International Money Transfer

When collaborating with partners and venues abroad in connection with a tour or a co-production, transferring money internationally is almost inevitable. This is a guideline on how to go about it.

Bank Transfer

The easiest and cheapest solution is to transfer money via you own online bank, however, often it will also be possible to get your bank to expedite the transfer. This is usually much more expensive than doing it yourself on account of the fees that will be charged. Though, whether you use net banking or not, you need information about the recipient and the recipient’s bank: 

  • Name and address of recipient
  • SWIFT code or BIC (Bank Identifier Code) – the recipient bank’s international ID
  • IBAN number
  • Address of recipient’s bank
  • Possibly the recipient country’s domestic clearance code (when transferring money to certain countries outside the EU)

Expenditure in connection with transfers via net banking can be shared (SHA) or paid by the remitter (OUR). OUR transfers are more expensive as this requires handling at both ends. Expenses and conditions of transfers vary greatly depending on the bank, so you have to familiarize yourself with both your own bank and the recipient bank’s rules of international transactions.

Please also note that interest calculations can be displaced from the time the bank receives the money, depending on whether or not it is a workday. When paying out, interest calculations commence the moment your bank withdraws the money from your account.

Transfers of money within EU/EØS countries usually adhere to the general rules of international transactions, i.e. needing a SWIFT code and IBAN number. Payments in EØS currencies to countries within the EØS are regulated by Betalingstjenesteloven and will be transferred in EUR. Transactions within EØS are usually expedient and today there is hardly any difference between a transaction between two Danish banks and banks within EØS countries. Both transactions will usually take no more than a workday.

Link to interactive map of Europe as well as EU and EØS countries.

When transferring money to countries outside Europe, or if you need to transfer amounts of non-EUR currency, the banks may require information about the recipient and a transfer will often take 2-3 workdays. Some countries outside Europe (including the US) do not use SWIFFT/BIC codes and you will instead need different national clearing codes. You must contact the recipient bank for correct information.

When receiving transfers from abroad, you have to make sure you hand over you own details, including SWIFT/BIC code and IBAN number. Typically, you will share expenditure in relation to transfers of money, so remember to include these amounts in your agreement with your collaborator as well as in your budget.

Other Methods Of Transfers

Transfers with online banking is by far the cheapest method of transferring money, however, if you need a fast transaction, you can use companies such as Western Union Money Transfer, which is a world wide company and they transfer money to and from all countries within an hour. These companies offer online services and agents as well as transactions directly to the recipient’s bank account. Most often the recipient will have to collect the money in cash from the service provider.
 

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