Send money to Denmark

If you're buying property in Denmark, doing business over there, or have family and friends who live in the capital of Copenhagen, chances are there’ll come a time when you need to send money overseas. Whether it's a one-off transaction or a regular transfer, we’ll guide you with quick how-to tips to get you on your way. Take a moment to read about how an international money transfer to Denmark would work. 

A quick note before we get started: Given that this guide is for people sending money to Denmark, if what you're planning instead is a holiday or business trip to Denmark, then it may be a better idea to visit Mozo’s Travel Money section. There you can read up on everything you need to know about the best travel cards and exchange rates.

What’s the best way to send money to Denmark?

Sending money to Denmark isn't hard work - once you have your account on hand, all it takes is entering a few details (like your recipient's bank ID numbers and their account details) before you're ready to kickstart your transfer. 

But before you jump in, there's a big decision to make: which provider to go with. While sticking with your existing bank can seem like the convenient route, it pays to weigh that up against other options like foreign exchange specialists. FX specialists generally offer customers more competitive fees and exchange rates than the banks, allowing you to get more Danish krone for the same amount of Australian dollars.

To help you to decide whether banks or foreign exchange specialists are a better fit for you, here's a snapshot of their pros and cons:

Banks

These providers are where most people park their money.

Pros:

• No need to create a separate IMT account
• Brands you already use and trust
• In-person transfers available

Cons:

• More costly: lower exchange rates and higher transfer fees 
• Limited operating hours: in-branch services only open during business hours

Specialist FX

These providers specialise in transferring funds overseas and exchange foreign currencies everyday. Companies include: TorFX, WorldFirst, SendFX.

Pros:

• Cheaper than the banks
• More flexible: you can transfer funds online 24/7
  

Cons:

• In-person transfers generally unavailable
• Minimum transfer amounts may apply ($50 up to $10,000 depending on the provider)

How can I compare my international money transfer options to Denmark?

Now that you’re aware of the pros and cons of banks and FX specialists, it’s time to zoom in and compare specific IMT providers. With plenty to pick from, there are five key features you should consider before locking in your final choice:

• Limits: While many specialist IMT providers don’t have maximum limits, they often place a cap on the minimum amount you can send, which can range from $50 up to $10,000. As for the big banks, you’ll generally find they have a daily withdrawal or ‘pay anyone’ limit which you can’t exceed. So make sure the provider you pick accepts the amount you’re looking to send.
• Exchange rates: You may think the tiny difference between exchange rates is negligible, but for larger transfers from Aussie dollars to Danish krone, it could actually matter a lot. Depending on the amount you’re sending, the slightly better exchange rate could save you hundreds or even thousands of krones. Those savings certainly add up if you’re making regular transfers abroad!
• Transfer speeds: Every IMT provider has their own transfer speed promise. Some say their transfers are near instant for certain countries while others say their transfers take a few business days. Generally speaking, the funds may take 3-5 business days to clear before they reach your recipient in Denmark, but if you want to know the exact timing, it’s best to double check with your provider before sending.
• Fees: Depending on the IMT provider, transfer fees could go from zero to a hefty amount. Although be mindful that even a service advertises ‘fee-free transfers’, third party fees could still apply. These fees are charged per transaction,  so they’re especially bad news if you’re making regular transfers to Denmark rather than a one-off.
• Online vs phone vs in person: If transferring money from the comforts of your own home sounds appealing, then you’ll be happy to know phone and online transfers are available with most banks and specialist IMT providers. The other benefit of online transfers is you’ll have the ability to send at any time of the day (or night)! On the flipside if you prefer doing things the old fashioned way, banks typically offer in-branch transfers to their customers - although those would typically have higher fees attached. 

Is it safe to send money to Denmark?

To ensure your international money transfer is as safe as possible, it’s important that you look for a provider that’s sufficiently regulated. This means they’re authorised by the Australian Securities and Investments Commission (ASIC) and are a member of the Australian Financial Complaints Authority (AFCA), giving you an official avenue to make complaints should you encounter a problem with your transfer. An easy way to check whether your provider is regulated by ASIC is to look for their AFSL (Australian Financial Service Licence) number which can be found on their website, usually in the  footer. All money transfer providers on the Mozo site are ASIC-regulated. 

On your end, there are also a few steps you could take to strengthen the security of your online money transfers and avoid possible money scams. These include basic precautions like:

• Installing the latest anti-virus software like McAfee
• Downloading the latest updates for your PC or mobile
• Using strong passwords (a mix of upper and lowercase letters, numbers and symbols)
• Avoiding public Wi-Fi; when making transfers, opt to use your mobile data or home Wi-Fi instead, as those are more secure options.

Can I make a one-off transfer to Denmark?

You sure can! Just remember, the amount you can send in one go will vary from provider to provider. For example, while the big banks typically allow their customers to transfer up to their ‘pay anyone’ limit, many IMT specialists offer more flexible transfer limits from $50-$10,000 all the way up to the millions. That makes IMT specialists a good option if you’re going to Denmark for exchange or work and plan to send a big portion of your savings over. But for a small $50 cash gift to your sister in Copenhagen, you’ll need to find a provider that accepts lower amounts.

How long does it take to send money to Denmark?

In a rush to deliver funds overseas? A number of IMT providers do promise near instant transfers to certain countries, but as a general rule of thumb you could be waiting 1-5 business days before your funds arrive in Denmark. 

The good news is, once you’ve hit ‘confirm’ for your transaction you should receive word of an estimated delivery time from your provider. Some forex specialists even allow you to access real-time tracking so you’ll always know where your money is.

What details do I need for my money transfer?

Whichever way you choose to transfer money to Denmark, some crucial bits of information you’ll need for a successful transfer include:

• Full name and address of the recipient’s bank
• Recipient's name, address and account name
• Account number or International Bank Account Number (IBAN)
• SWIFT (Society for Worldwide Interbank Financial Telecommunication) / BIC (Bank Identification Code) code of your personal account you're transferring funds from. To double check that you’ve got the right code, you can use the official BIC search tool.
• Amount you would like to send.

Ready to send money to Denmark? Scroll down to compare a few competitive exchange rates on offer, or head over to our international money transfers hub for more live rates from bank and specialist providers.

This piece was in collaboration with Katherine O'Chee and Maria Gil.