Sending money has not been made like today. There are over ten options for sending money from Denmark to other nations (more about international transfers for expats). Some of the options take a few minutes, while others take days for the money to arrive back home. The following are the main mediums to use when sending money:
Wise
The Wise company is based in London. Over 200 000 people are currently using this medium to send money abroad. As compared to the other companies, the good thing about it is that the exchange rates are friendly and there are no hidden costs. Read further on how to the process of sending money to a wise account works:
Signing up for Wise
To sign up, you should have an existing email address and then create a password of your choice. Is the step tedious? If so, then you do not have to worry. Instead, you can use your Facebook or even Google account to sign up.
Keying in the amount of money to transfer
After signing up, it is now time to enter the amount of money you wish to send or, rather, what the recipient should receive. In a case where an exact amount is transacted, then instead, it is important to type the amount in the option for the recipient. Through that, it is easier to know the amount of money that you want to send.
State the kind of transfer you are making
When sending money through Wise, it is significant to a state where you are paying from a personal account. This process is a Personal transfer.
Filling in the details
Personal details must be filled in Wise. The details needed by wise include your address. The reason is that it helps the company in company in conforming to the finance regulations. However, the information cannot be shared with third parties.
The person you are sending
After getting your details, it is important for Wise to also get the recipient’s information. In case the recipient has a bank account, then their details can be added; if not, then just an email address is enough.
Reviewing transfer details
- A review is important just to ensure that everything is correct.
- Decide on the kind of transfer as well as the best way of paying.
It is after making a decision of transfer that you get to know about the fees and duration it takes for the money to arrive. Basically, those are the main seven options.
OFX
OFX is a foreign exchange company. It offers reasonable service and pricing. As compared to the other options for sending money, such as the banks, the firm offers a better exchange rate. Also, it provides quick funds delivery, CBI regulates it, secure way of sending money, and has customer service throughout the day. Unfortunately, it is just available in English, which may be challenging for the Danish, and it is not a good way to send the small amounts.
The process of sending money through OFX includes signing up or logging in to the account. To sign up, one needs to register, get verified then later login. Through that, one will be able to get a live exchange rate quote. This shows that the company does not have any hidden fees for its consumers.
The next step is keying in the bank account details of the recipient. The process helps in booking the money transfer. After that, you send the funds to OFX then they deliver them to the chosen bank account. However, it is important to know that the amount of time taken for the recipient to receive the money depends on where one sends the money.
World Remit
Making an international bank transfer with wise is so easy. The sign-up only takes 2 minutes. World remit is a secure and fast service that enables Danish residents to transfer money online using an application, smartphone, or computer. When signing up, the details needed include your name and address.
After signing up, the next step is selecting the amount as well as the country to send money to. The next step is entering the details of the recipient. They include a phone number, address, and name, as well as the bank details. For the bank details, the things that one should include are the SWIFT code, IBAN number, and bank name. Finally, one pays for the transaction.
Just like the other money transfer options, in World Remit, the amount of time taken to transfer depends on where one is sending money. In some cases, it takes place immediately. However, in some circumstances, it can take about 1 to 2 working days. Besides, the fees also depend on where one is sending money sent to.
The limit on the maximum one can send from Denmark to other nations using World Remit are:
- The limits of the local partner’s transaction
- The nation one is sending to
- The chosen payment options
- The country one is sending from
XE
Xe is a highly trusted currency authority. The firm has real-time exchange rates as well as low fees. Besides, it has a transparent delivery. One just needs to sign up for a business or even a personal account.
In creating an account at Xe, one just needs an email address. It takes a few minutes. The next step is entering the details, including your name and the address. For the recipient, one needs the payment information, address, IBAN or bank account, and swift/BIC.
Remitly
Remitly is another safe way of sending money from Denmark to other nations. On the first transfer, one is not charged any fees. Moreover, the firm is licensed, and it is a credible partner. In joining Remitly, you can use the computer, mobile phone, or even their application. The first step is selecting joining now.
The second step is entering the email address as well as the desired password. After that, you select send from and the recipient’s location. After getting ready, one makes the first transfer. The period of time taken for the money to transfer also depends on the recipient’s location.
