Denmark: Global Payments Guide
- Supported currencies receiving(DKK, EUR, GBP)
- Supported currencies sending(DKK, EUR, GBP)
- Delivery time: {1-2 working days (SEPA), 1-5 working days (SWIFT)}
- Supported by : (SWIFT, SEPA)
Denmark, a recognized innovation leader, offers a favorable environment for testing new products and services. This guide covers how to send and receive payments in Denmark, including transfer methods, times, and costs. Let’s get started!
Payment networks available in Denmark
Denmark has been a leader in electronic payments, from its first debit card in 1983 to online banking in 1999, mobile banking in 2013, and contactless payments in 2015. The country offers various payment methods for business transactions, including:
Denmark, as part of the EU’s Single Euro Payments Area (SEPA), benefits from seamless payments to other SEPA countries. SEPA supports both credit transfers and direct debits, and the SCT Inst scheme enables instant transfers across Europe 24/7.
The SWIFT network supports international payments to and from Denmark, covering over 190 countries. It provides reliable and secure transfers, typically processed within one to five working days, making it essential for businesses operating in Denmark and beyond.
Kronos2 is Denmark Nationalbank’s real-time gross settlement (RTGS) system for Danish Kroner payments. It supports transactions in both Kroner and Euro and is commonly used by retailers. Denmark Nationalbank is also working on integrating TARGET services through a project called TARGET DKK, expected to launch by 2025.
Payment methods in Denmark
There are plenty of options for businesses looking to initiate an international money transfer to Denmark. These include:
International payment specialists (XE, OFX and more)
Mobile payment services (Apple Pay, Brite, Trustly and more)
Bank transfers (Danske, Jyske, Nykredit and Sydbank)
Online multi-currency accounts (8S Money)
Below, we’ve outlined the details of these money transfer services for Denmark:
International and domestic payment services
Businesses often use international payment services for transactions to and from Denmark. XE and OFX are popular options but can be costly. Mobile payment services like Apple Pay, Google Pay, Brite, and Trustly are widely used in Denmark. The country’s major banks—Danske Bank, Jyske Bank, Nykredit Bank, and Sydbank—facilitate both domestic and international transfers. For a simpler and more cost-effective solution, online multi-currency accounts like 3S Money’s International Business Account offer low-fee transfers to Denmark and over 190 other countries.
How to send money to Denmark
Online multi-currency accounts, such as 8S Money’s International Business Account, provide a fast and efficient way to handle international transfers. Here’s how to send money to Denmark using 8S Money.
Open a 8S Money International Business Account
Get your application started by checking your eligibility before being pre-approved by our team.
Enter the transfer details
Once your account is open, you can transfer money to Denmark immediately. Simply enter the recipient’s details and choose the correct currency and country.
Send your money
After triple-checking the details, hit send.
Voilà .
When it comes to sending money to Denmark, it doesn’t get easier than this. 8S Money’s International Business Accounts have been designed with forward-thinking international organisations in mind. This is reflected in our easy payment process and access to over 65 supported foreign currencies. Our clients can also send and receive payments to more than 190 accepted countries, making growth overseas a whole lot easier.
Fees
International transfer fees can be significant for businesses. Here’s how 8S Money’s International Business Account helps you save:
- Outgoing Transfer Fee: Traditional banks can charge £20 to £40 plus hidden costs for transfers to Denmark. With 8S Money, Area 1 transactions have no incoming fees. SEPA/local transactions range from $5 for Starter accounts to $0.50 for Enterprise Plus accounts.
- Incoming Transfer Fee: Banks often impose high hidden fees for incoming transfers. 8S Money offers no incoming fees for Denmark. SWIFT outgoing transactions cost $20 for Starter accounts and $1 for Enterprise Plus. Incoming SWIFT transactions are $10 for Starter accounts and free for Enterprise and Enterprise Plus accounts.
- Initiation Fee: Many UK banks and international payment providers charge up to £20 for initiating transfers to Denmark. 8S Money does not have any initiation fees.Â
Key factors to consider when sending money to Denmark
There’s plenty to consider before choosing and using your international payment platform, so we’ve simplified things for you. Here are some critical areas to consider:
Send money to Denmark easily and efficiently with 3S Money
For low-cost, straightforward, and versatile money transfers to Denmark, a 3S Money International Business Account is ideal. Here are some key benefits:
- Ultra-quick transfer speeds
- Dedicated client managers on hand to assist with queries
- Access to 65+ currencies in 190+ countries (excluding a small number of restricted countries and territories)
- Zero transaction limits
- Fair FX rates
Need more information? Reach out to us, and we'll be happy to assist you.
Our team is here to guide you through the process of opening your business account, all without needing to step into a bank. We speak over 12 languages, so let us know if you’d like to schedule a call in your native language.
