No Answers on Keflavík Airport Currency Exchange Deal

Isavia has not provided details about the contract terms with the company operating currency exchange services at Keflavík International Airport. The company, Prosegur Change—formerly ChangeGroup—charges high fees for foreign exchange transactions. Confidentiality clauses in Isavia’s agreements with airport operators prevent disclosure of specific conditions tied to these contracts. A report by Vísir last May revealed that an Icelandic traveler lost nearly 15,000 ISK simply by exchanging US dollars into euros at Leifsstöð in the airport. The customer received a poor exchange rate and was charged an 11% service fee. Further investigation showed that exchanging money at this location could cost up to 20% more than doing so at a regular Icelandic bank branch. Following that report, Vísir submitted a formal request to Isavia asking whether any limits were placed on maximum fees or commissions allowed under the agreement. They also asked if Isavia’s rental or contract income is linked to the operator’s profits. Additional questions included when the contract was signed, its duration, and what requirements guided the most recent tender process for financial services at the airport. It took over nine months—and a repeated inquiry—for Isavia to respond. Even then, no substantive information was released due to confidentiality restrictions. This lack of transparency raises concerns about oversight of commercial operations in publicly managed infrastructure.