Choice of currency and allocation of costs



Which currency should I choose?

The transfer is settled at the Danish central bank’s official mid-market exchange rate applicable on the date of transfer plus a margin set individually for each currency. The exchange rate is the price in Danish kroner for 100 units of the foreign currency. Click here to view the official mid-market exchange rate on the Danish central bank’s website.

 

Please note that special rules apply if you transfer an amount in a currency other than the one in which the payee is to receive the money. Special rules also apply if you transfer an amount in a currency other than the one in which the account at the payee’s bank is denominated, for example if you transfer Danish kroner to an account denominated in euros.

In such case, the payee’s bank will carry out the currency exchange, not Danske Bank. This means that the exchange rates and fees of the payee’s bank will apply.

If you want to make sure that you know the terms and conditions in advance, we recommend that you have us exchange the money for you. You do so by choosing the currency requested by the payee, for example euros if you are transferring money to an account or a person in the euro zone, or pounds if you are transferring money to an account or a person in Great Britain.

The same applies if you pay with your card in shops and the like abroad: If you want Danske Bank to carry out the currency exchange on terms and conditions you know, you must choose to pay in the local currency.



Which allocation of costs should I choose?


Sender and payee share costs
We recommend that you always use the "Sender and payee share the costs" option. This means that you pay the costs charged by us, and the payee pays the fees charged by the payee’s bank. If you choose this option, the payment is processed automatically by us and the payee’s bank, and you and the payee pay the lowest possible fees.

Sender pays all costs
If you choose to pay the payee’s costs (‘Sender bears the costs’), the payment must be processed manually at both banks, which means that you must pay an additional fee.
If you have agreed with the payee to pay his costs, you will pay the lowest possible costs if you ask the payee to inform you of the fee payable by the payee. Then add that amount to the amount of your transfer and choose the ‘Sender and payee share the costs’ option.

The ‘Sender bears the costs’ option is not available for payments to EU countries, Norway, Iceland and Liechtenstein.

Payee pays all costs
If the payee has agreed to pay your costs, you can reduce the amount of the transfer by an amount corresponding to the fee you pay to us. You can inform the payee of the size of the fee in the message you can send in connection with the transfer. If you instead choose ‘Payee bears the costs’, the payee may have to pay additional fees. 

The ‘Payee bears the costs’ option is not available for payments to EU countries, Norway, Iceland and Liechtenstein.

Good advice
To keep costs as low as possible, you should
  • always use Danske eBanking
  • always use the payee’s IBAN (International Bank Account Number), which always starts with two letters followed by digits and letters (for example DK7830004321123456789) and may contain up to 31 characters
  • always enter the SWIFT/BIC of the payee’s bank. SWIFT/BIC stands for ‘Bank Identifier Code’ – for example, Danske Bank’s SWIFT/BIC is DABADKKK

If you have any questions, you are welcome to contact us.