It's easy to send money abroad
Typically, it takes 2 to 3 business days for an international transfer to reach the recipient's account.
The cost of transferring money abroad can vary.
All EUR payments are free within EEA and European Union countries.
An outgoing payment in another currency costs 895 ISK and an incoming payment costs 650 ISK.
Payments in EUR within Europe are generally free of charge, excluding payments to the United Kingdom and Switzerland. However, if a payment is sent outside Europe, foreign banks may deduct fees from the payment, but these costs depend on each bank's fee schedule. Arion Bank does not have information about costs that may be incurred by foreign banks for transfers to different countries.
You can choose to pay all foreign bank fees in online banking. In that case, you pay a fixed additional fee (currently 5,000 ISK), which is intended to cover potential costs that foreign banks may charge. In some cases, however, it cannot be guaranteed that the fee paid will cover all costs, as Arion Bank has no control over the charges imposed by foreign banks.
When transferring to a new recipient, you need to go through several steps. You must contact the bank to enable the possibility of doing business with other banks abroad. Then you need to establish a Business Relationship. You can do this in the online banking under Foreign Transactions.
To be able to make international transfers in the online banking system, you need to start by contacting the bank and requesting access to the foreign exchange trading system. You can contact us by phone at 444 7000 or by sending an email to arionbanki@arionbanki.is.
Required information to create a recipient:
Name and address of the recipient (street name, postal code, city, and country)
IBAN number of the recipient (Europe) or account number (outside Europe)
Name and SWIFT code of the recipient's financial institution
When a new recipient has been created, it can take up to 30 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.
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.
SWIFT is a standardized communication and inquiry system that serves financial institutions worldwide and is a secure method for sending payments between countries.
The SWIFT code for Arion Bank is: ESJAISRE
