How to send money to Iceland from Sweden with the best SEK-ISK rate

The exchange rate determines the price you’ll pay for Iceland Krona when you send Swedish Krona to Iceland.

The current exchange rate between the Swedish Krona and Iceland Krona is 13.0628. Wise offers the best exchange.

The SEK-ISK exchange rate is always moving.

It’s possible that waiting a day or two can help you get more ISK for the same amount of Swedish Krona. But, the best way to lock in a price between Sweden and Iceland is by using a forward contract.

A bank transfer is the our recommended option for money transfers between Sweden and Iceland. Wise offers the best price on a bank transfer.

A bank transfer to Iceland through Wise is 0.6% cheaper than the second-best option in the market.

Always choose providers that are regulated by financial authorities in both Sweden and Iceland to ensure funds are protected.

Please refer to our directory of financial regulators worldwide for key regulatory bodies for money transfers between Sweden and Iceland.

Some services have minimum or maximum thresholds on how much you can transfer from Sweden to Iceland.

Companies will offer different rates and fees for different transfer amounts. Some companies will become more expensive after certain thresholds are hit.

We’d recommend using Wise if you need to send large amounts of SEK to Iceland. The combination of rates and fees when sending to Iceland is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Sweden, or entering Iceland. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive money in Iceland. You can do a direct bank deposit, cash pickup, use a mobile wallet or receive money into a multi-currency account. It’s likely not all providers serving transfers from Sweden to Iceland will offer every method, so it’s best to check ahead of time.

A direct transfer to a bank account is one of the more common ways to transfer from Sweden into Iceland Krona. Wise is the best company for bank transfers between Sweden and Iceland.

And if you need cash right away, check if cash pickup is an option for transfers between Sweden and Iceland.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When signing up to a money transfer company to send between Sweden and Iceland, you will need to verify your ID.

The exact documents you need might vary and in some cases you will need more than one.

For the most part, in Sweden this will be a government ID like a passport or driver's license. In Iceland it will be a similar set of documents, although this should only be needed if you are opening a new account in Iceland, or collecting in cash.

Big transactions between Sweden and Iceland, are subject to additional checks. A provider may ask you for proof of address or may want to know where the money comes from.

We recommend Wise in part due to their easy sign up process in Sweden.

When sending large amounts of money between Sweden and Iceland there will be tax implications to consider.

Some transfers into Iceland Krona may need to be reported to tax authorities in Iceland, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances differ in Iceland based on age, income and a few other elements. When in doubt, please contact a tax professional in Sweden or Iceland to discuss your personal circumstances.