Nordea linked to Natwest?? Or cheapest way to transfer regular payment UK to Denmark?

19vivat

My son is studying for two years in Denmark and we send money in sterling each month. We pay into either his Natwest account or his Halifax. He then takes money out at cash machines in Denmark.

He has now opened a Nordea bank account. I thought I read somewhere (but now cannot find the info. on line at all) tha Nordea wa slinked to Natwest and that it would then be free or cheaper for him to move his money from Natwest to Nordea.

Does anyone have any ideas on this??? Or about best way to transfer money. Many thanks J

2sides2everystory

I'd be interested to know the answer to this one too. Nordea are represented in London but this published tariff for a London account suggests that HSBC might be their preferred partner: Nordea Bank London price list

I don't mean to introduce an unnecessary or currently adverse extra FOREX step but for the purposes of budgeting, Euros might be a more stable currency than Sterling to hold any preaccumulated funds for liabilities in DKK if that opens up any options. As you may know, Danish Krone have long been linked in some way I don't quite understand to the Euro at the rate of 1DKK=0.134EUR.

For example, might Nordea offer your son an additional Euro account where he can transfer money electronically with little or no fee between EUR & DKK ?

And in the UK perhaps you might have access to a Euro account also into which you can pour some Sterling if and when the exchange rate improves ?

With a bank like Citibank it is possible to set up both Euro and Sterling current accounts at relatively low cost (with zero commission electronic transfers between them) and also I believe they offer a DKK "savings" account again with zero commission transfers between your Citibank accounts. It was once possible to link a VISA debit card to Citibanks savings accounts too. I don't know if that is still possible and I think the Citibank presence in DK is now almost non-existent so ATM charges would be incurred for cash withdrawals.

The problem of course remains for moving funds across country borders without incurring transfer fees if you are to graft something on to your sons new Nordea arrangement.

I know for example that Neteller offer their prepaid Mastercard in DKK and that it can be topped up free via VISA Debit.

I also know that Neteller seem fair with their on the spot FOREX when spending on a GBP Prepaid Card e.g. to buy Ryanair one way from DK to UK - seems like it is just the normal Mastercard exchange rate on the day as long as you remove the tick fro the box on the Ryanair site! Although withdrawing cash would no doubt incur a fee.

Let us know what you decide to do as I am interested too with kids who may consider DK universities.