Bank/branch identification
In the event that an eleven-digit BIC address is not given, then the eight-digit BIC address of the bank's head office should be stated.
Account number structure
There are several structures for account numbers in Danish banks, and the number of digits may vary from ten to fourteen digits. Consequently, the validation algorithms also vary. The first four digits indicate the bank, and/or branch of a bank, and the following digits indicate the customer's account number. eg. 5010 135894-4. IBAN numbers consist of 18 characters.
The above-mentioned account number will therefore be expressed as DK 3750100001358944.
Branch identification
As mentioned above, the branch identification code is included in the account number. Because of the variable number of digits, the use of Field 57 (option A) is recommended. It should however be noted that this Field will only be referred to, if the account number in Field 59 is invalid.
Domestic Clearing System
Payments to beneficiaries that are customers at banks other than recipient bank, are sent via SWIFT, or through the (fully-automated) domestic clearing system. Settlement is made either through a direct account relationship, or through the Danish Central Bank.
| Value dates | ||
|---|---|---|
| Bank transfers | The amount will be credited to the beneficiary bank with same value as the value date stated in Field 32 of the message, provided the message is received no later than the above cut-off time. | |
| Customer transfers | The amount will be credited to the beneficiary's account with value one working day after the date stated in Field 32 of the message, provided the message is received no later than the above cut-off time. | |
| Common practise | In the event that a customer transfer is to be paid to another bank in Denmark, it is common practise that the beneficiary will be credited with value two working days after the date stated in Field 32 of the message, assuming that the above-mentioned cut-off times are complied with. | |
| Cut-off times | ||
|---|---|---|
| -bank transfers in DKK | 15.15 on date stated in Field 32 | |
| -customer transfers in DKK, GBP, USD and EUR | 15.00 on date stated in Field 32 | |
| -customer transfers in other currencies | Depending on the currency | |
Time Zone
Local time in Denmark is GMT (Greenwich Mean Time) + 2 hours, between the end of March and the end of October, and GMT + 1 hour during the rest of the year. For the exact dates of changes in time, please refer to the BIC Directory.
Cancellation
Payment instructions are revocable upon request, provided that the beneficiary has not already been advised, or credited.
Execution of Clean Payment Orders
Customer transfers with an account number allocated to Field 59 (Beneficiary Customer) will, as a general rule, be executed to the credit of that account, without any checking of its compliance with the customer name provided in that Field.