Foreign Exchange Guide to Greenland
In this guide we review :
- Danish krone info - general info about the Danish krone
- Danish krone in the markets - recent DKK moves and predictions from the FX markets
- Buying Danish krone cash online - travel money for Greenland
- Sending money to Greenland - save on Danish krone bank transfers to Greenland
- Danish krone exchange rates - latest info & charts.
Danish krone (DKK) general currency information
The Danish krone contributes to a little less than 1% of foreign exchange market volume. It is the world’s twentieth most traded currency. The krone is subdivided into 100 øre.
Denmark is one of more than twenty nations and territories which currently pegs its currency to the euro. Denmark is the largest nation to do this.
Denmark is a member of the European Union but like the UK and Sweden, among other countries, it opted out of adopting the euro upon its introduction in 1999.
As part of the ERM II mechanism, the krone is restricted to moves of 2.25% above or below a fixed euro-krone exchange rate of 7.4604. In other words, the euro-krone rate can trade only between 7.2925 and 7.6282, and it is the role of Denmark’s central bank, Danmarks Nationalbanks, to ensure this happens.
Since 2004, the EUR/DKK rate has traded well within its allowed boundaries. Several times it ventured above 7.47, but no higher, and its most dramatic fall was only to 7.42.
Against the world's reserve currency, the US dollar, the krone was historically strongest in April 2008 when USD/DKK fell to just 4.66. The krone was at its weakest in February 1985 when USD/DKK reached 12.37.
Danish krone (DKK) in the markets
Being pegged to the euro, the Danish krone shares the same general trading patterns and outlook as does the single currency.
Like the euro, the krone had been one of the world's best performing currencies in 2017, rising to long-term highs, and it was broadly stable in early 2018.
In early 2018, USD/DKK was repeatedly pushed back from support at 5.93 as a result of EUR/USD simultaneously failing to rally through 1.25.
In February, Exante Data founder Jens Nordvig said that rallies in USD/DKK should be used as shorting opportunities (he expected further krone appreciation), although Nordvig declined from giving precise downside targets.
Against sterling, between October '17 and February '18, the krone did little. A GBP/DKK rate of 8.43 in late February was more or less identical to that in late September, five months earlier.
For 2018, based on forecasts for EUR/GBP, we can say that Danske Bank have predicted GBP/DKK at 8.65 at year-end, while UBS sees 7.83.
The interactive chart below shows the DKK to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Greenland Trip Checklist
Travel money for Greenland
Save money and time by Ordering your Danish krone online from Travelex, you get better rates and can pick up the DKK cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Danish krone otherwise you may get much worst exchange rates.
Travel Money Exchange Rates Compared
Buying DKK Cash with USD 1,000
Rate timestamp : Sun Apr 22 2018 03:00:03 GMT+0000 (UTC)
Sending money to Greenland
When sending money to Greenland it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Danish krone amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted DKK amount will be transfered to the recipient account you specify in Greenland.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Danish krone deposited into the recipient bank account in Greenland and less margins and fees kept by the banks!
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote
Compare Foreign Transfers
Sending USD 10,000 to DKK
Rate timestamp : Sun Apr 22 2018 03:04:03 GMT+0000 (UTC)