SWIFT/BIC codes in Iceland

Finding a SWIFT code in Iceland

For Iceland we have 36 SWIFT/BIC codes, spread over 34 institutions. A BIC tells the banks handling a transfer which institution should receive the money.

Pick a bank from the list to see its head office code and its other codes, plus practical notes for sending and receiving money. The rest of this page explain the structure of the codes, the cost of transfers and how to avoid mistakes before a payment.

What a transfer to Iceland really costs

The price of a payment to Iceland has more than one component. Besides the fee, intermediary banks can take a cut, and when the money is converted the bank often applies a rate below the actual market rate.

Most of the cost usually sits in the exchange rate, rather than in the fee. An easy check: put the rate you get next to the mid-market rate and work out the difference on your amount.

Specialised transfer providers often use a rate near the mid-market rate and lower fees. GoldexPay compares the amount that arrives in Iceland across providers, so you can pick the cheapest route.

Iceland and the SEPA area

Since Iceland is in SEPA, a euro transfer to a bank in Iceland normally only needs the IBAN. Most banking apps no longer ask for the BIC for these payments.

The BIC does come into play for payments in other currencies and when the money comes from outside SEPA. SEPA transfers normally land by the next business day or faster with instant payments. As long as no conversion is involved, a SEPA transfer tends to be inexpensive.

How reliable is this list?

The most reliable source for the BIC is the bank details provided by the recipient – an invoice, a statement or a screenshot from online banking. If the code you have differs from our list, stop and ask – contact the recipient or their bank.

The directory on GoldexPay is based on public sources that we update periodically. Even so, banks merge, rename themselves or change codes. Before a payment that matters, check the BIC with the recipient. We are a comparison site for money transfers and not part of any bank listed here.

Fraudsters often send fake invoices carrying new bank details. A real SWIFT code tells you nothing about whether a request is genuine – scammers use the codes of real banks.

Most SWIFT codes in Iceland: Central Bank of Iceland

Among the 34 institutions we list, Central Bank of Iceland has the most SWIFT/BIC codes in Iceland. Its head office code is SISLISREXXX.

The number of codes says something about how it organises its payments than about how big it is. Unless a branch code is given, the head office code SISLISREXXX works for a payment to Central Bank of Iceland.

Getting paid from abroad into an account in Iceland

For a transfer from abroad into a Iceland account, the person paying you needs not just the SWIFT code. Give them the account holder’s name, your account number or IBAN, the BIC of your bank and your address, which some banks require.

Your bank’s code appears in the list on this page, yet the version on your own statement or in your banking app is leading. You can add your bank’s name and city, since some payment forms ask for it.

Do not be surprised if the amount credited is smaller than the amount on the sender’s receipt. Charges on incoming payments differ per bank. Make clear with the sender who pays which costs.

Transfer times to Iceland

A SWIFT payment to Iceland typically needs one to a few business days, depending on the currency, the route and the banks involved. Bank holidays in Iceland or in the sending country can add extra days.

A growing number of banks are connected to SWIFT gpi. Each gpi transfer carries a unique transaction reference, the UETR that banks can use to see where the money is. Specialist transfer services often provide a status online.

Recognising a SWIFT code from Iceland

A SWIFT code is 8 or 11 characters long. First comes four letters for the bank, then a two-letter country code and a two-character location code.

Whatever the bank, every code from Iceland share the same country code in positions five and six: the ISO code of the country. If those two letters do not match Iceland, the code belongs to a bank in another country.

The last three characters, if present, stand for a specific branch; XXX means the head office. Choose a branch code just if the recipient explicitly gives you one.