Looking for a safe and simple way to send money to Denmark? Then you’ve reached the right place! Use our exchange rate calculator below to track some of the best DKK exchange rates at the click of a button. Simply enter the amount of money you want to convert and compare a list of providers based on key features such as exchange rates, transfer fees and speed.
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If you’re unsure which foreign exchange provider you should choose and what to do after you’ve picked one, let team Mozo come to the rescue. In the sections below, we’ll run you through all the important information on the different ways in which you can transfer money to Denmark and the general dos and don’ts of sending money overseas.
When it comes to transferring your Aussie dollars to Danish krone there are three main options - you can do it in person, online or over the phone. Let’s take a look at what these different choices mean for you:
Transferring money in person.
If you decide to transfer money through a bank, you’ll have the good ol’ option of going over to the branch and making a face-to-face transaction. What’s the main advantage of doing this? Well, mostly you’ll have the peace of mind of having someone at the bank personally take you through the entire process. So if you haven’t yet warmed up to the idea of online banking, this may be the way to go for you.
But there is a downside as you’ll have to wait for the bank’s business hours to process the transfer and you’ll need to pay a higher exchange fee.
Transferring money online.
This is one of the most convenient and affordable modes of transferring money to Denmark. You can easily browse through multiple providers from the comfort of your home and as soon as you spot the best DKK exchange rate, you can kick off your request to transfer money - you won’t need to wait in line for someone at customer care to process the conversion.
As for the price tag, whether you’re exchanging money using a bank or a foreign currency specialist, online money transfers almost always have the lowest exchange fees. Don’t believe it? Check this out - at the time of writing, ANZ was charging $32 for transfers made in person and only $18 for transfers made online. But the cheapest deal was with FX specialists like TorFX and WorldFirst that were offering fee free online money transfers to Denmark.
Transferring money over the phone.
This is the perfect option if you don’t have the time to go to a branch personally, but would still feel more comfortable talking to someone at the provider’s end before sending off funds overseas. Many banks as well as foreign currency specialists offer the option to carry out the money transfer over the phone.
You’ll still need to wait for the provider’s operating hours to talk to a currency expert but at least you won’t have to get out of work in the middle of the day to make the trip to the bank yourself. The exchange fee for money transfers over the phone is generally somewhere in between that for online and in person transfers.
Once you’ve decided how you want to send money to Denmark, you can either go to the branch or kick off the transfer online. To process the transfer, the provider will first need to verify your identity and set up your account. After the registration process is complete, you can fix an exchange rate, add the recipient’s bank account details and book your transaction. You should then be able to pay your provider via BPAY or Electronic Funds Transfer.
Here’s a quick list of information you’ll need to set up the currency transfer:
1. Proof of identity, such as your driver’s licence or passport
2. The recipient’s name, address and account details
3. The complete name and address of the recipient’s bank
4. Account number or International Bank Account Number (IBAN)
5. SWIFT/BIC code of your personal account that you’re transferring money to
6. The exact amount you would like to transfer
Now that you know how it’s done, check out the dos and don’ts of transferring money to Denmark.
DO compare exchange rates
If there’s one magic number you need to keep your eyes on while picking an IMT provider, it’s the exchange rate. Always remember even a tiny difference in rates can have a big impact on your final value, especially if you’re converting a large amount of money.
Here’s a good example - at the time of writing, World First was offering DKK 48,802 for AUD $10,000, whereas a big bank was only offering DKK 46,182. That’s a straight out saving of DKK 2,620!
DON’T pay excessive charges
Every international currency provider has a unique fee structure, which can vary based on a number of factors, including the amount of funds you’re transferring, if you’re planning to send money regularly and if you’re making the transfer online or in person.
So it’s important to find an IMT offer that meets your overall needs. For instance, if you’re planning to buy an apartment in Copenhagen and need to send money regularly, it makes sense to look for a provider that has the best long term deal, like a set number of fee free transfers.
DO pay attention to transfer limits
Many banks as well as FX specialists have minimum and maximum limits on the amount of money you can transfer at a given time. Say, one foreign exchange specialist requires you to send at least $200 at a time, another may not let you transfer more than $40,000 in one go. Or, it’s also possible that a provider may have a cap on the amount you can transfer online.
That’s why, while the exchange rate is still one of the main deciding factors when picking an IMT provider, you also need to think about the amount of money you need to send and the provider’s transfer limits.
DON’T slack on security
When you’re looking for the best Krone exchange rates, you may come across many financial providers that you’ve never heard of before. Don’t let that worry you! Just remember one thing - always deal with providers that are regulated through ASIC. To ensure you’re transferring money with licensed foreign exchange providers, scroll up to the top of this page to use our exchange rate calculator that only lists secure foreign currency specialists.