Danske Bank is one of the largest commercial banks in Northern Ireland.Formerly called Northern Bank, it offers several products to its customers including bank accounts, loans, savings, credit cards, and insurance services - along with facilitating international money transfers. This review will cover everything you need to know about using Danske Bank for sending money abroad, including the fees and exchange rate margins charged when making transfers between different currencies.
Founded in Belfast in 1809, Danske Bank was first known as Northern Bank. It has been through a number of acquisitions over the years, including by Midland Bank and the National Australia Bank, and was acquired by the Danish Danske Bank in 2004. A few years later in 2012, the bank changed its trading name to Danske Bank, which it retains today. Currently, the bank has 3 regional centres, a physical presence in 12 countries, and a network of 42 branches.
When making international transfers using Danske Bank, you will be charged a margin above the mid market exchange rate in addition to transfer fees. The fees charged vary depending on whether your transfer is within or outside the EEA. Here is a quick summary of the costs to expect.
Danske Bank charges a margin on top of the current exchange rate of between 2%-3.5% depending on the currency. For instance, when making a transfer from the UK to Australia, the margin is 3.2%. These margins can make Danske Bank an expensive way to send funds abroad - especially when compared to specialist money transfer companies.
Outgoing payments can be Standard or Express, with Express meaning you pay slightly more to have your transfer processed faster. Standard payments to countries within the EEA are free while Express payments are £20 if done online. Branch payments cost £30. International transfers outside the EEA cost £20 for online, and £30 for in-branch whether you use Express or Standard.
Incoming transfers are charged at £7 per transaction. If you choose to pay for all the transfer costs, you’ll be charged an extra £15. Also, if you provide an invalid IBAN the bank will charge you £8.
Danske Bank has an excellent local and global reputation. However, it is always important to consider the pros and cons associated with using the bank for international transfers before sending your money abroad.
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Whether you want to transfer money as a business or an individual, you must first open an account. Here is a summary of the processes involved.
Step 1: Log on to your eBanking platform
Step 2: Select the ‘Pay and transfer’ tab
Step 3: Click on ‘International transfers’
Step 4: Fill the account you are transferring from
Step 5: Enter the payee details ensuring that you correctly capture the IBAN to avoid penalties and delays.
Step 6: Verify the transaction, enter your password, and submit the transfer.
Danske Bank has been around under one name or another in Northern Ireland and the UK for over 200 years. Today the bank offers a range of services, with special access to European transfers by virtue of its parent company being based in Denmark. You can make international money transfers into a variety of currencies quickly and easily, providing you are a resident of the UK.
However, compared to specialist money transfer services, the Danske Bank falls short in exchange rate margins, transfer speeds, and fees. The exchange rate margins can be as high as 3.5% with Danske Bank, and most customers can find much better deals if they shop around. By filling in our helpful comparison tool you could find the best deal for your transfer in seconds.
Before you open an account and subscribe to Danske Bank’s products and services, here are some of the things you need to know.