Although they’re not the biggest international community in Australia, Danish Australians have one of the more extensive cultural and social expat networks. Numbering around 60,000 (both first generation and claiming Danish ancestry) in Australia today, the first wave of Danish immigrants arrived during the gold rush and political instability in the 1800s. Since then, the two countries have established solid political, economic and social relationships. Over 100 Danish companies have a presence in Australia, with Danish company ISS being one of the country’s biggest European employers.
As well as this history of Danish immigration to Australia and its companies having a presence here there has been increased tourism of Australians to Denmark over the last several years. Many Australians want to travel to Denmark not only to visit the home of their ancestors but also to see the country of the Australian princess Mary, Crown Princess of Denmark and Countess of Monpezat, with the hopes of getting a glimpse of the princess and her royal family.
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Niels and Tania sends money to Denmark
Niels and his wife Tania were both Danish exchange students when they met in Melbourne. Together they run a travel agency catering for Danish tourists, and every month they send money home to their parents. When comparing ways to get money to Denmark, they’re most concerned about the transfer fees and the exchange rate offered by their bank or the service they’re interested in using.
Money transfer service
Amount received for $500
2 - 5 days
Online, over the counter
The above comparison shows that even though there isn’t a big difference in the amount of Danish kroner you’d get out of the exchange, the bank’s delivery delay is much longer. The bank also charges a sizeable transfer fee, whereas the money transfer company offers a free service.
Niels and Tania’s best option would be to use the money transfer service: their money would land within just one business day, and thanks to a better exchange rate, their recipients would receive slightly more money in their own currency.
Comparing money transfer services to Denmark, what to consider?
When considering options to transfer money to Denmark, there are a few factors to take into account to get the best value for your money.
Exchange rates. Different companies offer different exchange rates, so look for one that offers you the best deal for the amount you’re sending. Sometimes a competitive exchange rate comes with a higher transfer or receiving fees, so be sure to do a full check.
Fees. Ideally, the money transfer service you choose would charge no fees. Depending on the amount you send most online transfer services charge low or no fees, while banks levy fees of up to $25 per transfer. A bank might also charge a receiving fee.
Pick-up methods. Money transfer services like MoneyGram and Western Union have designated pick-up points where recipients can collect their deposits. Money can also be deposited directly into an account. Check with your recipient about the preferred pick-up method.
Transfer methods. Online transfers are often the cheapest and the quickest, but before sending an international money transfer through your bank, ask about their transfer and receiving fees (which are usually high). You may also be able to make a transfer in person at the money transfer agency or on the phone, your choice of transfer method would depend on which option you prefer to use.
Minimum transfer amounts. Depending on the service, you can send from as little as $1 or $10, with other companies having a minimum sending amount as high as $200. This is an important factor to consider if you’re sending small amounts at a time.
Transfer times. Depending on how quickly you need the money to reach its destination, you can choose between services that deliver within one business day or five business days.
Customer service. The service you choose should have a reactive, available customer service department to answer questions you may have about your transfer. Also, remember to check their refund policy should anything go wrong with your transfer.
Generally, transferring money between Australia and Denmark is easy and hassle-free. Denmark will accept and convert Euro to kroner, and there are money transfer options available that don’t charge any fees for the transaction.
Money transfer services. Most of these services charge either very small or no transfer fees for sending money to Denmark. Money is delivered with one to three business days, and recipients can collect money at a pick-up point or have it deposited directly into their account.
Banks. Certain banks like HSBC and Citibank offer multi-currency transaction services where you can make free international money transfers (instantaneous if sent to an account with the same bank).
MoneyGram. With locations all over Denmark, MoneyGram allows online transfers that occur within minutes so that recipients can collect at a pick-up point as soon as possible. These transfers incur a fee ($60 for sending $1000).
If you’re in a fix and need a quick cash injection while in Denmark, there are a few options to help you out of a difficult situation.
Instant cash transfer. Services like MoneyGram can have money available for pick-up within minutes of the transfer. You’ll likely pay an elevated fee, but if you’re desperate, you might be willing to overlook it.
Visit a local branch of your bank. If your bank has a branch in Denmark (like HSBC and Citibank), they may be able to assist you if you’ve lost your card or had your wallet stolen. If someone in your party belongs to the same bank, you can make a free transfer between accounts and withdraw from your travel partner’s card.
Travel insurance. If you’ve been hurt or robbed while abroad, your travel insurance should cover your expenses. However, claiming can take a while with the paperwork necessary to create a report - it might not be the best solution if you’re in a hurry.
Despite the shootings in Copenhagen in February 2015, the travelling advice from the Department of Foreign Affairs and Trade hasn’t changed: you should still exercise ‘normal safety precautions’ when visiting Denmark. No matter where you go - even a relatively low crime country like Denmark - it’s important to be vigilant and aware of your surroundings.
When picking up your money, be sure to get there during business hours. If possible, take along your travel partner. If you’re collecting a large sum of money, arrange to be dropped off and picked up by a reliable taxi service instead of walking.
If you’re sending money to an account within the same bank, you can process a free transaction online or in person at your branch. They’ll require the recipient’s name and account number, as well as the amount you’d like to send.
If you choose to use a money transfer service, they will require that you register as a user before you can make a transfer. They’ll ask for the following:
Your name, address and contact details,
Your recipient’s name, address and contact details
Your recipient’s bank details
The amount you’d like to send
Once the transaction is complete, you’ll receive a reference and/or tracking number. Recipients collecting money at a pick-up location will be required to present the reference number and positive identification.
Since there are few restrictions on sending money to Denmark, you can benefit from services that offer zero transfer and receiving fees, while making the most of competitive exchange rates.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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