Iceland is a very good country to have to send money to from other countries. You have access to some of the best services on the market and shouldn’t face any hassles or significant challenges.
The current exchange rate for the Icelandic Krona (ISK) is 123.40999 ISK per American Dollar (USD) as of the time this was written. The ISK reached a high of 126.2304 ISK per USD and a low of 123.4100 ISK per USD during the last 90 days. The average exchange rate for the last 90 days was 125.3429 ISK per USD.
The ISK had an average volatility rate of 0.51% against the USD for the last 90 days. This is a high volatility rate, though it has been tempered during the last month. You can reasonably expect moderate-high fluctuations in exchange rates going forward, barring any unforeseen circumstances.
The fastest way to send money to Iceland is through Western Union’s fast option. With Western Union’s fast option, you can expect your money to reach its Icelandic destination in a matter of minutes. Cash pickups are the fastest and easiest method to organize, while bank transfers take longer. The main downside to Western Union’s fast option is the fact that it is more expensive than most of the competition. You can always expect to pay more with Western Union.
The cheapest way to send money to Iceland is through OFX. With OFX, you only pay a small percentage of each transaction. There are no upfront fees and the service is undoubtedly the cheapest on the market. Furthermore, it typically only takes a day or two for your money to reach its Icelandic destination.
The main drawback to OFX is that it carries a minimum transfer size requirement which is significantly higher than any of the competition. Despite this, their rates cannot be beaten, particularly when you send more money at once. The more money you send through OFX in a single transfer, the cheaper the transfer becomes.
The easiest way to send money to Iceland is through TransferWise. TransferWise is a peer-to-peer money transfer system that makes sending money to Iceland very easy. Once you set up your account, you just need to follow their simple process whenever you need to send money:
1) Tap in the amount of money to be sent
2) Tap in the destination for the money
3) Pay TransferWise for the transaction
4) Wait a day or two for your money to reach its Icelandic destination
What’s The Overall Best Way To Send Money To Iceland?
The overall best way to send money to Iceland is through OFX. OFX offers you the best-rounded option, as their wait times and platforms are short and easy to use. When it comes to the rates you’re paying, if you send any larger amount of money, you can be sure you are getting the best rates by a large margin.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com