Currency surcharges are fees that other banks take when you exchange from one currency to another.
If we look at those banks' websites, we see that their currency exchange rates are published there. For example, one bank offers to sell me one euro for 155 ISK, but that's not the end of it. If I'm going to get the euro as a note, it will cost me 160 ISK (which is a 3.2% surcharge on top of the market exchange rate). If I intend to receive the euro through a card transaction at Tene or through an online store, the bank will charge me 159 ISK (which is a 2.5% surcharge on top of the market exchange rate). And if I buy the euro at the airport, it costs 163 ISK (which is more than a 5% surcharge on top of the market exchange rate).
At indó, the euro costs you the same amount it costs us, which means that you simply get the euro at the same rate we get it.
This currency surcharge, which we ordinary people always pay when we shop abroad or in foreign online stores, brings in many billions of revenue per year for banks if we look at the data on the Central Bank of Iceland's website.
Now you’ve heard enough – use your money both in Iceland and abroad, and don't worry about paying us for it. This is your money.