Customer relationships and benefits of currency trading at kompasbank

Here, you can read about your customer relationship and the benefits you get from the partnership between kompasbank and Ebury.

Why has kompasbank partnered with Ebury on currency exchange?

We have chosen to collaborate with Ebury as the first in Denmark because, over 15 years, they have developed one of the market's best, most competitive, and complete solutions for currency exchanges and international payments.

Through the partnership with Ebury, we give Danish SMEs/our customers access to attractive exchange rates, easy creation of local accounts, and the unique opportunity to buy from and sell to companies worldwide effortlessly.

What benefits do I get with Ebury?

Ebury's solution is tailored to small and medium-sized companies, and we are the first bank in Denmark to establish a collaboration with them. This will enable Danish SMEs to secure attractive exchange prices and access an international and intelligent payment infrastructure.

Over the past 15 years, Ebury has developed one of the best, most user-friendly, and cost-effective solutions on the market.

Is the money I transfer to Ebury's platform covered by the Deposit Guarantee?

Because Ebury operates as an electronic money institution (Electronic Money Institution/EMI), the deposit guarantee scheme does not cover them. With EMI institutes, it is mandatory by law to use segregated accounts to protect customers' money. In practice, this means that the customers' money is kept separate from the institute's money and operating accounts in another bank. At Ebury, only large and well-established banks such as Citibank, Barclays, JP Morgan, and Bank of America are used to store customers' funds.

Is your solution via Ebury cheaper than what other Danish banks offer?

Ebury is one of the best and most cost-effective solutions on the market. We have evaluated several Danish and foreign platforms, and Ebury is highly competitive. Therefore, we are happy to help you compare your current prices with what we can offer through Ebury. Thus, we can fairly accurately calculate the potential savings by switching to Ebury and us.

Why is it beneficial to receive payment from foreign customers in a local account in local currency?

There are several reasons why receiving money in a local account from your customers abroad is beneficial.

• Your local suppliers can do a domestic transfer, which is typically cheaper and faster than an international transfer.

• You can use the same account to pay your suppliers in local currency, which is typically cheaper and faster.

Why is there a cost associated with exchanging and paying abroad?

The fee itself goes to, among other things, cover expenses for the development and operation of Ebury's platform and advice, onboarding, and support at kompasbank.