This is a foreign exchange guide to Greenland, the Danish Krone currency plus sending DKK transfers and travel tips.
In this Greenland currency guide we take a look at :
- Danish Krone info - general info about the Danish Krone
- Danish Krone in the markets - recent DKK moves and predictions from the FX markets
- Travelling in Greenland - currency & money saving tips
- 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 & historic exchange rates.
Danish Krone (DKK) general currency information
What is the Danish Krone currency code and symbol?
The three letter currency code for the Danish Krone is DKK and the symbol is Dkr.
Which countries use the Danish Krone?
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
Against the US dollar, the Danish krone struck a 2-year low in May, at kr6.724 per USD, though that mostly reflected the greenback’s broad-based strength.
Like the euro to which it is pegged, against the pound, the krone experienced a record 14-day winning streak in May, and at the time of writing it remained near 4-month highs, at kr8.47.
In May, currency forecasts from Deutsche Bank implied more krone depreciation. The bank thinks USD/DKK could exceed kr6.8 over the summer, with key drivers being the US-China trade war, Brexit and Italian risks.
Also in May, Lloyds’ revised forecasts implied GBP/DKK rates near kr8.8 at year-end, though that could be much lower if Theresa May is replaced as UK PM by a hardline Brexiteer.
The interactive chart below shows the USD to DKK exchange rate and trend for the previous 3 months:
Travel, Currency and Money saving tips for Greenland
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.
Greenland Trip Checklist
Sending money to Greenland
When searching around for information on how to get a good exchange rate when sending money to Greenland you need to start with finding out the latest Danish Krone foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
Get a better deal for foreign transfers 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 4 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.
Use our Send to DKK calculator to compare the exchange 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 and less margins and fees kept by the banks!