Personal finance

Living in Europe | Banking | Faroe Islands

The banks offer payment services and provide loans for various purposes.


In order to receive your salary, you will have to open an account in a Faroese bank. You will need a Faroese ID-number to open a bank account.

If you are staying in the Faroe Islands for a short time and do not have a Faroese ID-number, the bank will need a copy of your passport and a name certificate in order to allow you to open an account.

Bank deposits in Faroese banks up to DKK 750,000 per person are guaranteed through a deposit guarantee fund.

There are 4 banks in the Faroe Islands: