Living abroad often means staying financially connected to more than one country. Many foreigners in Denmark need money transfer services in Denmark to send money home to support family, pay off expenses in another country, or receive income from clients or employers overseas.
For these everyday needs, traditional Danish banks often fall short as they have high fees, slow transfers, and poor exchange rates which can make international money transfers costly and inefficient. But fortunately, modern money transfer services in Denmark now offer faster, cheaper, and more transparent alternatives. They are particularly useful if you’re still getting used to the Danish banking system, or if you don’t have a Danish bank account at all.
If you are looking for a more detailed guide on matters related to money transfer and trading app in Denmark, you may want to check out my other guides, where I cover these topics in detail:
Overview of Money Transfer Services in Denmark
There are several ways to send and receive money internationally by using money transfer services in Denmark. Each option has its own advantages and limitations, depending on your priorities cost, speed, accessibility, or convenience.
Digital Money Transfer Services in Denmark
These money transfer services in Denmark include platforms like Wise (formerly TransferWise), Revolut, and Remitly. They’re known for offering real exchange rates, low fees, and fast delivery, often within minutes or hours. Most have user-friendly apps and don’t require a Danish bank account.
Pros: Transparent pricing, fast transfers, competitive rates.
Cons: Might not cover all countries or support cash pickups.
Traditional Bank Transfers in Denmark
Danish banks like Danske Bank, Nordea, and Sydbank offer international wire transfers, typically through SWIFT. They’re considered secure but often come with high fees and hidden exchange rate markups.
Pros: Familiar, reliable, and traceable.
Cons: Expensive and slow, transfers may take 3–5 business days.
PayPal and Digital Wallets in Denmark
Platforms like PayPal and Skrill allow you send and receive funds globally, usually connected to your email address. These are widely used for online payments and freelance work.
Pros: Easy setup, widely accepted.
Cons: Poor exchange rates, high transaction fees.
Cash Pick-Up Services in Denmark
Companies like Western Union or MoneyGram allow you to send money that can be picked up in cash. They are handy if the receiver doesn’t have a bank account.
Pros: Immediate availability, global reach.
Cons: Higher fees and exchange markups; in-person pickup may be required.
Popular Money Transfer Services in Denmark
| Feature | Wise (formerly TransferWise) | Revolut | Western Union | PayPal/Xoom |
|---|---|---|---|---|
| Transfer Speed | 1–2 days | Instant to 2 days | Minutes to hours | Minutes to 2 days |
| Fees | Low, transparent | Generally low | Varies, often high | Medium to high |
| Exchange Rate | Real mid-market rate | Competitive but marked-up | Marked-up rates | Marked-up rates |
| Ease of Use | Very user-friendly app/site | App-based, very intuitive | Online or in-person options | Linked to PayPal account |
| Global Reach | 70+ countries | 30+ countries | 200+ countries | 130+ countries |
| Supports Bank Transfers | Yes | Yes | Yes | Yes |
| Cash Pickup Available | No | No | Yes | Yes (via Xoom) |
| Good for Non-Danish Residents | Yes | Yes | Yes | Yes |
How to Choose Among The Money Transfer Services in Denmark
When deciding among the best money transfer services in Denmark to send or receive money across borders, I would suggest you to pay attention to a few key factors to consider:
- Transfer Speed: Are you in a rush or is a 1–2 day delay acceptable? For urgent transfers, money transfer services in Denmark with instant delivery (like Western Union or Revolut) may be more appropriate.
- Fees & Exchange Rates: Some services advertise “zero fees” but hide costs in poor exchange rates. Tools like Wise are appreciated for offering the real exchange rate with no hidden markups.
- Ease of Use: If you’re new in Denmark and still navigating systems in Danish, choose platforms with English-friendly apps and responsive customer service.
- Pickup or Deposit Options: Do you or the recipient prefer cash collection, or will a direct bank deposit work? Western Union supports both, whereas digital-first options like Revolut and Wise don’t offer cash pickup.
- Where You’re Sending To/From: Not all services cover every country. Make sure your destination country is supported, and check how long transfers typically take for that route.
- Trust & Transparency: Look for platforms with clear fee breakdowns and a strong reputation among international users.
For foreigners in Denmark, flexibility and clarity are often top priorities. That’s why many people prefer to use modern digital services rather than relying on traditional banks or remittance counters.
What The Numbers Say About Money Transfer Services in Denmark
When choosing among money transfer services in Denmark, it helps to understand the trends and figures behind how foreigners send money abroad. According to the World Bank, Denmark sent over USD 1.3 billion in remittances in 2023, with the majority of transfers going to countries such as Romania, Poland, India, and the Philippines. This reflects the diverse backgrounds of foreigners in Denmark.
A 2024 report by the Danish Ministry of Immigration and Integration showed that over 12% of Denmark’s population is foreign-born, many of whom send part of their income to support family and communities back home. Popular corridors include transfers from Denmark to Eastern Europe, South Asia, and Africa.
Cost, speed, and convenience remain top priorities for users. Based on a 2023 survey by Statista, nearly 70% of migrants in Denmark use digital transfer platforms like Wise, Revolut, and Remitly rather than traditional banks, citing lower fees and better exchange rates. On average, bank transfers from Denmark can cost between 4–8% of the transfer amount, while online services often reduce this to 1–3%.
Security is also a key concern for people using these kinds of money transfer services. The Danish Financial Supervisory Authority (Finanstilsynet) regulates both local and international money transfer services in Denmark, ensuring that providers comply with EU anti-money laundering (AML) laws and data protection standards.
This growing demand for low-cost, reliable transfer options has driven innovation, and competition, making Denmark one of the more favorable European countries for accessing a variety of money transfer services tailored to expat needs.
FAQ About Best Money Transfer Services in Denmark
What’s the cheapest way to send money from Denmark?
Digital services like Wise and Revolut typically offer the lowest fees and best exchange rates. The cost depends on the amount, destination, and currency, but online platforms are usually cheaper than banks.
Are money transfer services in Denmark safe to use?
Yes, reputable services are regulated by the Danish Financial Supervisory Authority (Finanstilsynet) and comply with EU laws on financial transparency and security.
Can I send money abroad from Denmark without a Danish bank account?
Yes, many services like Western Union, WorldRemit, and Remitly allow you to pay with a debit/credit card or even use cash pick-up locations, though fees may be higher.
How long does it take to transfer money from Denmark?
It depends on the service and destination. Digital platforms can take anywhere from a few minutes to 2 business days, while banks usually take 2–5 business days.
Do I need a CPR number to send money from Denmark?
Not always. Some services require a CPR number (Danish ID) for verification, while others only need ID or proof of address. For cash-based services, ID may be enough.
