Denmark – Banking

Local Banks in Denmark

Denmark has several local banks that provide banking services to their customers. These banks include:

• Danske Bank
• Nordea Bank
• Jyske Bank

International Banks in Denmark

Major UK and USA banks, such as Citibank and Barclays, have a presence in Denmark. These international banks offer a range of services to both local and expat customers. Some of the services provided by international banks in Denmark include:

• Multi-Currency Accounts – International banks often provide multi-currency accounts, allowing customers to hold and transact in various currencies. This can be beneficial for expats with international financial needs.
• Global ATM Access – Many international banks have a vast network of ATMs worldwide, providing convenient access to cash for both local and international travelers.
• Offshore Banking – International banks may offer offshore banking services, which can be attractive to expats looking to manage their finances across borders.
• Foreign Exchange Services – These banks typically offer competitive foreign exchange rates and services for currency conversion, which can be useful for expats dealing with international transactions.

Accounts and Services for Expats

Banks in Denmark, including international banks, offer accounts and services specifically aimed at expats. These accounts may include multi-currency accounts, offshore accounts, and accounts with higher withdrawal limits. Some banks may also provide assistance with language translation and tax advice.

Typical Bank Opening Hours

The typical bank opening hours in Denmark are from 9:30 AM to 4:00 PM, Monday to Friday. Some branches may also be open on Saturdays.

Areas of Concern for Expats

Expats should be aware of the following areas of concern regarding the banking system in Denmark:

• 1. High Fees – Banks in Denmark may charge high fees for their services, and expats should compare the fees charged by different banks before choosing one.
• 2. Cashless Society – Denmark is moving towards a cashless society, and many transactions are conducted electronically. Expats should be prepared to use electronic payment methods for everyday transactions.
• 3. Language Barrier – Most bank employees in Denmark speak Danish, and expats who do not speak the language may find it challenging to communicate with their bank.

Opening a Bank Account

To open a bank account in Denmark as an expat, follow these steps:

1. Step 1: Obtain a CPR Number – Expats must obtain a CPR number, which is a personal identification number used by all public authorities and private companies in Denmark. This number is required to open a bank account.
2. Step 2: Find a Bank – Research the different banks in Denmark and compare their services and fees. Choose a bank that meets your needs.
3. Step 3: Gather Required Documents – You will need to provide identification documents such as a passport or ID. You may also need to provide proof of address and proof of income.
4. Step 4: Apply for an Account – Apply for an account in person at a branch. Follow the bank’s instructions and provide all required information.
5. Step 5: Fund Your Account – Once your account is opened, you can fund it by transferring money from your home country or depositing cash or cheques at a branch.

In conclusion, banking in Denmark is relatively straightforward, and expats can benefit from accounts and services specifically aimed at them, including offerings from international banks. However, expats should be aware of the areas of concern, such as high fees, a cashless society, and the language barrier, when banking in Denmark. If you are an expat looking to open a bank account, follow the steps outlined above to make the process easier.