Below you will find the answers to the most frequently asked questions about EU payment. Click the word you want to learn more about.
Frequently asked questions
- When is the amount available to the beneficiary?
The amount is available to the beneficiary three business days after it was sent, at the latest.
- What is an EU Payment?
EU Payment is the result of an EU directive according to which banks in EU countries, Norway, Iceland and Liechtenstein are to offer cross-border payments of up to EUR 50,000 at the same price as that of domestic transfers in EUR in the relevant country.
- What are the benefits of EU Payment for me?
This payment type makes it possible to effect cheap transfers in EUR within the EU, Norway, Iceland and Liechtenstein.
- Does the directive apply to all of the EU countries?
Yes. Nordea remits to and receives EU Payments from all banks in the 27 EU countries, incl Norway, Iceland and Liechtenstein. Read more in the fact sheet EU payment (pdf, 85 KB).
- When can I use EU Payment?
For all payments in EUR (up to EUR 50,000) within the EU, Norway, Iceland and Liechtenstein.
- If I cannot meet all the requirements as to an EU Payment, can I still get the benefits of the payment type?
No. You can only use and get the benefits of an EU Payment if you meet all the requirements - such as IBAN, BIC, the remitter and the beneficiary split the charges, and maximum transfer amount of EUR 50,000.
- Where and how do I order an EU Payment?
You can order an EU Payment via Netbank til erhverv (Netbank for corporate customers), Corporate Netbank, Unitel, Netbank til privat (Netbank for private customers) and in your branch. The payment type should be ordered as an Ordinary transfer.
- What is the cut-off time for an EU Payment?
The cut-off time is 15.00 on the selected date of transfer.
- What is the price of an EU Payment?
DKK 200 for orders via your branch. DKK 20 for orders via Netbank til erhverv (Netbank for corporate customers), Corporate Netbank, Unitel and Netbank til privat (Netbank for private customers).
DKK 10 for receiving an EU Payment compared with DKK 50 for other payment types.
- When I pay suppliers abroad, I often pay the receiving bank's charges. Is that possible with EU Payment?
No. The remitter and the beneficiary split the charges of an EU Payment.
- Is it possible to revoke an EU Payment if I change my mind?
An EU Payment can be revoked in the same way and on the same terms as all other international payment types.
- How will I know that the payment has been effected as an EU Payment at a favourable price?
If the payment instruction contains the information required to make an EU Payment, the payment is automatically effected as an EU Payment.
- I usually use Nordea Payment to pay my suppliers in the Nordic region. Will such payments in future automatically be effected as an EU Payment since it is cheaper?
Yes. A Nordea Payment is automatically changed to an EU Payment if all the requirements have been fulfilled.
An EU Payment between Nordea units and within the EU, Norway, Iceland and Liechtenstein is credited to the beneficiary's account one business day after it was ordered, at the latest.
- Can I send a message to the beneficiary?
Yes. You can write a message of up to 4 x 35 characters as for other payment types.
- Is it a benefit for me if my customers abroad use EU Payment to send me money?
Yes. The charge for receiving an EU Payment is DKK 10 compared with DKK 40 for ordinary international payments.
- How do I motivate my customers abroad to use EU Payment?
You can state the IBAN of your account with Nordea and Nordea's BIC, which is NDEADKKK.
- Can I use EU Payment for domestic payments in Denmark?
No. EU Payment can only be used for cross-border payments.