Cross-border payments

You can now perform foreign transfers in online banking. You can send EUR-denominated payments within Europe, so-called SEPA (Single Euro Payments Area) payments, or traditional (SWIFT) foreign transfers.

Please note that, despite the fact that the capital controls have been practically removed in Iceland, Landsbankinn must notify certain foreign transactions and transfers made in connection with them to the Central Bank of Iceland. It is therefore important that customers classify their transfers properly in online banking according to their purpose. In certain cases, Landsbankinn may also request further information from customers in order to fulfil its reporting obligations to the Central Bank.

Foreign currency savings

Information to the Central Bank

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Single Euro Payments Area - SEPA

The English acronym SEPA stands for the Single Euro Payments Area. Using a common European standard makes it simpler and less expensive to process transfers in EUR within Europe.

SEPA payments are a simple way to transfer EUR to all EU Member States plus Norway, Liechtenstein, Monaco and Switzerland. The transfer will be credited to the recipient's account the next business day after the sending date. The cost is shared between the payer and the recipient.

SEPA payments, either from an account in ISK or in EUR, can be executed between 9:00 and 16:00 on business days.

• The payer must provide the recipient’s IBAN and BIC number.
• The recipient's bank must be able to receive SEPA payments.
• The currency is EUR.
• The payer pays a fee to Landsbankinn according to the Bank’s tariff.

Foreign transfers - SWIFT

SWIFT is a standardized communication system used by major banks worldwide, for instance, to send bank transfers abroad.

Landsbankinn sends a payment order with a SWIFT message to its correspondent bank abroad, which makes the payment. In some cases, the payment may have to go through more than one bank.

SWIFT transfers between two accounts in the same currency can be carried out in online banking at any time. SWIFT transfers from an account in ISK to accounts in foreign currency can be made between 9:00 and 16:00 on business days.

When requesting a foreign transfer, the sender must provide the following information:

• the name and address of the recipient (street name and number, postcode and city);
• the IBAN number of the recipient's account (Europe) or recipient's account number (outside Europe), the SWIFT name of the recipient’s bank (Europe), Routing number/ABA or Federal Wire number (USA), Transit number (Canada) or Bank Code (Australia);
• the amount (in the foreign currency);
• an explanation of the payment (optional).

It can be expected to take up to 2-3 business days before the foreign payment is made to the recipient, and in some cases up to 5 business days. You can request an express payment that will be paid the same day or the following day. An extra charge is made for express payments, as shown in the Bank's tariff.