17 March 2023

Sending and receiving payments from Denmark

Scale like a local in Scandinavia with our comprehensive guide to sending and receiving business payments from Denmark.
Sending and receiving payments from Denmark

Recognised as an innovation leader by the European Commission, Denmark is attracting more and more entrepreneurs and business owners to its Scandinavian shores.

Its consumers are quick to adopt new technologies, making it an ideal environment for businesses to test new products and services before scaling to European or worldwide markets.

Whether you’re looking to bring a new or existing business to the Danish market, or you already have operations established, you’ll probably need to transfer money from the UK to Denmark at some point. And, being a shrewd businessperson, you’ll want to do it in the most efficient, cost-effective way, right?

With this guide, you’ll get an overview of sending and receiving payments in Denmark including how transfers work, how long they take and how much they’re likely to cost – everything a business needs to know. Let’s get you up to speed!

Global transfers in Denmark

Denmark has always been a frontrunner in the growth of electronic payments, from its first debit card in 1983 and online banking in 1999 to mobile banking in 2013 and contactless payments in 2015.

This digital and financial infrastructure provides a robust foundation for business operations, as companies can receive payments from customers and pay suppliers with ease


While not part of the Eurozone, Denmark has access to European financial networks which means it’s well-connected for efficient business and personal banking. For example...

  • Denmark is a member of the EU’s Single Euro Payments Area (SEPA). This means that transfers to other SEPA countries work just the same as transfers to domestic accounts within Denmark. 

  • Denmark was also an early adopter of the SEPA Instant Credit scheme (SCT Inst) where transfers are made across Europe in just a few seconds – 24 hours a day, 365 days a year. To support business operations, the limit on SCT Inst transactions is now €100,000.

Countries eligible for payments

You can send and receive payments in Denmark to most countries around the world. 

Along with SEPA, Denmark is also part of the Society for Worldwide Interbank Financial Telecommunications (SWIFT). This means Danish institutions can transact with up to 190 countries around the world.

The specific countries you can transfer money to depends on which service you use – we'll look at the different options available later in this guide. But if we take 3S Money as an example, you can make and receive payments from more than 190 countries.

It’s worth bearing in mind that you may not be able to send money to certain countries due to political circumstances. It’s important to check with your provider if there are countries they can’t send money to.


Denmark uses the Danish Krone (DKK). In 2022, the average exchange rate was 1GBP= 8.72DKK.

As well as DKK, you can make transfers from Denmark in many different currencies. At 3S, we always recommend sending your transfer in the local currency of the destination country. However, as Denmark is part of the SWIFT network, you’re able to transfer in many different currencies. 

The exact currencies available will depend on the provider you use, but 3S Money offers 65+ different currencies (with FX rates up to five times lower than traditional banks).

You can also transfer money to and from Denmark using your 3S Money International Business Account. It allows you to send and collect high-value payments wherever in the world you do business – without the hassle of opening local bank accounts.

Payment types

If you want to make a transfer from the UK to Denmark, you have various options when it comes to funding it. Most providers will accept corporate and personal credit cards, debit cards, bank transfers, direct debits, and even e-wallet services like Apple and Google Pay.

If you use a credit card, be mindful of additional fees (e.g. a cash advance fee) that your card issuer may charge. You’ll need to factor this in when working out the overall cost. 

Different ways to send payments to Denmark

Your bank

You can ask your bank to transfer the funds you want to send. Many individuals and businesses choose this option as it’s often the easiest, most comfortable and most convenient. But for those exact reasons, it can also be expensive. Here’s why:

  • Banks usually charge a fee to arrange and process money transfers (for UK banks, this varies from £20-£40).

  • Some banks may also charge a percentage of the total amount you’re transferring (as much as 3-4%).

  • Banks may use their own foreign exchange (FX) rates which could end up costing customers up to 5% more.

Because all banks are different, it’s important to check the terms of your business account to see exactly what your bank’s international transfer charges are. If they charge a lot, consider an alternative. Which brings us neatly to...

Online banks or Electronic Money Institutions (EMIs)

Electronic Money Institutions offer many of the same financial products and services as traditional banks, but they don’t have branches you can walk into. 3S Money, for instance, is an EMI.

EMIs like us are becoming a popular tool to transfer money. This is especially true for businesses that operate internationally. Here are a few reasons why:

  • Savings: EMIs offer lower fees and more competitive FX rates than traditional brick-and-mortar banks.

  • Simplicity: All your business transactions are accessible in one easy-to-use platform.

  • Scale: Your business can grow quicker with greater access to multiple countries and currencies.

International businesses are turning to EMIs for alternative banking solutions because they enable payments in different countries without the need to hold local bank accounts. Find out more about EMIs here.

Wire transfer

Wire transfer services are another option for transferring money to Denmark from the UK. As with other services, there are pros and cons to this type of transfer. For example:

  • You have a choice of how the money is received. Many services offer bank transfers, eWallet delivery, or cash pickup from a physical location.

  • If you want a faster transfer, you’ll probably pay significantly more. These services often add a currency exchange rate markup which means either the sender has to pay more, or the recipient receives less. Either way, the provider pockets a healthy profit.

  • Wire transfers can be less secure and more difficult to trace. For greater peace of mind, ensure that your provider is regulated by a body such as the FCA, FSCS, or similar. (3S Money is FCA and CSSF regulated.)

Sending payments to Denmark: step-by-step

A 3S Money International Business Account enables you to send money in 65+ currencies to 190+ countries, including Denmark. Here’s how:

1. Open a 3S Money International Business Account

Once approved, get a local IBAN in your business name.

2. Enter the transfer details

Add the recipient’s name and their account details, then choose the currency and country.

3. Send your money

Receive an alert when the transfer is complete (usually in under two hours).

Receiving money from Denmark: step-by-step

A 3S Money International Business Account makes it easy to receive payments from 190+ countries, including Denmark.

1. Open a 3S Money International Business Account

Benefit from one easy-to-use platform for all your international payments.

2. Give customers your account details

Get a local Denmark IBAN in your business name to collect cross-border payments – it's just like having a Danish bank account.

3. Receive your money

See the payment arrive in your account (usually in under two hours)

How long do money transfers to Denmark take?

The answer is: it depends. Many transfers from the UK to Denmark will take a few seconds, but some could take a few days. Generally speaking, how long depends on the type of transfer and the system(s) your provider uses.

  • If your bank uses the SEPA network, most payments are processed instantly.

  • EMIs, such as 3S Money, can also deliver most transfers to Denmark from the UK instantly (a 3S Money International Business Account also allows you to manage global transfers easily from one online platform).

  • Transfers using the SWIFT network can take up to four working days to reach the recipient.

  • Wire transfers vary in speed, depending on the provider and product. Some providers offer cash pick-up or mobile wallet options where the money is available within minutes. Bank transfers typically arrive the next day.

  • Remember, if you send a payment over a weekend or public holiday, expect your money to take longer to reach its destination. This s because transfers from the UK to Denmark are usually only processed on working days.

All of these factors will affect how long your transfer takes. For more precise timing, it’s best to check with your provider.

How much money can I transfer online to Denmark?

There’s no limit to how much you can transfer. However, some providers cap the amount you can send in an individual transaction. So, if you want to transfer a large amount, you may have to complete multiple transfers.

3S Money doesn’t impose transaction limits. Once you’ve been approved for an International Business Account, you can transfer high-value payments with ease from Denmark to 190+ countries around the world.

Transferring large amounts

When transferring large amounts, there are a few things you should consider:

  • Some providers cap the amount you can send in a single transfer, so you may have to do several.

  • There may be a limit on the number of transfers you can make in any 30-day period.

  • Larger amounts can take longer to process, depending on the provider.

  • Your provider may enquire about large transfers. This is considered best practice and is also an important part of how institutions that are regulated by the FCA (like 3S Money) meet their obligations. Learn more about who 3S Money is regulated by.

How much does it cost to transfer money to Denmark?

We mentioned earlier in this article how international transfers via traditional banks can be expensive. Let’s look in more detail at those different charges.

Transfer costs

  • Outgoing transfer fee: You’ll most likely be charged a flat fee for sending an international transfer. For UK banks, this varies between £20 and £40. 3S Money charges just $1 (or your local equivalent) per transfer, regardless of how much you send.
  • Incoming transfer fee: Most UK banks charge around £7.50 for receiving payments from international bank accounts. 3S Money charges £0.00.

  • Initiation fee: Some banks might charge you a fee if you request the transfer over the phone or in person rather than online. Expect this to be around £20. 3S Money doesn’t charge initiation fees.

  • Commission: Banks might also charge a fee based on a percentage of the total amount you transfer. For UK banks, this is currently around 3-4%. 3S Money charges just $1 per transfer (or your local equivalent) regardless of how much you send.

Exchange rates

  • Markups: The exchange rate you can find on Google or see on the news is called the “mid-market” rate. Banks apply their own exchange rates to international transfers which means you’ll pay more – and they keep the difference. 3S Money offers FX rates that are up to 5x lower than traditional banks.

Tips for transferring money to Denmark

When you’re running a business, you’ll want to keep costs to a minimum. That’s even more important when your operations are international.

Fortunately, alternative banking solutions (like 3S Money) are here to save you time and money when completing international transfers to countries like Denmark.

We’ve covered a lot in this article, so here are some tips and main takeaways to consider:

  • Even small delays to payments can be a big issue for small businesses, so plan ahead to make sure your transfer arrives on time.

  • Where possible, avoid lots of small transfers. Individual fees and charges add up.

  • With 3S Money, you don’t need to worry about high fees or delays because you’ll have access to a local Denmark IBAN.

  • Check the latest GBP/DKK exchange rate and compare it to your provider’s. You may have to do some digging to find this number.

  • Ensure that the provider you use is regulated by an independent body. 3S Money is FCA-regulated and uses safeguarding to protect 100% of your funds. Other schemes such as the FSCS only cover up to £80,000 – so you have greater peace of mind with 3S Money.

The easier way for international businesses to manage their money

Ready to start making and receiving payments to and from Denmark?

3S Money’s International Business Account offers global payment solutions for businesses looking to operate in multiple countries – all from one easy-to-use account.

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