Terms and Conditions for Transfers to and from Denmark and Transfers in Foreign Currency in Denmark – Consumers - Effective from 1 March 2021
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This is a translation of an original document in the Danish language. In case of discrepancies, the Danish version prevails. Terms and conditions for transfers to and from Denmark and transfers in foreign currency in Denmark – Consumers - Effective from 1 March 2021 Contents Major currencies if the transfer fulfil one of the following Major currencies are currencies for which daily points: General information 1 rates are set. Rates are fixed at 2.00pm (CET) on • is in a major currency and reaches us Specific information about foreign 3 business days. after 1.45pm CET transfers to abroad • exceeds an equivalent value of DKK 3 million Specific information about transfers 4 Exchange rates from abroad Danske Bank’s quoted exchange rates are • is in currency for which we do not quote Transfers to abroad and transfers in available at www.danskebank.dk (website daily exchange rates. foreign currency within Denmark 5 available in Danish only) and at our branches. For transfers with future execution date we use a Transfers through Danske eBanking - 5 Rates are subject to change without notice. Consumer quoted exchange rate. Transfers through branch or by letter 7 Exchange rate For transfers created via Business Online it is Fees for notification, additional 9 We use two principles when setting exchange always possible actively to choose a market rate. processing of transfers and other rates on transfers which are exchanged and services executed on the same day: EU/EEA countries Transfers by cheque from Denmark 10 The EU countries and Norway, Iceland and Transfers from abroad and transfers in • Quoted exchange rates are rates that Lichtenstein. foreign currency within Denmark 11 Danske Bank fixes for major currencies on Prices for other services – transfers 12 business days. We settle a transfer at IBAN from abroad quoted rates on the same day we receive the International Bank Account Number (IBAN), is an Transfers by cheque from abroad 13 order, if it fulfil all of the following points: international code set for each account. The IBAN standard allows banks to speed up transfers Changes to terms and conditions 14 • reach us before 1.45pm CET on a business day via the banking systems. An IBAN contains • is denominated in a major currency information about the payee’s account General • the equivalent value does not exceed number and the bank of the account. The These terms and conditions apply to all accounts DKK 3 million combination of account number and bank is when you: unique. • transfers funds from Denmark • Market rates are exchange rates that • receives funds from abroad Danske Bank fixes throughout on business We recommend using IBAN for transfers to • transfers and receives funds in foreign days and at which currencies are traded. We countries using the IBAN standard. IBAN must currency within Denmark settle at market rates when we execute the be used for transfers in EUR, sent within EU or order for transfers to and from Denmark, EEA countries (Norway, Iceland and Liechtenstein). Also, if you send BGN to Bulgaria or PLN to Poland, IBAN must be stated. Terms and conditions for transfers to and from Denmark and transfers Page 1 / 14 Danske Bank, Holmens Kanal 2-12, DK-1092 København K in foreign currency in Denmark 2021.03.01 Tel. +45 33 44 00 00, Fax +45 70 12 10 80 SWIFT/BIC Correspondent bank • Payer and payee share costs (Share/SHA) SWIFT is short for Society for Worldwide For standard and express transfers, the This option can be used for all types of Interbank Financial Telecommunication. SWIFT is correspondent bank is not necessarily the payee’s transfer. According to the Payment Services a network for exchanging transfer data between bank. In some cases, we use selected Act, this method must be used for transfers more than 10,000 financial institutions. correspondent banks and international clearing in any currency sent within EU/EEA. BIC is short for Bank Identifier Code and is an systems for executing transfers. international standard for bank identification. The When the payer and the payee share the costs for transfers in EUR within the EU/EEA code BIC Danske Bank Denmark is: DABADKKK. Whenever we choose to transfer amounts area, transfers are governed by EU through a correspondent bank, the correspondent regulations. These regulations state that bank may in some cases deduct a fee before transfer charges must not exceed those of a Requirements of US authorities sending the transfer to the payee’s bank. If you similar domestic transfer. The payee’s IBAN When you transfer funds abroad, you should want to ensure that a specific amount reaches and SWIFT/BIC must be stated correctly. know that payment details may be passed on to the payee, the best way to ensure this is to US authorities and restrictions may apply. It is choose the “Payer pays all costs (OUR)” allocation • Payer pays all costs (OUR) your responsibility to comply with such method. However, even though a transfer is sent If your transfer is sent to a country outside restrictions. Compliance may result in additional with charge code “OUR”, it cannot be guaranteed EU/EEA you can choose to pay all cost. This costs. SWIFT is obliged to disclose information if in all markets that a specific amount reaches the option is subject to our standard fees plus an US authorities suspect funding of criminal payee. activities or acts of terrorism as defined in US additional fee of DKK 200. If the fees legislation. charged by the payee’s bank exceed the When we have chosen the correspondent bank additional DKK 200, we will charge the extra we of course assume the liability for the solidity Payee’s bank costs to your account. This option cannot be of this bank. We also assume liability for errors, if You should always state the receiving bank by used for transfers (any currency) within the correspondent bank admits such error or if using a SWIFT/BIC. You may also state an IBAN. EU/EEA area according to the Payment the error is determined by a final judgement. If you provide an IBAN number, we reserve the Services Act. right to identify the receiving bank directly from In other cases we are not liable for any errors this number. We cannot be held liable if the IBAN • Payee pays all costs (BEN) made by the correspondent bank nor for its specified by you is not the payee’s IBAN. If you use the cost code BEN we will subtract solvency, just as our liability terminates once the If you state both an IBAN and the SWIFT/BIC our fee from the transferred amount. This transferred amount is credited to the payees information, and if these information do not match, option cannot be used for transfers (any account. then IBAN prevails and we will use that, when we currency) within EU/EEA area according to decide what to bank we transfer the funds. the Payment Services Act. Allocation of costs The costs of transferring funds can be divided between the payer and the payee in three ways: Terms and conditions for transfers to and from Denmark and transfers Page 2 / 14 Danske Bank, Holmens Kanal 2-12, DK-1092 København K in foreign currency in Denmark 2021.03.01 Tel. +45 33 44 00 00, Fax +45 70 12 10 80 Specific information about transfers Tourist transfer. This type of transfer allows you Cut-off time for submission of orders to abroad to transfer funds for cash disbursement at We consider an order as received if you submit it another bank – for example, if the payee has lost before the stated cut-off time on business days. If Transfer types his or her credit card while on holiday. The payee you submit an order after the cut-off time, we will We offer several types of transfer to abroad: must present a passport or other proof of consider the order as received on the following identification to withdraw the funds. Therefore, business day. • Standard transfer. This is the most simple you need to state the payee’s passport number and common type of transfer. or other proof of identification. Value day(s) for payer You cannot choose all transfer types directly, but The number of business days passing before a • Intra-Danske Bank standard transfer. This we will always make the best possible transfer transfer is value-dated in the payer’s account. transfer type is used if the payee holds an for you. account within the Danske Bank Group. Transfer with currency conversion A standard transfer meeting the requirements A transfer involves currency conversion if funds • Transfer under EU regulations. This is a for a transfer under EU regulations will are transferred in a currency other than that of transfer in EUR. Currency conversion can be consequently be executed as such a transfer. A the payer’s account. made before the actual transfer or on receipt standard transfer to another Danske Bank if the payee’s account is denominated in a customer will automatically be executed as an Transfer with no currency conversion currency other than EUR. Intra-Danske Bank transfer. A transfer involves no currency conversion if • The transfer must be within the EU/EEA funds are transferred in the same currency as countries (Norway, Iceland and Execution time that of the payer’s account. Liechtenstein). This is the time, in business days, from when we • The payer’s and the payee’s banks must receive an order until the funds are available to be able to process the transfer without the payee’s bank. manual handling.