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Spending in Iceland
Coffee: ~700–900 ISK (£4–5)
Lunch (casual): ~2,500–4,000 ISK
Dinner (restaurant): ~5,000–12,000 ISK per person
Supermarket meal prep: ~1,500–2,500 ISK/day
Budget hotel/hostel: ~8,000–15,000 ISK/night
Guesthouse: ~18,000–35,000 ISK/night
Petrol: ~250–290 ISK/litre
Golden Circle tour: ~15,000–25,000 ISK
Approximate prices as of early 2025. Iceland is one of Europe's most expensive destinations.
Using Money in Iceland
Iceland is almost entirely cashless. Every café, petrol station, and small guesthouse accepts Visa and Mastercard. Carrying ISK cash is rarely necessary, though it can be useful at unmanned parking machines in national parks. ATMs (Hraðbankar) are widely available in Reykjavík and all larger towns.
Tipping
Tipping is not customary in Iceland and never expected. Service charges are included in all restaurant bills. Tour guides and drivers are occasionally tipped by non-Icelandic visitors, but it is not a local practice. You will not cause offence by not tipping.
Budget Guide
Iceland is expensive by most international standards. Budget around ISK 3,500–5,000 for a basic lunch, ISK 7,000–12,000 for a sit-down dinner, and ISK 300–500 per litre for fuel (petrol and diesel). A mid-range hotel in Reykjavík costs ISK 25,000–50,000 per night. The most effective way to reduce costs is self-catering: supermarkets (Krónan, Bónus, Nettó) have good-value ready meals and fresh produce.