Iceland is part of the Nordic Passport Union and included in the Schengen Area. For further information on passport and visa requirements please go to the website of the Icelandic Directorate of Immigration at: http://www.utl.is/english.
Iceland is among the top ranking Scandinavian destination according to the Travel & Tourism Competitiveness Report in 2012. Only Sweden ranks higher. Iceland is in the top 15 countries on the Global Competitiveness index in areas such as, higher education and training, infrastructure, technological readiness and innovation. The country takes seventh place in quality of overall infrastructure and fourth in availability of latest technologies.
All banks in Iceland provide foreign exchange. The opening hours are: 09.15-16.00 Mondays to Fridays. The Icelandic Currency is krona. Coins are in denominations of 1 kr., 5 kr., 10 kr., 50 kr., and 100 kr. Banknotes are in denominations of 500 kr., 1000 kr., 2000 kr. and 5000 kr. All major credit cards are widely accepted in Iceland and ATM machines are common.
SHOPPING AND EXPLORING
Office hours are generally 09.00-17.00 during weekdays. Most shops are open from 10.00 -18.00 except Saturdays from 10.00-14.00. Two large shopping malls, Kringlan and Smaralind, are open from 10.00-18.30 Monday to Wednesday. Thursday 10.00-21, Friday 10.00-19.00, Saturday 10.00-18.00 and Sunday 13.00-18.00. The most common opening hours of museums and exhibitions are 10.00-17.00 throughout the week.
TAX FREE SHOPPING
VAT (Value Added Tax) is refundable when visitors take goods out of the country. The refund will reduce retail prices by approximately 15%. A purchase of no less than 4000 ISK per store is eligible for a refund. The goods must be shown to customs officers at Keflavik Airport before leaving the country.
Iceland has been dubbed the Land of the Midnight Sun and indeed around Midsummer Eve the sun is visible all day round. The flipside of the coin is the darkest day during winter solstice when the sun is only visible for two and a half hours. This natural phenomena, however, is what creates the unique and beautiful light in Iceland. Artists and photographers are enthralled by it and strive to capture its variations in miscellaneous ways.
The Gulf Stream passes along the coast of Iceland ensuring cool temperate climates. The summers are cool and winters fairly mild. July is the warmest month and January the coolest. For further information on the weather browse: http://en.vedur.is.
CONSUMER PRICE INDEX AND RESTAURANT PRICE INDEX
Reykjavík is definitely very Price-competitive compared to our competitors in the MICE market. Here you can see 2012 Consumer price index and Restaurant Price index.