Foreign Exchange

How we send transfers to recipients abroad

In our online banking system, it's simple and convenient to make payments in foreign currencies, whether for regular transactions or one-time payments.

When transferring money to a new recipient, you need to go through several steps. Then you need to establish a business contact for the new recipient. You can do this in the online banking system under International transactions - Business contact.

What is SWIFT?

SWIFT is a standardized communication and inquiry system that serves financial institutions worldwide and provides a secure method for sending payments between countries.

Arion Bank's SWIFT code is: ESJAISRE

1. Create a recipient

Required information to create a recipient:

Recipient's name and address (street name, postal code, city and country)
Recipient's IBAN number or account number (when IBAN number is not used)
Name and SWIFT code of the recipient's financial institution

2. Waiting for approval

When a new recipient has been created, it can take up to 15 minutes to get them approved. If you need urgent approval, you can send us an email at foreignpayments@arionbanki.is and we will take care of it immediately.

3. Perform a transfer

Once the recipient has been created and approval has been obtained, you can then perform the transfer under Business Relationships in online banking or Transfers in the Arion app. Please note that it is important to select the correct classification key and provide the explanation in English..

Bank guarantees facilitate business transactions

Bank guarantees are commonly used in domestic and international business transactions. Bank guarantees can facilitate trade and reduce uncertainty when dealing with other companies. A bank guarantee means that a bank irrevocably guarantees payment for goods, services, or in case of contract breaches, allowing the seller to be confident about receiving payment even if their customer fails to fulfill their obligations.

Warranties