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READER QUESTION: What are the rules on international money transfers to and from Denmark?

The Local Denmark
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READER QUESTION: What are the rules on international money transfers to and from Denmark?
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We respond to a reader's question regarding international money transfers to and from Denmark.


You can transfer funds to and from your Danish bank account relatively easily. 

Most banks recommend using their online or app service to do the transfers rather than inside the branch, to keep the fees down, as costs are involved.



How much the transfer costs depends on your bank or service provider, the amount you are transferring, where it's being transferred to and whether you need it to be an express transfer. It is more expensive to transfer in a branch or through a cheque.

There are no fees if money is transferred between the same banks. The fees are also lower if transferring within the EU. 

Under EU law, if you make cross-border payments of up to €50,000 within the EU, you will not pay more than the cost of a national transaction.

If you do have to pay an international transfer fee, it is recommended to share the costs between you and the recipient in the other country. If you choose to pay all the costs, you risk paying high fees to the foreign banks.

An express transfer with Nordea bank for example, to a non-Nordea account costs 350 kroner. An ordinary international transfer with Nordea costs 75 kroner.

It is also worth nothing that once made, foreign payments cannot be cancelled. If you make an international payment by mistake, you will need to contact the recipient to retrieve the funds.

How long will it take?

Usually between one and five days, depending on your bank.

What information is needed?

You need the correct BIC/SWIFT and IBAN. You will find your own IBAN number and SWIFT address in your online banking, under account information.

IBAN stands for International Bank Account Number, and it must be used for payments to all countries in the EU and EEA, regardless of the currency.

Using the IBAN helps Straight through Processing (STP) and avoids any associated charges or manual processing fees.

Always state the full name and address of the payee. 

Only fill in the field "Information for the bank" if absolutely necessary, as it involves manual post-processing which costs a fee.

Incoming payments

There is also a fee for receiving money from abroad. With Nordea bank for example, there is a 50 kroner fee to receive up to 2,000 kroner and a 100 kroner fee for amounts over 2,000 kroner. For money received from the EU, the fee is 20 kroner.

You need to pass on your bank details to the payer, including IBAN and BIC/SWIFT code details.

Do I need to use my Danish bank to make the transfer?

It is worth shopping around to find the best exchange rates and fees when making international payments.

There are providers like Wise, OFX, Currency Fair, Currencies Direct, and Hargreaves Lansdown, that offer competitive international bank transfers by opening an account with them.

READ MORE: What salary can you expect to earn in Denmark?




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