opening Hours - Monday to Friday from 10.00 am to 16.00 pm or from 11.00 pm to 17.00 pm. Some banks are also open on Saturday morning.
In Iceland, you can exchange your currency at most Banks as well as many exchange bureaus that you will find in popular areas, such as Greater Reykjavik area, Reykjavik, Akureyri, Garoabaer and Hafnarfijorour. In most banks when you are exchanging currency, you will need your passport. If you do not have this with you, then the bank may refuse to exchange your currency
Money Transfer Iceland Banking Services
You can use any of the following services to send and receive your money, any major bank and all bank ATM Machines. Anywhere there are acceptance signs for MasterCard, Visa or American Express this includes Icelandic Krona travel money cards. Exchanging Currency is easy and most places offer a good rate of exchange even when exchanging Travellers Cheques.