Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
Last Published: 2/18/2019

Payment from Iceland to a foreign entity can be made without formality or delay through commercial and savings banks, though payments are in some cases channeled through the Central Bank.  Most issues relating to cross-border payments following the October 2008 banking collapse have been resolved. 
There are a number of debt collection agencies in Iceland.  The Economic and Commercial section of the U.S. Embassy in Reykjavík (ReykjavikEconomic@state.gov) can provide a list of such agencies upon request.

All normal methods of payment are used, but the most common and preferred method of payment is on open account terms where the buyer pays for products after receiving them.  Many wholesalers who have had a successful long-term business relationship with their vendors maintained an open account even after the crash. By November 2011, most of the largest international insurance companies have begun to service Icelandic firms again.

Creditinfo Island (www.creditinfo.is) provides credit reports on Icelandic companies, lists of defaulting debtors, and related information.
Three agencies assign the Republic of Iceland’s sovereign credit rating:  Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s.  The Central Bank of Iceland communicates regularly with these agencies on behalf of the authorities.

Fitch Ratings
Moody’s Investors Service
Standard & Poor’s

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