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Danske Bank International Transfers & Exchange Rates
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Published On:
November, 25 2022
Edited On:
March, 24 2023

Danske Bank International Transfers & Exchange Rates

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.

About Danske Bank

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.

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Danske Bank Exchange Rates and Fees

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.

Exchange Rate

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.

Additional Costs

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 Pros and Cons

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.


International presence: Danske Bank has a physical presence in 12 countries and can process payments to almost any country in the world.
Live chat support: You can get help on any of the bank’s products via live chat.
Free EEA transfers: Standard transfers within the EEA are free of charge (but still attract exchange rate margins).


Exchange rate margins: Danske Bank exchange rate margins are quite high (up to 3.5%) and can eat into your transfer
Transfer fees: The transfer fees are fixed, and this means people sending small amounts (e.g. £5,000 and below) will feel the pinch most.
Smaller personal limits: Personal account holders can only transfer funds up to £25,000 per day online.
UK limited: You can only open an account with the bank if you live in the UK, or specifically in Northern Ireland of some accounts.

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How to open an account and transfer money with Danske Bank

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.

Opening an Account

Step 1: Applicant and Tax Information
Step 2: Employment Information
Step 3: Financial Information
Step 4: Product Selection
Step 5: Source of Funds
Step 6: Review and Submit

Sending Money

  • 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.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.

Answers to key questions about Danske Bank

Before you open an account and subscribe to Danske Bank’s products and services, here are some of the things you need to know.

Can I open a Danske Bank account in any country?
Does Danske Bank have an app?
Are there transfer limits?
How long do transfers take with Danske Bank?
What customer support options are available?
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