There are a number of ways to reduce costs and make payments more secure when making a cross-border payment.
Five tips for companies 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 a cross-border transfer through District. It's a cheaper and easier way to pay and costs are reduced when you are transferring funds between your Danske Bank Group Accounts.
- Always specify the correct BIC and IBAN. IBAN should always be used for countries where it has been introduced. Regular updating of the company's 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 necessitate additional processing at the bank which will incur extra costs.
Accounts in other countries
if you make many payments to a specific country, 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 on whether this would be profitable for you.