Being one of the most attractive destinations for expats in the world, it’s no wonder the number of people moving there to pursue higher education, work or do business is continuously increasing. Moreover, according to the Department for International Trade’s latest report, total trade in goods and services between Denmark and the UK reached £13.0 billion in the four quarters to the end of Q1 2022. All these scenarios cause people to send money to Denmark. However, the question is how to send money to Denmark at cheaper costs. In this article, DNBC Financial Group’s experts will help you find out the answer.
The best ways to send money to Denmark from UK
How to send money to Denmark
Thanks to high-technology development, there is a wide range of options you can choose to transfer money to Denmark. Some payment options are quicker than others. Some may be instant, while others are more affordable.
Transferring money with the bank is a traditional option, which is also known as a money transfer, a telegraphic transfer (TT), a wire, or a SWIFT transfer. SWIFT provides a reliable network, which allows more than 10,000 institutions in over 200 countries to send and receive money.
Moreover, a bank transfer is also a significantly good choice for those who are looking for the most secure option.
However, if you send money to Denmark frequently or transfer a huge amount, we don’t recommend you use this method because of its fees and less competitive exchange rates.
With SWIFT transfers, several fees could be involved such as the charges made by the sending and receiving banks as well as any charges levied by the intermediary banks.
Money transfer companies
Transferring money by using money transfer companies may be faster and more affordable than traditional banks. There are various providers you can choose from and DNBC Financial Group is one of them. Through our website or mobile transfer application, customers can send and receive money from or to 170 countries and territories around the globe at the best exchange rates. And it only takes 1 – 5 working days or immediately for money to arrive in the recipient’s account.
Since the introduction of P2P foreign currency exchange platforms, the market has seen a massive change in the past decade. “P2P” (Peer to Peer) means that they will match you up with someone else all over the world. If P2P platforms are unable to pair your transfer request with an appropriate recipient, they will purchase the currency from interbank markets; however, it could lead to an increase in transaction fees.
If you make transactions in very popular currencies such as dollars, euros, pounds, and yen, P2P is a significantly cost-effective option because of the huge demand on both sides.
In summary, this approach is much less expensive than the services offered by banks. Low costs and the use of actual, mid-market exchange rates are referred to as two key aspects to form its competitive edge.
The cheapest way to send money to Denmark from UK
According to the latest report, there are approximately 18,000 Brits living in Denmark. So the demand for sending money to Denmark from the UK is very high. But do you know the cheapest way to do it?
We can’t give the exact answer to you but we recommend that you should consider thoroughly the two factors mentioned below before making transactions to save a huge amount of money.
The currency exchange rate is a crucial aspect when sending money abroad. The conversion rates may be different amongst banks. Keep in mind that getting the best conversion rate for overseas payments might help you save a significant amount of money.
To avoid unexpected fees, checking with money transfer providers is necessary. Make sure you choose the one that offers the service with transparent costs.
At DNBC, we always publicize all information about our charges to customers, so they don’t need to worry about hidden costs when using our services.
About DNBC Financial Group
Founded in 2017 with the mission of simplifying international financial transactions, DNBC Financial Group has quickly expanded to support businesses and individuals around the world by cutting down the cost of sending and spending money abroad, collecting payments from international clients, transferring money between global subsidiaries, and reducing the risk of currency fluctuations.