Danske Bank increases transfer fees by 150 percent

Mar 27, 2015

Danske Bank customers will have to reach deeper into their pockets starting from May 1.

The bank has decided to raise the costs of self-service money transfers from two to five kroner – a 150 percent increase.

It's time for a little increase
The price increase will affect all Danske Bank customers who have not chosen a specific client program, and it also applies to transfers between Danske Bank customers.

According to the bank, all customers were informed about the change electronically in late February.

"We constantly compare our prices with our competitors, and based on our evaluation of the services we deliver, we have decided it was time to raise the price a little," Kim Fuglsang Kristoffersen, the first vice president at Danske Bank, told TV2.

Others charge nothing
None of the major Danske Bank competitors – such as Nordea, Jyske Bank and Arbejdernes Landsbank – charge their customers for a self-service bank transfer like online banking or mobile banking.

Transfering money via Danske Bank's popular smartphone app MobilePay will remain free of charge and can therefore be considered as an alternative to other online services. However, the app only allows a transfer of up to 2,000 kroner per day.

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