In fact, Iceland is
generally considered second only to Japan in its ability to deplete
travellers means.
May 19, 2006 (Press Release) --
Money Advice
Because just about everything must be imported, food, accommodation and
transport prices in the North Atlantic are high. In fact, Iceland is
generally considered second only to Japan in its ability to deplete
travellers means. If you can happily drop US$500 a day you won't encounter
any problems, but those with finite means may have to put in some effort
not to break the budget. If you're willing to give up some comforts and
sleep in youth hostels, eat at snack bars and travel on bus passes, you'll
probably be able to keep expenses down to an average of about US$50-60 per
day. Europeans bringing a private vehicle to Iceland, especially a
campervan or caravan, will be able to enjoy a bit more comfort while still
keeping within a reasonable budget. Petrol prices are over US$1 per litre
though, so be prepared.
Foreign-denomination travellers cheques, postal cheques and banknotes may
be exchanged for Icelandic currency at any bank. A commission of about
US$2.50 will be charged, regardless of the amount changed. Major credit
cards are accepted at most places. Icelanders are plastic mad and use
cards even for buying groceries and other small purchases.
Tipping is not required: finer restaurants will automatically add a
service charge to the bill making further tipping unnecessary. Even so,
those who feel compelled to tip for particularly good or friendly service
will not be refused.
Economy Facts
GDP: US$6.4 billion
GDP per head: US$23,700
Annual growth: 1.7%
Inflation: 1.9%
Major industries: Fishing, aquaculture, aluminium smelting & geothermal
power
Major trading partners: EU (esp. Germany, Norway, UK, Denmark, Sweden),
USA
Member of EU: no
Currency
Icelandic Króna (Ikr)
Relative Costs
Meals
Budget: US$10-15
Mid-range: US$15-25
Top-end: US$25 and upwards
Lodging
Budget: US$20-50
Mid-range: US$50-100
Top-end: US$100 and upwards
Source: http://www.yahoo.com
Because just about everything must be imported, food, accommodation and
transport prices in the North Atlantic are high. In fact, Iceland is
generally considered second only to Japan in its ability to deplete
travellers means. If you can happily drop US$500 a day you won't encounter
any problems, but those with finite means may have to put in some effort
not to break the budget. If you're willing to give up some comforts and
sleep in youth hostels, eat at snack bars and travel on bus passes, you'll
probably be able to keep expenses down to an average of about US$50-60 per
day. Europeans bringing a private vehicle to Iceland, especially a
campervan or caravan, will be able to enjoy a bit more comfort while still
keeping within a reasonable budget. Petrol prices are over US$1 per litre
though, so be prepared.
Foreign-denomination travellers cheques, postal cheques and banknotes may
be exchanged for Icelandic currency at any bank. A commission of about
US$2.50 will be charged, regardless of the amount changed. Major credit
cards are accepted at most places. Icelanders are plastic mad and use
cards even for buying groceries and other small purchases.
Tipping is not required: finer restaurants will automatically add a
service charge to the bill making further tipping unnecessary. Even so,
those who feel compelled to tip for particularly good or friendly service
will not be refused.
Economy Facts
GDP: US$6.4 billion
GDP per head: US$23,700
Annual growth: 1.7%
Inflation: 1.9%
Major industries: Fishing, aquaculture, aluminium smelting & geothermal
power
Major trading partners: EU (esp. Germany, Norway, UK, Denmark, Sweden),
USA
Member of EU: no
Currency
Icelandic Króna (Ikr)
Relative Costs
Meals
Budget: US$10-15
Mid-range: US$15-25
Top-end: US$25 and upwards
Lodging
Budget: US$20-50
Mid-range: US$50-100
Top-end: US$100 and upwards
Source: http://www.yahoo.com
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