25 November 2024
Three of FOREX's Danish stores will have a dedicate counter from 2 December 2024, where citizens and businesses can exchange banknotes due to become invalid as means of payment in banks and shops after 31 May 2025. This is a new collaboration between Danmarks Nationalbank and FOREX.
After 31 May 2025, Danmarks Nationalbank's FOREX banknote exchange points will be the only places where citizens and businesses can exchange the discontinued banknotes. They can be exchanged for one year at these points, i.e. until 31 May 2026.
It has been important for Danmarks Nationalbank to ensure that citizens and businesses have an alternative to using banknotes in shops and banks in good time before they become invalid as a means of payment:
"It's important for us to give citizens and businesses the best possible facilities for exchanging their banknotes. That's why we're opening the banknote exchange points on 2 December 2024, six months before the notes become invalid as a means of payment. This means that there will be a year and a half during which the banknote exchange points can be used," says Niels Kaas, Chief Cashier at Danmarks Nationalbank.
Documentation requirements to prevent money laundering
Cash exchange via Danmarks Nationalbank's banknote exchange points is covered by current anti-money laundering regulations and will therefore have similar documentation requirements as at banks.
"All citizens and businesses can use the banknote exchange points. It's also important for Danmarks Nationalbank to ensure that the banknote exchange points are not used for money laundering or other forms of financial crime. That's why we will closely monitor all exchanges and require documentation, ID and physical attendance," says Kaas.
Cash exchange requires filling out a written declaration and presenting valid photo ID as well as physical presence at the banknote exchange location. This applies regardless of whether you are a Danish or foreign citizen or company. It will not be possible to send cash to Danmarks Nationalbank or have others exchange the banknotes for you.
More information about documentation requirements, amount limits and exchange procedures can be found at forexvaluta.dk/invalid-banknotes.
Three central locations
The three FOREX stores that will act as Danmarks Nationalbank's banknote exchange point are:
- Aarhus: Banegårdspladsen 20, Aarhus C
- Odense: Rosengårdcentret, Ørbækvej 75, Odense SØ
- Copenhagen: Nørre Voldgade 90, Copenhagen K.
The banknote exchange points will only accept notes that will become invalid after 31 May 2025. Other banknotes cannot be exchanged at the banknote exchange points.
In Greenland and the Faroe Islands, it will also be possible for Greenlandic and Faroese citizens to exchange banknotes from 1 June 2025 until 31 May 2026. That's up to one year after the banknotes become invalid as a means of payment.
Billions in banknotes exchanged
More than 70% of the discontinued banknotes have already been received in relation to the banknotes in circulation on 30 November 2023, when Danmarks Nationalbank initiated the recall. As at 31 October 2024, there were approximately kr. 7 billion worth of these banknotes in circulation:
- Older banknote series: kr. 2.8 billion
- 1000-krone banknotes (in the 2009 series): kr. 4.2 billion in circulation.
Contact
For questions regarding Danmarks Nationalbank's banknote exchange points, background etc. contact Communications And Press Officer Teis Hald Jensen at tehj@nationalbanken.dk or phone +45 3363 6066.
For practical questions regarding opening hours, staffing etc. please contact Charles Nielsen, Country Manager for FOREX Denmark, charles.nielsen@forexvaluta.dk or telephone +45 31 19 90 03.
The specific documentation requirements, guidelines and declarations that must be completed for private individuals and companies can be found at forexvaluta.dk/invalid-banknotes.