Which services does this price change apply to?
The price change applies to services that involve foreign currency exchange, for example transfers to and from other countries, currency trading, securities trading, and transfers in connection with foreign currency loans and deposits. For these transactions and transfers, the price of the currency will be changed.
Please note that the price change does not apply:
- If you use your payment card to withdraw money abroad or for payments abroad or on international websites.
- If you exchange money for foreign currency cash, for example in connection with a trip abroad, or withdraw EUR from our ATMs for instance.
What are currency margins?
Currency margins are additions to or deductions from the market rates used for cross-border transfers and other services that involve the exchange of currency.
For example, if you transfer money abroad, we add a mark-up to the market rate – and if you receive money from abroad, we make a deduction from the market rate. So when we change currency margins, it is the price of the currency that will change.
Currently, the currency margins are calculated as a fixed amount mark-up or deduction, but going forward, the margins will be stated as percentages.
How much will the price of a currency actually change?
It will vary from currency to currency. For the most demanded currencies, the price increases are generally low, and the price of SEK and NOK, for instance, will be slightly lower.
For example, if you transfer USD 100 to the US from an account in Denmark denominated in Danish kroner, an additional DKK 0.59 will in future be charged to your account, and if you transfer GBP 100, an extra DKK 0.64 will be charged to your account.
Likewise, if you are to receive USD 100 in an account in Denmark denominated in Danish kroner, DKK 0.59 less will be deposited into the account – and if you are to receive GBP 100 into the account, DKK 0.64 less will deposited into the account.
What is the total cost of transferring money abroad?
When you transfer money abroad, there is a fee for the transfer itself. The size of the fee depends on the type of transfer, but for a standard transfer, the fee is DKK 50.
In addition, the price of the currency itself (the currency margin) is added if Danske Bank carries out the currency exchange. The currency margin varies from currency to currency. The transfer fee and the currency margin constitute the total costs that you need to pay for the transfer.