Payset: The Cross-Border Payments Partner of the Danish Construction Industry
The Danish construction industry is thriving, but strict regulations can make it difficult to do business. Here’s how we’re working to provide construction companies with access to payments in Denmark — from local IBANs to Danish kroner (DKK) balances.
Denmark’s Booming Construction Industry
The construction industry is one of Denmark’s strongest industries.
With nearly 200,000 people employed and over 55,000 companies in operation, the construction sector accounts for about 5% of Denmark’s GDP.
Plus, Denmark’s construction industry has international ties that allow it to constantly generate flows of international funds. Each year, Danish construction companies handle 3 billion euros of cross-border payments!
So if you’re in the Danish construction industry — especially at the helm of a small- or medium-sized business — you’ll transact frequently with suppliers and subcontractors.
Whether you’re transacting locally, internationally, or both, you’ll be at your best with the perfect payment solution. And Payset is here to help.
What Companies Can Use Payset?
There’s plenty of variety in Denmark’s construction industry, and Payset can help you find a payment solution regardless of your company’s focus.
We can help construction companies involved in:
- Architecture and engineering, including design, planning, and consulting.
- Residential construction, including housing and related developments.
- Commercial construction focused on retail buildings, offices, schools, hotels, and other non-residential buildings.
- Specialized construction activities, such as completion, finishing, plumbing, electricity, utility installations, and more.
- Civil engineering, heavy industry, and city infrastructure.
If you’re not sure whether Payset is a good fit for your company, get in touch! We’ll help you find out whether our services are right for you.
How AML Regulations Are Changing
Right now, Danish construction companies face a unique challenge: finding payment options that coexist with anti-money laundering (AML) laws.
In the mid-2010s, Denmark’s Danske Bank was involved in a scandal in which billions of euros of suspicious transactions moved through the bank’s Estonian branch. Numerous other countries were also connected to the incident.
After the scandal came to light, Denmark updated its Hvidvaskloven AML laws, imposing stricter controls on payments starting in the 2020s.
In some ways, AML rules have not changed — but financial services face broader obligations and are enforcing rules on clients more than ever before.
What It Means For Businesses
So what does this mean for you and your business?
It means that banks are aggressively restricting small and medium-sized enterprises (SMEs) from making international money transfers.
Strict compliance checks, low transfer limits, and even outright service denials mean that traditional banking solutions can make it harder to transmit funds.
And Denmark’s strict financial system doesn’t just impact the construction sector — it also impacts enterprises with low barriers to entry like bike shops, hair salons, pizzerias, cleaning services, kiosks, freight transport, and more.
Payset’s Solution – Transact Like a Local!
At Payset, we have a solution to ever-broadening restrictions. We offer a multi-currency account that includes a Danish IBAN so you can bank like a local!
With a local Danish IBAN, you can:
- Avoid IBAN discrimination in Denmark.
- Reduce the chances that your transactions are blocked in Denmark, no matter whether you’re sending or receiving funds.
- Gain access to Danish payment networks like Intradag and Kronos2.
- Use the Danish kroner (DKK) in your account and in transactions.
- Go beyond DKK transactions — access 34 currencies in one account and trade currencies on our built-in exchange.
- Maintain legitimacy and trust with your transaction partners by presenting them with an authentic Danish IBAN!
Sign-Up Is Fast and Easy
When traditional banks make things difficult, Payset is ready to provide a convenient alternative that meets all of your payment needs.
We don’t just provide easier access to financial services — we also offer competitive rates and individually tailored services.
And with a new pricing model (soon to be released) that includes special rates for Denmark, you’re sure to find an account model that works for you.
Signing up is fast and easy! Contact us today to learn more or sign up below.
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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