If you're moving to Denmark, here's how to manage your money
Opening a bank account in Denmark is one of your first tasks after landing. The process varies depending on your visa type.
Banking Overview in Denmark
| Feature | Details |
|---|---|
| Currency | Danish krone (DKK) kr |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Denmark
Foreigners can open bank accounts in Denmark. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Denmark. While you may be able to send money to Denmark, full local account features may not be available. Check their website for the latest on Denmark-specific services.
N26
N26 is not currently available in Denmark. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Denmark, consider these factors:
- Exchange rate: The currency is DKK. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Denmark is approximately €4,908 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
- Read the fine print
- Denmark has a very safe, modernised banking system. However, it's important to read the fine print about banking fees when you open an account. Here are some of the fees that banks could charge:
- Although these fees might be small, it's best to be aware of the fine print for any account.
- Why is this important? You will need a NemID to link your bank account to NemKonto.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Does Wise (TransferWise) work in Denmark?
Wise has limited functionality in Denmark. You may need to rely on traditional banks for transfers.
Do I need a residence permit to open a bank account in Denmark?
Many banks in Denmark require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
Can I open a bank account remotely before moving to Denmark?
Remote account opening is generally not available in Denmark. You will likely need to visit a branch in person with your documents.
Is cryptocurrency banking available in Denmark?
Cryptocurrency regulation in Denmark varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Denmark.
Can I get a credit card as an expat in Denmark?
Credit card availability for expats in Denmark depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.
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