In this article, you'll discover whether Revolut works in Iceland, explore some drawbacks if it is available, and consider the possibilities it offers. Stay tuned to find out more.
Does Revolut Work In Iceland?
Revolut is available in Iceland, allowing users to hold and spend in Icelandic Kronur (ISK) using a multi-currency card. This card can be ordered via the Revolut app and offers functionalities such as fee-free ATM withdrawals up to certain limits, depending on the user's plan. Users can also set spending limits and freeze the card through the app.
Additionally, Revolut provides instant notifications and spending management, making it convenient for users to track their expenses. The card supports contactless payments, chip and PIN, and online transactions, helping users avoid currency exchange fees by selecting ISK as the local currency. This makes Revolut a practical option for managing finances while in Iceland.
Fees and Charges for Using Revolut in Iceland
Here are some general costs that users might encounter when using Revolut in Iceland:
- Currency Exchange Fees: Currency exchange fees are subject to fair-usage limits and weekend markups.
- ATM Withdrawal Fees: Fee-free ATM withdrawals up to certain limits based on the user's plan. After hitting these limits, a 2% fee of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater) applies.
- Transaction Fees: No specific transaction fees mentioned, but currency exchange fees may apply.
- Currency Conversion Fees: Exchange fees above free conversion limits will apply for conversions.
- Additional ATM Provider Fees: Potential additional fees charged by ATM providers.
Is Revolut the Best Option in Iceland?
Even though Revolut is available in Iceland, it might not be the best option for users due to certain limitations and restrictions that could affect the overall user experience.
- ATM Withdrawal Limits: Fee-free withdrawals are capped based on the user's plan.
- Weekend Markups: Currency exchange fees increase during weekends.
- Additional ATM Fees: Some ATM providers may charge extra fees.
- Fair-Usage Limits: Exceeding these limits incurs additional charges.
- Limited Customer Support: Users may face delays in resolving issues.
Alternatives to Revolut in Iceland
1) OneSafe
OneSafe is a leading alternative payment solution in Iceland, offering ease of use, lower fees, and superior customer support. With features like simple onboarding, global payments, and multi-currency support, OneSafe ensures streamlined financial operations, making it a superior option for managing finances efficiently.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its comprehensive banking services, including ACH, Crypto, Wire deposits, and Virtual cards. Users have expressed satisfaction, with one stating it is the best bank they have used so far, highlighting its support for various businesses. Although specific achievements or awards are not mentioned, the positive reviews reflect a high level of user satisfaction with OneSafe's offerings.
2) Wise
Wise offers a multi-currency account, international money transfers with low fees, and an international debit card, making it a practical alternative payment solution in Iceland. Users benefit from cost-effective, transparent fees, fast transactions, and robust security measures, ensuring efficient and secure financial management globally.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users generally find the service easy to set up and use, with a user-friendly interface, but some have faced issues with government restrictions and transaction failures without proper notifications. Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and convenient payment solution in Iceland, allowing users to send and receive money globally. Key features include 24/7 fraud monitoring, buyer and seller protection, and the ability to link multiple cards for easy checkout. These benefits make PayPal a reliable option for managing finances.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5 based on 2,117 reviews. Users generally mention high transaction fees and issues with customer support. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Iceland
Can I use Revolut to pay in Icelandic Kronur (ISK)?
Yes, Revolut allows you to hold and spend in ISK using their multi-currency card.
Are there any fees for ATM withdrawals in Iceland?
Fee-free ATM withdrawals are available up to certain limits. Exceeding these limits incurs a 2% fee.
Does Revolut charge for currency exchange in Iceland?
Currency exchange fees apply, especially during weekends and if you exceed fair-usage limits.
Is customer support available for Revolut users in Iceland?
Customer support is available, but users may experience delays in resolving issues.
Can I use Revolut for online transactions in Iceland?
Yes, Revolut supports online transactions, contactless payments, and chip and PIN in Iceland.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Iceland is crucial for managing your finances effectively. While Revolut offers some benefits, exploring alternatives like OneSafe can provide lower fees and better customer support. Start your journey with OneSafe today and experience seamless financial management. Signup now!
