Opening a Bank Account in Denmark
Opening a bank account in Denmark is one of the first tasks you’ll need to complete when settling into the country. Whether you’re an expat, a student, or a professional, having a local bank account makes daily transactions easier and more efficient. In this guide, we will walk you through the steps involved in opening a bank account in Denmark, the types of accounts available, and the necessary documentation required.
Why Do You Need a Bank Account in Denmark?
Having a bank account in Denmark is essential for managing your finances while living in the country. From receiving your salary to paying for rent, groceries, and utilities, a Danish bank account will help you manage your day-to-day expenses. Additionally, many employers in Denmark prefer paying salaries through bank transfers, so setting up an account is often a requirement.
Example: If you’re employed in Denmark, your salary will typically be paid into your Danish bank account. Without one, you would have to rely on cash, which can be inconvenient and impractical for everyday living.
Steps for Opening a Bank Account in Denmark
1. Choose the Right Bank
Denmark has a variety of banks, both local and international, offering different types of accounts and services. Some of the most popular banks in Denmark include:
- Danske Bank: One of the largest banks in Denmark, offering a range of personal banking services.
- Nordea: A Nordic bank with a strong presence in Denmark, offering both personal and business banking services.
- Jyske Bank: Known for its customer service and user-friendly digital banking services.
- Lunar: A digital bank offering mobile-first banking services and a range of benefits tailored to tech-savvy users.
- Revolut: A global fintech company that offers banking services with a focus on international transfers and low fees.
Before choosing a bank, consider what services you need, such as online banking, ATM access, or mobile banking apps. Many banks in Denmark also offer services in English, making it easier for expats to manage their accounts.
Example: If you need a bank that offers robust mobile banking services, Lunar’s app could be a good choice for managing your finances on the go.
2. Gather the Required Documents
To open a bank account in Denmark, you will need to provide certain documents to the bank. The most commonly required documents include:
- Passport or EU/EEA ID card: Proof of identity.
- CPR Number: The Danish personal identification number, required for most services in Denmark. If you haven’t registered for a CPR number yet, you’ll need to do so at the Danish Citizen Service before opening a bank account.
- Proof of Address: A recent utility bill, rental agreement, or official correspondence can serve as proof of your address in Denmark.
Example: When opening a bank account with Danske Bank, you’ll need to provide a CPR number and proof of your Danish address, such as a signed rental agreement.
3. Visit the Bank or Apply Online
Many banks in Denmark allow you to start the account opening process online. However, you may still need to visit the branch in person to finalize your account setup and verify your documents.
- Online Application: If your bank offers online account opening, you’ll need to fill out a form and upload your documents. Banks like Danske Bank and Nordea have straightforward online applications for new customers.
- In-Person Visit: If you prefer to visit the bank, you can book an appointment at your chosen branch. Bring your documents, including your CPR number and proof of address, to complete the process.
Example: Lunar offers a fully digital account setup process through their app, so you can open an account and start banking immediately from your phone.
4. Choose the Type of Account
When opening a bank account in Denmark, you’ll have a few options depending on your needs:
- Basic Account: This is ideal for people who need a simple, no-frills account for receiving and making payments.
- Savings Account: For those looking to save money, many banks offer high-interest savings accounts.
- Student Account: If you’re studying in Denmark, many banks provide student accounts with special benefits, such as lower fees or free banking services.
Example: If you’re a student in Denmark, consider opening a student account with Jyske Bank, which offers special terms for international students, including free online banking and no monthly fees.
What to Expect After Opening Your Bank Account
1. Debit Cards and Online Banking
Once your account is open, you will typically receive a Danish debit card that can be used for purchases both in Denmark and internationally. Banks also offer online banking platforms and mobile apps, making it easy to manage your account from your phone or computer.
Example: Once you have your bank account at Nordea, you’ll be able to access their app to check your balance, make payments, and transfer money instantly.
2. Fees and Charges
While opening a bank account in Denmark is usually free, some banks may charge monthly fees, especially for certain types of accounts. It’s important to check the fee structure before choosing a bank. For example, a basic account may have no monthly fee, while a premium account with more services may charge a small fee.
Example: Lunar offers free digital banking with no monthly fees for basic accounts, while some other banks may charge small fees for premium services.
Related Guides for Expats in Denmark
- How to Register for a CPR Number in Denmark: A step-by-step guide to registering for your CPR number, which is required for opening a bank account.
- Living in Denmark: A Guide for Expats: Learn about essential tasks you need to complete when moving to Denmark, such as setting up a bank account and finding housing.
Conclusion: Opening a Bank Account in Denmark
Opening a bank account in Denmark is a straightforward process, especially when you know what documents are required and what to expect. Whether you’re an expat, student, or professional, having a local bank account will make managing your finances in Denmark much easier. By following the steps outlined in this guide, you’ll be ready to set up your account and start enjoying the benefits of living and working in Denmark.
