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Are there any restrictions on withdrawals from foreign currency accounts?

April 26, 2017accounts currency foreign withdrawals

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Are there any restrictions on withdrawals from foreign currency accounts?

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Withdrawals from foreign currency accounts in Iceland are subject to the requirement that the party in question demonstrate that the funds will be used in accordance with the Rules on Foreign Exchange. It is prohibited to withdraw foreign currency in cash from a foreign currency account without demonstrating that the funds will be used to pay for goods or services, including travel.