Work & money · Preparation

Talking to your bank

You can't ask for what you don't have words for. This page gives you the bank's words and the questions to take with you. The details live on the pages it links to.

Why prepare first

In a bank meeting, the adviser speaks the language of money, often in Icelandic. Many foreigners speak everyday Icelandic well, but not the money words. It is hard to decide about a loan or an investment when the key words are new to you.

From the resident behind this site: a question about investing at the bank came to a stop because the money words were missing, even after years here. That is why this page exists.

Asking is normal. When more people ask the same questions, banks learn what newcomers need.

Nine words worth knowing

Last verified 27 September 2026 · skatturinn.is; sedlabanki.is; stjornarradid.is; Landssamtök lífeyrissjóða (ll.is)

Húsnæðislán (say: HOOS-nye-this-lown): a home loan
Óverðtryggt (say: OH-verth-trikt): a loan that does not follow prices; the payment moves with interest rates
Verðtryggt (say: VERTH-trikt): a loan that follows prices; what you owe grows with inflation
Fasteignasali (say: FAST-ayg-na-sal-i): a licensed estate agent
Kaupsamningur (say: KOIP-sam-nin-gur): the purchase contract for a home
Lífeyrissjóður (say: LEE-fay-ris-syoh-thur): a pension fund
Séreignarsparnaður (say: SAIR-ay-gnar-spar-na-thur): the extra, personal pension saving you can choose
Verðbréfareikningur (say: VERTH-bref-a-rake-ning-ur): an account for shares and funds
Fjármagnstekjur (say: FYOWR-magns-tek-yur): capital income, such as profit from shares; it is taxed

Questions to take with you

Pick the part you need. Write the answers down in the meeting.

If you want to buy a home

What actually happens: How much would you lend me, and what do you need from me?
Can you show me óverðtryggt and verðtryggt side by side?
What would my payment be if interest rates rose 2 or 3 points?
With verðtryggt, how much would I still owe after 5 and 10 years?
Can I use my séreignarsparnaður towards the home?
What to do: Read Buying property first. If you are from outside the EEA, check whether you need permission before you sign anything.

If you want to start saving or investing

What actually happens: Am I paying into séreignarsparnaður? If not, how do I start?
How do I open a verðbréfareikningur, and what are the fees?
What is the difference between shares and funds?
How is profit taxed, and what must I report each spring?
Can you refer me to someone who explains this in English?
What to do: See Money & investment for pensions, investing and tax on profit.
The common trap: Buying something only because someone else did. The value of shares and funds can fall. This site explains ideas. It never tells you what to buy.

How to ask

Book a meeting through your bank’s app or website. Say what it is about.
Ask if the meeting can be in English, or bring someone you trust.
Ask them to explain any word you don’t know. That is their job.
Ask for the numbers in writing, so you can read them at home.
You never have to decide in the meeting.

This page helps you prepare. It is not financial advice. For decisions, talk to your bank, your pension fund or Skatturinn.

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