Today, 1.00 (one) Euro is worth 123.06 Icelandic Krona, ie, €1.00 = Kr123.06. That's because the current exchange rate, used to convert to Icelandic Krona, is 123.06. So, to make Euro to Icelandic Krona conversion, you just need to multiply the amount in EUR by 123.06, the currency rate today.
Learn how to get the best European exchange rate before exchanging your money
The Euro is the official European currency. EUR/ISK represents the value of European money in Icelandic money and it is called the 'exchange rate' or 'forex rate'. This exchange rate from Euro to Icelandic Krona is today at 123.064.
As an example, suppose you are from Reykjavik Iceland and you travel to Paris European Union. There, you need to get 1000 Euros (€) at a Paris bank to pay your hotel. In this case you would pay 123.064 * 1000 = 123064 Icelandic Kronas (Kr). But, in practice, you will pay more (or perhaps much more) to get the same amount of your foreign currency due to the margin for the money conversion services costs like: commissions, credit card surcharges, ATM fees and other expenses. If, for example, you are using a credit card, this margin will typically be around 2 to 3 percent. We recommend that you choose the best place to make your money exchange because there can be a large difference between forex rates you will get..
In the example above for a 1000 Euros amount, the result of the money conversion is 125525.28 ISK for a 2% margin or 126755.92 ISK for a 3% margin.
Some Internet based foreign currency exchange agencies add 10 percent or even more. So, if you make the same calculations above, there will be a difference of about 12306.4 ISK depending on which forex bank or agency you choose to exchange your money. So, that's why we advise you to seek the best place to get the best fx rates for your upcoming money transfer/exchange. The only way to know what is the best exchange rate is to know what the current rate is. You can easily accomplish this by using periodically our currency converter above to get an idea of what forex rate to expect.
Note: If you use our currency converter, you only need to choose the amount of margin in its drop-down list and have an estimate of how much you will pay to get the desired amount.
By the way: there are some notations for this currency pair like EUR-ISK or EURISK among others. The currency symbol for Euro is (€) while the currency symbol for Icelandic Krona is (Kr). The Iceland country code is ISL or IS