When you trade cross borders and need to make international payments there are a few things you should remember to ensure you select the cheapest and most secure method of payment.
Five tips for businesses making international payments
- Choose to make an electronic transfer rather than issue cheques. Cheques are an expensive solution for both you and the recipient, as the cheque has to be processed manually by the bank.
- Make an outgoing foreign payment through Business eBanking – a cheap and easy payment solution. Costs are reduced when transferring funds between your Danske Bank Group accounts.
- Always specify the correct Bank Identifier Code (BIC) and International Bank Account Number (IBAN). IBAN should always be used for countries where it has been introduced. Regular updating of your creditor information ensures that you have the correct information. You can also check an IBAN number if you are unsure whether you have written it down correctly.
- As a basic rule, always choose to share the costs between the sender and the recipient. Choosing a different sharing of the expenses means you risk paying high charges to the foreign banks.
- Only include a message to the bank if it is necessary. Messages require additional processing at the bank for which a charge is made.
Set up a bank transfer through Business eBanking
The simplest and cheapest solution is often to set up a bank transfer in Business eBanking. When setting up a foreign payment using Business eBanking, you must state,
- Payment date
- SWIFT/BIC code of the foreign bank
- Account number of the account with the foreign bank in IBAN format
- Name and address of the foreign customer.
View our Fees and Charges Explained (PDF)
Business eBanking may be temporarily unavailable when we are carrying out routine maintenance.
Accounts in other countries
If you make frequent payments to a specific country in another currency, it might be an advantage to open a local account with one or more of our branches abroad or with one of our partner banks. We are happy to advise if this would be appropriate for your business.