Do You Need a Danish IBAN to Make Payments in Denmark?
Danish IBANs are often a necessity if you want to transact in Denmark — and at Payset, we’re reintroducing support for this feature! Get a DK IBAN today to avoid IBAN discrimination and streamline your transactions in the Nordic country.
We’ve Brought Back Danish IBANs
At Payset, we’ve restored one of our most in-demand features — Danish IBANs!
Anyone who sends or receives funds transfers to/from Denmark can benefit from a Danish IBAN.
You’ll avoid IBAN discrimination and get access to local payment options. Our Danish IBANs can help you send and receive the Danish kroner (DKK) and access local payment networks like Intradag, Kronos2, and NemKonto.
Plus, you’ll benefit from competitive rates and fast settlement times with every transaction, making life easier for you and your transaction partners.
Do You Need a Danish IBAN?
If you want to transact in Denmark — yes, you usually need a Danish IBAN.
Current EU rules require entities in Denmark to recognize and accept IBAN numbers issued by financial institutions from any EU member state.
Unfortunately, IBAN discrimination is still widespread. Many financial services, organizations, and companies in Denmark don’t support foreign IBANs.
But there is a way around these widely present restrictions.
With a Danish IBAN from Payset, you can reduce the chances that your transactions will be rejected, declined, or blocked when you send and receive funds.
Whether you’re sending or receiving funds, Danish IBANs can save you money and open up new transaction types.
What Can You Do With a Danish IBAN?
Danish IBANs can help you perform certain types of transactions that you might otherwise find difficult. Here’s what you can do:
- Pay employees, business partners, and contractors in Denmark
- Receive wages and salaries as an employee in Denmark
- Perform business transactions with parties in Denmark
- Access local banking systems and commercial services
- Receive government benefits
- Pay rent as a traveller or new arrival to Denmark
While many of these transactions are possible with another EU IBAN, the best way to ensure that your transactions are accepted by Danish partners is to have a Danish IBAN.
How to Get a Danish IBAN
There are a few different categories of Danish IBAN providers.
- Local banks: If you’re a citizen or resident of Denmark, you can get a Danish IBAN by signing up for a local bank account. However, this is not usually an option for individuals and businesses outside of Denmark.
- Non-resident accounts: Some Danish banks, such as Danske Bank, allow non-residents to apply for an account. You should note that proof-of-identity requirements are largely aimed at applicants in the EU.
- Digital banks: Online banks and electronic money institutions (EMIs) like Payset offer Danish IBANs and other IBANs to users globally.
Why is Payset the easiest solution? With rapid registration and availability in over 180 countries, you can obtain a Danish IBAN from almost anywhere in the world. You don’t need to be in Denmark to send and receive money like a local!
What Is the Danish IBAN Format?
IBAN is short for International Bank Account Number.
Danish IBANs follow a specific format based on this international standard — they’re 18 characters long and always start with the letters DK.
Here’s a sample number:
DK95 2000 0123 4567 89
- The country code, DK for Denmark
- Check digits, in this case, 95
- The bank identifier, with 2000 pointing to Nordea
- A bank account number, 0123456789
You don’t need to know how to generate an IBAN, but you should be able to recognize and validate Danish IBANs using tools like this one. Doing so will ensure that your transactions reach the right destination.
How Payset Can Help
With a Payset multi-currency IBAN account, you’ll gain access to a Danish IBAN and a Danish kroner (DKK) wallet. Plus, you can hold, send, spend, and exchange 30+ other currencies in more than 180 supported countries.
Plus, take advantage of our real-time exchange rates through our built-in exchange — and enjoy competitive fees and rapid transaction times.
Danish IBANs are available now! Get in touch or apply for an account today.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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