FAQ

What is S24?

S24 is a banking service for individuals who want to get better terms by serving themselves using various self-service facilities such as the Internet, telephone, GSM Bank, etc.

S24 keeps operating costs low so customers can earn better interest.

S24 stands for efficient management and employee knowledge.

The number 24 stands for "twenty-four hours a day".

S24 is for individuals aged 18 and over who need a fast, quality service and want to save money on bank transactions. S24 also offers savings to individuals who are younger than 18 years of age.

S24 does not operate traditional bank branches with cashiers. However, the S24 reception centre is located at Digranesvegur 1.

You are not required to move all of your banking business to S24.

Why better interest rates?

S24 customers generally serve themselves using the most up-to-date technology available. This allows S24 to offer its customers excellent interest rates.

What can you do on our homepage?

  • Apply for overdrafts, cards, loan savings and offers
  • Look at products
  • Look at services and service channels
  • Look at offers
  • ...and much more

What can you do in S24 Internetbank?

  • Pay unpaid bills that automatically appear in Internetbank
  • Check the status of bills and credit cards
  • Pay bills, giro bills and payment coupons
  • Make transfers
  • Send telephone payments
  • Look at and make transactions
  • Check the status of bonds
  • Customise your own page
  • Get information about bills and bonds for income tax returns
  • Have a text message or e-mail sent when, for example: your salary is deposited or your account becomes overdrawn (FIT)
  • Keep track of exchange rates and developments of securities and funds
  • Get an overview of student loan status at LÍN (Lánasjóði Íslenskra Námsmanna)
  • ...and much more

What types of services are available when calling 533-2424?

Personal services are available that make it possible to:

  • Get information about cards
  • Get the status of debit and credit card accounts
  • Transfer funds
  • Apply for an overdraft
  • Get information about internetbank
  • Get information about how to sign up with internetbank
  • Apply for automatic payments
  • Report a lost card
  • ...and much more

Who can be an S24 customer?

All individuals in Iceland age 18 and above who are not in default and/or on a block list.

What products does S24 offer?

  • Withdrawal
  • Debit card
  • Credit card
  • Line of credit card
  • Overdraft / credit limit
  • Short-term loans
  • Long-term loans
  • Internet car loan
  • Savings

How can I sign up for an Internetbank account?

As soon as you receive a card or set up an account with S24 you are signed up for internetbank. You need to change your password the first time you sign into the Internet bank. This is done for security reasons.

Can I get foreign currency?

If you want foreign currency you will be referred to another bank and/or savings bank.

What do I do if I go out of the country?

S24 suggests customers use the S24 credit card and/or line of credit card while out of the country. It is also possible to use a debit card in many countries.

How secure is S24 Internet banking?

S24 places great emphasis on ensuring secure transactions on the Internet and has taken a wide range of precautionary measures to ensure your security while using our website. All transactions with internetbank are encrypted with 128-bit encryption from Globalsign, so-called SSL encryption that is the most powerful available today.

What conditions does a guarantor for a loan need to meet?

  • The guarantor needs to be 18 year of age or older and may not be in default and/or on a block list
  • The guarantor must not be older than 75 years of age when the surety expires
  • The guarantor must be a property owner
  • The customer must have had legal residence in Iceland for at least 24 consecutive months to become eligible as a guarantor.

How can I transfer money from a foreign bank to a S24 account?

You must give the bank that will be transferring for you the following information:

  • Icebank Ltd.
  • Rauðarástíg 27
  • 105 Reykjavík
  • Swift LSICISRE
  • ZIBAN number (can be found on the account statement or contact us))
  • Name and ID number of the account owner.

How can I make transfers from my S24 account to a foreign account?

You need to send the following information in an e-mail or by phone to S24:

  • Name and address of the bank
  • SWIFT code of the bank or BIC number, depending on country (NOTE in the United States this is called a routing number)
  • Account number
  • Name and address of the account owner
  • IBAN number on the account (only need for countries within the European Union)
  • When the information has been provided to us, you need to confirm with us using your PIN number to allow the transfer of funds from your account.

Interest, list of charges and currency calculator

Interest

Interest selected
Deposit Interest  
Debit card 3,70% - 5,00%
Savings account 3,70% - 5,85%
Savings account (Indexed) 3,45%
Credit Interest  
Debit card 11,60%
Gold LoC card 13,10%
Charge card 13,10%
Short-term loan 13,20%
Instalment contract 11,60%
Longterm loan  
Cert. of Dep. 0-30% 10,20%
Cert. of Dep. 31-60% 10,55%
Cert. of Dep. 60% and higher 11,55%
More

List of charges

List of charges selected

Debit card annual fee 450 kr.
Annual fee - Credit/LoC card 5.000 kr.
Annual fee - Gold- Credit/LoC card 8.000 kr.
Annual fee - Netcard 1.000 kr.
Annual fee - Internetbank 0 kr.
Transaction fee on the internetbank 0 kr.
Debit card transactions (POS) 13 kr.
Loan fee 1,50%
ATMs outside of Iceland - Maximum withdrawal
Creditcard - 4 times per month 30.000 kr.
Gold creditcard - 4 times per month 60.000 kr.
More

Currency

Currency selected
Country Change  Buy  Sell 
0%  181,99  183,45 
0%  20,1375  20,3025 
0%  19,0585  19,2145 
0%  16,224  16,357 
0%  116,83  117,205 
0%  1,4067  1,4151 
0%  114,19  115,04 
0%  149,965  151,145