Customs
Travelers are not required to pay duty on an appropriate amount of items for their personal use during their visit. In addition, the following duty-free allowances apply: no more than 1 liter of liquor or 1 liter of wine: and 200 cigarettes or 250 grams of tobacco.
Currency Exchange
You may choose to exchange your travelers checks and bank notes at a local bank in Iceland. Banks are open from 9:15 a.m. to 4 p.m. from Monday to Friday and are closed over the weekend. They generally charge a small, set commission. Not a percentage, making this an economical alternative over exchanging currency at major hotels or bureau’s of exchange. You will notice that credit cards are excepted everywhere you go and ATM’s are widely available for your out of hours banking needs.
Tipping
In Iceland there is a service charge that is often included in your bill. Tipping is not common but a tip for exceptionally friendly or helpful service is never refused. Commonly patrons choose to “round-up” the bill to an even amount and leave the additional money in recognition of good service.
General Business Hours
Most offices are open from 9 a.m. to 5 p.m. from Monday to Friday. Most offices are closed on Saturday. Some offices are closed down completely for a 3 week holiday in July. Shops: Monday through Friday 10:00 am to 6:00 pm and Saturday 10:00 am – 2:00pm. Shopping malls and grocery stores will offer weekend and extended hours.
Value Added Tax
24.5%