What transfer method can I use to fund my account in DKK?

IBKRs bank account for DKK is held with our Danish Bank and is eligible to receive DKK via RTGS (Real Time Gross Settlement) or International Bank Transfer (SWIFT).

IBKR does currently not support domestic transfer methods (local bank to bank transfer).

What Information does my bank need to transfer funds?

IBKR will provide you with our IBAN (International Bank Account Number) and the SWIFT code of our bank account upon completing the deposit notification in Client Portal.

If your bank is located in Denmark, they may ask you to provide local bank account details. Please explain that our account is not eligible for local bank to bank transfers and let them advise you on how to transfer funds using our IBAN/SWIFT. IBKR is working to implement local bank transfers, however we cannot provide you a date at this time when it will be available.

If your bank is located outside of Denmark, your bank will typically process payments via international bank wire (SWIFT) or the RTGS payment method. Your online banking will likely show Wire, electronic bank transfer or bank-to-bank transfer as available methods.

Your bank will select the method to transfer your funds on your behalf.

SWIFT payment

The Society for Worldwide Interbank Financial Telecommunication - SWIFT - is a network that allows banks to communicate financial information securely.

SWIFT payments are offered by most banks for international money transfers, and involve a series of banks which work together to make sure your money arrives at your account.

If you transfer DKK from a financial institution outside of Denmark, they may require the use of a so called intermediary or correspondent bank to route the payment through before reaching your account. These are called cross-border payments.

Bank transfers can take time to complete, particularly when it comes to cross-border payments. Clients are increasingly accustomed to a payments experience that feels instant, but making a payment to another country can be much more complex and time-consuming.

Processing bank transfers involves a number of steps – particularly for cross-border payments. These are sent via the correspondent banking network and typically pass between several different banks along the way. After being initiated, a wire transfer is sent by the debtor agent to an intermediary bank before moving on to the creditor agent. Once these steps are complete, the recipient will receive their funds.

There are a number of reasons why cross-border payments may be delayed or held up. Not all account balances can be updated outside the operating hours of local settlement systems. Delays can also arise if compliance checks need to be carried out, especially when a payment passes through different countries and jurisdictions.

RTGS payment

Kronos2 is Denmark National Bank's RTGS (Real-Time-Gross-Settlement) system for payments in Danish Krona and it is primarily used for settlement of large-value, time-critical interbank payments. You may consult with your bank which system they use to facilitate your payment.

You will typically not be given a choice on which method your bank will use to transfer your funds, and it depends as well on the size of payments, the banks involved in the transfer and what service your bank offers.

Difference between domestic and international bank transfer

Banks make a domestic wire transfer to send funds to financial institutions residing in the same country or financial zone. When sending funds to financial institutions in a foreign country or financial zone, banks have to make an international bank transfer. The differences between these two bank transfers affect the number of fees banks charge and the duration it takes to complete the transfer.

How long does it usually take for my funds to arrive?

*Please consult with the sending institution about the costs to process your payment as this may vary by financial institution. IBKR does not charge fees for the deposit of funds.

Please note: IBKR credits funds real-time upon receipt under normal circumstances. Please note that we do not have influence on the speed of transfer. You may consult with the sending institution regarding their processing times and cut off times. Payments that are subject to additional review may take longer to credit.