Debit and credit cards
The banks offer debit and credit cards for withdrawal at cashpoints and making purchases.
New customers normally receive a MasterCard Debit which only allows the owner to withdraw the amount available on the account.
If the bank assesses the financial standing of the customer to be satisfactory he or she may be offered a Visa/Dankort which allows purchases and cash withdrawals higher than the deposit. An interest will be charged for such amounts.
Customers that are well known to the bank may also get a MasterCard Credit which allows the owner a balance of debt.
All banks offer personal online banking service enabling the customer to transfer money and pay bills within the Danish Realm without paying service fees.
Online banking is the easiest and cheapest way to transfer money, but it is also possible to ask the post office or the banks to pay bills or transfer money. In this case a service fee will be charged.
The best way to transfer money between the Faroe Islands and countries outside the Danish Realm is by using SWIFT/BIC which is an international online system for direct account-to-account transfer. A fee is charged for SWIFT transfers.