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Terms and conditions –
Cross-border trading
Here you and your company can gain an overview of the various payment forms you can choose
from when trading with partners abroad. Cross-border trading also includes payment in foreign
currencies in Denmark which, taken together, are called cross-border payments. If you need
further information, you are welcome to contact your account manager.
The necessary details
Using the correct details is important in connection with cross-border payments. Below we
list the most important ones.
IBAN
IBAN is short for International Bank Account Number. This is a number linked to all accounts in EU countries as well as many other countries.
IBAN is a code that identifies the country, the bank and the account number(please see list
of IBAN countries). You IBAN number is stated at the bottom of your account statements.
In Jyske Netbank Erhverv you find your IBAN number on the account statements in NetBoks. Moreover, you can find your IBAN number in the Mobilbank and iPadbank under the
menu item 'Modtag penge (Receive money).
BIC
BIC means Bank Identifier Code. The BIC is eight or eleven characters long. The first six
characters are always letters, and the rest are letters and/or digits, e.g. JYBADKKK (Jyske
Bank, Copenhagen). BIC was formerly called SWIFT address.
Danish Payment Services Act
The Danish Payment Services Act is based on EU rules with the purpose of securing the citizens and businesses more uniform rights across the borders with a view to facilitating the
single market for payments in the EU. The Danish Payment Services Act comprises payment
in the currencies of the euro countries and the European Economic Area (EEA) countries and
payments to and from these countries. The act regulates, among other things, the distribution of costs, information and execution time for both incoming and outgoing payments.
Distribution of costs
The distribution of costs can be agreed between the remitter and the beneficiary in three
ways:
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1. Costs in Denmark and abroad are paid by the orderer (OUR). In connection with
payments covered by the Danish Payment Services Act, OUR can only be used in
some cases. Costs abroad may be calculated as a percentage of the amount. This
amount may be large. Therefore we recommend that you include the beneficiary’s
banking charges in your payment. In some countries, for instance the US, the OUR
code is not respected, and the beneficiary may have to pay charges.
2. Costs in Denmark are paid by the orderer and costs abroad by the beneficiary (SHA).
3. Costs in Denmark and abroad are paid by the beneficiary (BEN). In connection with
payments covered by the Danish Payment Services Act, BEN cannot be used.
We recommend the use of the cost code SHA in all cases.
Cross-border payments
Payments
When you make payments, it is in the interest of both parties that the payment reaches the
beneficiary.
Therefore it is very important that you have the correct details:
 BIC/beneficiary's bank/clearing code
 IBAN/the beneficiary’s account number
 The name of the beneficiary (the name in which the account is registered)
 Preferably the beneficiary’s address
 Preferably the address of the beneficiary’s bank
Some payments specifically require one or more of these details and cannot be carried out
without such details.
We offer several types of cross-border payments. Your choice will depend on such things as
the size of the amount, the currency, the terms and conditions and liquidity.
You can make a transfer direct to an account abroad via Jyske Netbank Erhverv or by ordering a transfer at a Jyske Bank branch by using the form "Anmodning om overførsel til udlandet" (request for cross-border transfer), and you can order an international cheque by
using the form “Checkbestilling til udlandet” (request for international cheque). The forms
are available at a Jyske Bank branch.
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Types of payments available when ordering through Jyske Netbank
Erhverv and at a branch
SEPA payments
You can send payments in euro to Denmark, the rest of the EU as well as Norway, Lichtenstein and Iceland. You must use BIC, IBAN and the cost code SHA. If you choose a SEPA payment in JNE, you can send special SEPA-specific details regarding the payment direct to the
beneficiary (for instance, end-to-end references). This may be a request or a condition on
the part of the beneficiary.
Standard payments
We execute the euro transfer as a SEPA payment if, on the basis of the details and the beneficiary, it is possible. Otherwise the payment will be sent to one of Jyske Bank’s correspondent banks. In special cases, for instance a currency to a country other than that of the currency, intermediary bank fees may be payable to banks abroad.
In connection with payments within the EU and the EEA in the currencies of these countries, you can only use the cost codes SHA and OUR. In connection with other countries and
currencies, all cost codes can be used.
Urgent payments
Urgent payments can be carried out at extra cost. Urgent payments are carried out without
a loss of value days for remitter. In connection with payments within the EU and the EEA in
the currencies of these countries, only the cost codes SHA and OUR can be used. In connection with other countries and currencies, all cost codes can be used.
Intra-group transfers
If previously agreed with International Payments, you can transfer to the accounts of
group units. In connection with transfers within the EU and the EEA in the currencies of
these countries, only the cost codes SHA and OUR can be used. In connection with payments to other countries and in other currencies, all cost codes can be used.
Execution time and exchange rate
The execution time is the time from our receipt of an order for a transfer until the amount is
available to the beneficiary's bank. The settlement date is the date at which your account is
debited. If an exchange takes place, Jyske Bank's market rate is applied when the transfer is entered in the books - unless the amount exceeds the limit for the individual exchange rate. The limit for individual exchange rates is: for NOK, SEK, GBP, USD and EUR, the
limit is the equivalent value of DKK 5 million; for other currencies, the limit is the equivalent value of DKK 1 million and higher. Jyske Bank's market rates are available at Jyske
Bank's website.
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TYPES OF CROSS-BORDER TRANSFERS
Type
SEPA payments and euro
payments that fall within
the scope of the Danish Payment Services Act
Standard
Payments that fall within
the scope of the Danish Payment Services Act
Number of days after set- comments
tlement where the
amount is available at
Jyske Bank's correspondent bank (execution time)
1 banking day after settleEUR with IBAN, BIC with the
ment
cost code SHA received before 18.00 (6 p.m.).
2 banking days
Received before 15.00 (3
p.m.).
Plus one day if the order is
received in paper form.
2 banking days
Payments that do not fall
within the scope of the Danish Payment Services Act
Urgent and intra-group payments
At the settlement date
Urgent and intra-group payments
The day after the settlement date (debit value
date the day after the settlement date).
Urgent and intra-group payments
2 banking days after the
settlement date (debit
value date 2 days after the
settlement date)
DKK received before 13.30
(1.30 p.m.).
CAD, EUR, GBP, NOK, SEK
and USD received before
15.00 (3 p.m.).
AED, AUD, CHF, CZK, HKD,
ISK, JPY, KES, LTL, MAD,
NZD, PLN, RON, RUB, SAR,
SGD, THB, TRY and ZAR received before 15.00 (3
p.m.).
Other currencies received
before 15.00 (3 p.m.).
In special situations, please contact us
It is always advisable to contact your relationship manager in situations where you wish to
make payments to special countries.
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Other means of payment:
Cheques
If you are unable to obtain details about the beneficiary’s IBAN/account No. and bank, it
might be a good idea to pay by cheque if only a small amount is involved.
The disadvantages of cheque payments are
-
that the cheques are to be forwarded by post;
that it may take a long time before they arrive and that they may disappear in the
post.
You can order a cheque by using the form “Checkbestilling til udlandet” (request for international cheque) via your branch and you may order cheques via Jyske Netbank. International cheques are settled at Jyske Bank's market rate and subject to the same limits as individual rates for transfers.
SEPA Direct Debit resembles payment services in euro
Moreover, you can transfer euro to a beneficiary if he or she has been registered as a SEPA
Direct Creditor (this information is available from the creditor).
You must enter into a payment agreement with the creditor, who can then automatically
withdraw money from your account according to agreement.
Before you can enter into payment agreements, you must arrange this with your relationship manager.
Read more about SEPA Direct Debit at jyskebank.dk.
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Payments from abroad as well as euro payments from Denmark
Payments
The fastest and most simple way of receiving a payment from abroad will be to ask the remitter to deposit the amount direct into your bank account. When you are to receive payments, it is important that you give all your account details:
- your name and address to which the account is linked
- your IBAN number
- the bank’s BIC: JYBADKKK.
Your client may have a choice of various transfer types. The most important thing for you is
that you have clearly expressed that you want a transfer direct into your account (based on
the details stated) and the due date. If details are missing in the transfer, it may be difficult
for us to deposit the money and in some cases we have to return the money to the remitter.
Intra-group transfers
You can enter into agreements to receive intra-group transfers from other group units on
special terms and conditions.
Please contact your relationship manager for further information.
Payments from EU and EEA countries
Jyske Bank receives transfers from a number of European banks, including Danish
banks.
The remitter’s country, the currency and the currency of the credit transfers determine
how the amount is received.
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Our settlement procedure for payments that fall within the scope of the
Danish Payment Services Act:
AMOUNTS RECEIVED BEFORE
13.45 (1.45 p.m.)
Transfers from EU/EEA
countries in DKK/EUR to
DKK/EUR.
Transfers from EU/EEA
countries in
EU/EEA currencies to accounts in the same currency.
EXCHANGE RATE APPLIED
AT THE TIME OF ENTRY*
At Jyske Bank's market rate
Transfers from EU/EEA
countries in
EU/EEA currencies to accounts in a different currency.
At Jyske Bank's market rate
Will not be exchanged
CREDITED TO YOUR ACCOUNT
The same day the amount
has been placed at Jyske
Bank's disposal
The same day the amount
has been placed at Jyske
Bank's disposal
The day after the amount
has been placed at Jyske
Bank's disposal.
*Unless the amount exceeds the limits for individual exchange rates. The limit for individual exchange
rates is: for NOK, SEK, GBP, USD and EUR, the limit is DKK 5m and higher; for other currencies the limit is
DKK 1m and higher.
Other transfers
The chart below shows examples of transfers from clients outside the EU and the EEA countries, or transfers where you have chosen a currency that is not covered by the Danish Payment Services Act. In connection with transfers from countries outside the EU and the EEA,
it is still possible to use all three ways of distributing costs. The remitter's bank determines
the date when the transfer will be available.
Our settlement procedure:
AMOUNTS RECEIVED BEFORE
13.45 (1.45 p.m.)
All to the credit of foreignexchange accounts in the
same currency.
All to the credit of account in
another currency.
EXCHANGE RATE APPLIED
AT THE TIME OF ENTRY*
Will not be exchanged
At Jyske Bank's market rate
CREDITED TO YOUR ACCOUNT
The day after the amount
has been placed at Jyske
Bank's disposal.
The day after the amount
has been placed at Jyske
Bank's disposal.
*Unless the amount exceeds the limits for individual exchange rates. The limit for individual exchange
rates is: for NOK, SEK, GBP, USD and EUR the limit is DKK 5m and higher; for other currencies the limit is
DKK 1m and higher.
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Recalls
Cross-border payments can be recalled by the orderer until payment has been finally processed by International Payments.
Subsequently, payments can only be recalled with the beneficiary's consent. Unless the
reason behind the reversal is that covering by the bank does not take place because the
covering has been blocked due to anti-terrorist measures, money laundering etc.
Enter into a Service Agreement
When Jyske Bank receives a payment from abroad, the amount will be deposited in the account stated by the foreign remitter.
If you wish to have amounts deposited in a different account, you can enter into a Service
Agreement with Jyske Bank.
The agreement concerns all the company’s incoming payments from abroad and/or in foreign currencies and it offers the following advantages:



When your clients make payments, we have beforehand in the Service Agreement
arranged into which accounts your foreign-currency payments are to be deposited,
e.g. euro payments into the company's EUR account or SEK payments into the DKK
account even if your remitter may have transferred the amount into another account.
You can at any time change the agreement, which can be in effect until further notice - or until a specified date. You decide.
The Service Agreement is free of charge.
Cheques
You may also choose to receive payments by cheque. You must, however, be aware that
cheques are bought at Jyske Bank subject to certain provisos. This means that if the cheque
is not honoured abroad, you risk that we will again withdraw the amount including costs
and differences in exchange rates, if any, from your account.
We can also forward your cheque for collection abroad, and then you will receive the
amount without any proviso. It may take a very long time from your receipt of the cheque
until the amount is deposited into your account. This solution also involves higher costs.
You should also be aware that a cheque that has been cashed can be returned a long time
after it was cashed if it was a forged cheque. This also goes for cheques that were cashed by
collection abroad.
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General terms and conditions
Notification
When you send or receive payments to/from countries outside Denmark, you will receive
an advice from Jyske Bank. In Jyske Netbank Erhverv, you can choose whether you want to
receive the advice by post and/or only in Netboks in Jyske Netbank Erhverv.
The advice/settlement note can be read or printed the same evening when the payment is
settled. Entry details will also appear in account entries immediately after the payment has
been settled.
Charges
At Jyske Bank you can obtain a list of prices applicable for the various forms of payment.
Often costs will also be incurred for the beneficiary abroad. We do not know such costs as
they may be agreed between the beneficiary and his bank.
Payments take place for your account and risk. Jyske Bank is not liable for delays or errors
made by the foreign banks we work with.
Enquiries
Please make enquiries at your branch if you wish to have any aspects of a cross-border
transfer examined.
Read also
We also refer to Jyske Bank's general business conditions 'Dealing with Jyske Bank'.
Latest update February 2016
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