Keflavík Airport Currency Fees Spark Transparency Concerns

Strict confidentiality clauses in Keflavík Airport's contracts prevent Isavia from disclosing terms with service operators. This includes the agreement with Prosegur Change, formerly ChangeGroup, which runs foreign exchange services at the airport. Because of these secrecy provisions, Isavia could not reveal whether its contract sets a maximum fee for currency exchanges or ties rental income to the operator’s profits. A news report last May highlighted an Icelandic traveler who lost nearly 15,000 ISK simply by exchanging US dollars at Leifsstöð in Keflavík. The customer received a poor exchange rate and was charged an 11% service fee. Further investigation showed that using the airport’s currency service could cost up to 20% more than exchanging the same amount at a regular Icelandic bank branch. Following that report, a media outlet submitted a formal information request to Isavia. The inquiry asked when the current contract was signed, how long it lasts, and what requirements guided the latest tender for financial services at the airport. It took over nine months—and a repeated request—for Isavia to respond. The delay meant the requested details about the financial arrangement remained unavailable during that time. These confidentiality terms mean Isavia’s revenue may increase as operators earn more, creating potential conflicts of interest. The situation raises questions about transparency in public infrastructure agreements in Iceland.