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Currency and tax refund

Arion Bank is at your service when it comes to banking and currency exchange.


Arion Bank provides currency exchange at its service points in the arrival and departure hall. It also has 14 cash machines (ATMs) in the terminal: eight in the departure lounge, where you can withdraw non-Icelandic currency, and six in the arrival hall, where you can withdraw Icelandic krónur.

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Have you done your shopping in Iceland and need to claim your VAT refunds? You can claim your VAT refund at Arion Bank, which is located in the arrival hall opposite to the car rentals. (See map with Tax Free sign.) Passengers must reclaim their VAT before checking in their luggage. Tax free service is available at the currency exchange counter when tax free counter is closed.


Value-added tax (VAT) may be refunded to persons permanently resident outside Iceland for goods purchased in Iceland provided that the conditions of Regulation No. 1188/2014 are met.

Refunds are conditional on the purchaser being permanently resident outside Iceland. As proof of permanent residence outside Iceland, the purchaser must present a passport or other ID clearly verifying permanent residence in another country. Foreigners with permanent residence in Iceland are not entitled to VAT refunds.

To be eligible for a refund, all of the following conditions must be met:
1. The purchaser must bring the goods out of the country within three months of the purchase.
2. The purchase price of the goods, including VAT, must be at least ISK 12,000.
3. On departure, the goods must be presented together with the requisite documentation.

VAT may be refunded on goods on the same receipt if their total purchase price is ISK 12,000 or more, including VAT, even if one or more single items do not reach the minimum amount.

On departure from Iceland through Keflavik Airport, the purchaser must present the goods together with the completed Tax Free form and receipt to the tax refund service provider, which will carry out the refund provided that the conditions set out in the Regulation are met in other respects.

For more information please contact Arion Bank at the airport: