Updated time: Nov 01, 2022, 07:33 (UTC+03:00)
Are you wondering how to transfer money to Denmark from India? DNBC’s experts are here to help you with several options of transferring money from India to Denmark.
Due to a high volume of money transfer demands between India and Denmark, there are different ways to transfer money from India to Denmark or vice versa.
Here are some effective ways for you to make international transfers. It’s time to discover more!
Effective way to transfer money from India to Denmark
Although Denmark is a member of the EU, it didn’t adopt the Euro. The Danish Krone (DKK) is officially used as their legal tender.
The Indian Rupee (INR) is officially used as the currency of the Republic of India.
Denmark and India have a mutual trade and investment relationship. Bilateral trade in services and goods between India and Denmark has risen by 78% from 2.8 billion USD in 2016 to 5 billion USD in 2021.
Though a small country, Denmark is a rich one with an open economy. It mainly relies on foreign trade and investments.
Total volume of bilateral trade between Denmark and India reached about 2838 million dollars in 2015. Trade of goods between India and Denmark has doubled from US$ 530.9 million in 2003 to hit 1051 million in 2015.
Choosing the suitable way to transfer money from India to Denmark will largely depend on your specific demands.
Some payment methods are quicker than others. Some can be immediate, while some are cheaper.
Here are the best ways to transfer money from India to Denmark securely and conveniently.
The fact that outgoing wire transfers from India can’t be conducted in Rupee. As a result, transferring money from India is quite challenging due to those currency restrictions.
On the other hand, DKK is totally convertible, and money transfers can be transferred to/from Denmark freely without restrictions.
Luckily, several online money transfer providers are available to help you transfer money from India to Denmark.
These providers work hard to make sure their rates are competitive. You will receive the best exchange rate at the lowest price possible.
For large amounts of money, you will tend to avoid using banks because they charge heavy fees for transferring the funds internationally. Instead, an online money transfer provider is preferred because of reasonable fee and fast delivery time of arrival.
Also, the online money transfer providers are highly regulated by trusted governing authorities and institutions.
After narrowing down several reputable providers, here is the list of online money transfer providers: DNBC Financial Group, XE, Western Union, Remitly, TransferGo, TransferWise, OFX, WorldRemit, CurrencyFair,…
At DNBC Financial Group, you can make a transaction limit of up to 500 000 EUR per day for a business account. You are provided with transfer alternatives at the lowest possible rate and shortening your waiting time.
The beneficiary in Denmark can get the remitted money in one-three days. Especially in some cases, the beneficiary can receive their money in minutes. It’s vital when there is an emergency, and you have to get the money across to Denmark from India without waiting so long.
Besides, you can look for other alternatives to meet your demand for transferring money such as Western Union, Remitly, TransferWise or TransferGo, WorldRemit, CurrencyFair…
Denmark is well-known for its robust financial system, however their banks have a reputation for high fees and hefty paperwork.
This means that it’s a great idea to pick a suitable bank for transactions when you plan to open a bank account in Denmark.
Some banks can require an opening deposit, but most don’t charge a fee to open an account.
Anyway, there are some potential costs in the fine print such as: monthly service fees, withdrawal fees and currency transfer.
Make sure to confirm your options for accessing your account outside of the country, and request access immediately, as it can take a few weeks to get it.
People over 18 years old with a residence permit can open a bank account in Denmark. You need to verify the requirements. You need to provide some documents to open a standard Danish bank account as follows:
Photo ID: This includes an ID card or passport.
CPR number: A unique ten-digit personal identification number for all those who live in Denmark.
Proof of address in Denmark: Banks will usually accept utility bills, rental contract, or your health insurance card.
Proof of employment: You will be required to show your work contract or enrolment proof if you’re a student.
In addition, online bank accounts are popular nowadays. It’s a kind of bank account opened and accessed via the internet. You can easily open an online bank account with any bank.
Opening a bank account online requires a NemID. A NemID is a digital identification number and accepted by Danish banks and Danish public service offices.
Most people prefer opening an online account because it’s more convenient than going to a bank for international transactions. Online banking account allows you to check their balances, pay the bills, and transfer money without leaving home.
An online bank account is seen as an online version of a traditional bank account.
Some banks can offer perks when you open an online account. You can pay no monthly fee or no ATM fees for using ATMs.
However, there are some drawbacks of opening an online account. You can lose your password or security information.
It can take a few days to transfer money to Denmark bank account with some these basic steps:
DNBC Financial Group strives to boost the best business account for international payments from India to Denmark.
We offer full online payment solutions, money transactions in over 173 countries with multiple currencies, being transparent and fast delivery speed. DNBC Financial group is always willing to support you 24/7.
Also, you can use the mobile transfer app by DNBC Financial Group to easily transfer from India to Denmark.
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