Danmarks Nationalbank has, in collaboration with the Ministry of Industry, Business and Financial Affairs, Finance Denmark, and Danish Chamber of Commerce, established frameworks for the transition on May 31, 2025, when the recalled banknotes will cease to be legal tender.
The overall structure outlines how stores and businesses can submit recalled banknotes received as a means of payment until and including May 31, 2025, to their own financial institution in a period immediately after May 31.
On this occasion, Danmarks Nationalbank has been in dialogue with Finance Denmark about the banks being ready to support their customers in connection with the transition on May 31, 2025.
At the same time, the established frameworks aim to ensure that stores and businesses can safely accept the recalled banknotes up to May 31, 2025. This means that the submission of recalled banknotes can be made to the banks or directly through the collection by a CIT company - even after the banknotes formally cease to be legal tender on May 31, 2025.
From June 1, 2025, the following applies:
- All stores and businesses who have received recalled banknotes as a means of payment until and including May 31, 2025, can submit these banknotes to their own financial institution until and including June 13, 2025 - i.e., 2 weeks after the banknotes are no longer legal tender.
- Submission to the financial institution can occur via existing cash handling channels, e.g., through ATMs with deposit functionality, through night safe deposits, or over the counter at the bank. These channels will depend on the respective financial institution.
- The submission of recalled banknotes to the banks can also occur by a CIT company. CIT operations with recalled banknotes will be extended, as a number of stores and businesses only have monthly operations. Thus, CIT companies can collect recalled banknotes at stores and businesses until and including June 30, 2025.
- ATMs should be adjusted as soon as possible after June 13, 2025, to not accept recalled banknotes. This adjustment must be completed no later than June 30, 2025.
Danmarks Nationalbank will receive recalled banknotes from the banks via cash depots until and including July 11, 2025.
If any store or business is in possession of recalled banknotes later than June 13, 2025, and these cannot be handled by a CIT company before June 30, 2025, they will be able to redeem the recalled banknotes through the cash exchange points until and including May 31, 2026.