Glossary

Below are alphabetical listings of definitions of acronyms and terminology that may be used throughout this site.​​​

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Danske Bank Card Exchange Rate (UK)

The Danske Bank Card Exchange Rate (UK) is the Payment Scheme Reference Exchange Rate which applied on the date that the transaction was received by the Payment Scheme. This rate is subjected by us to average weighting so that the exchange rate used for all transactions processed by us on that date are equalised. Transactions can be processed by us on non-business days. The statement 'entry date' for a transaction that is processed on a non-business day will be the next business day. We will apply the Danske Bank Card Exchange Rate (UK) when the transaction is processed by us.

The Payment Scheme Reference Exchange Rate is the exchange rate set by MasterCard (which applies to MasterCard and debit cards) or Visa (depending on the payment scheme logo displayed on Your Card) and which is prevailing at the time your transaction was received by the Payment Scheme.

EAR

EAR stands for 'effective annual rate' and is used to show the costs of borrowing. It takes into consideration the interest rate charged and how often the interest is applied to the account. It does not include any fees related to overdrafts.

Foreign Currency Mortgages

The bank only provides mortgages in sterling but will consider applications for Fixed Rate and Base Rate Tracker residential mortgages where the applicant’s income is in a currency other than sterling. A list of currencies the bank will consider is provided below:

DKK Danish krone
EUR Euro
USD US dollar

 

The rate which will be used to convert the relevant Foreign Currency to sterling is the ‘Customer sells foreign currency rate’. Fluctuations in the exchange rate will affect your mortgage repayments if your income is in a currency other than sterling. Please click here to view our Foreign Exchange Rates.

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