The Danish Competition and Consumer Authority has made a recommendation to the Danish Competition Council to the effect that Nordea’s foreign exchange mark-ups for card payments in foreign currency are too high, and the Danish Competition Council has requested Nordea to lower its foreign exchange mark-ups.
Nordea does not agree with the Danish Competition Council’s decision, but will spend the coming period assessing the situation and the decision.
“We are surprised by the decision and the order. We do not agree that the fees we have charged in this area are too high. On the contrary, our view is that we have – in good faith – set our fees in a free, competitive market. We have full transparency towards our customers in this area. Every time you make a payment in foreign currency with your card, you can see right away how much you pay in foreign exchange mark-up in our Wallet,” says Mads Skovlund, Head of Personal Banking in Denmark.
The order exclusively covers the foreign exchange mark-up for card payments in foreign currency and does not, for example, affect fees for transfers to other countries, currency accounts or transactions in foreign securities.