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Denmark - Banking

The banking system in Denmark is quite user-friendly and opening an account goes quickly when you have a CPR number. Once the CPR number is acquired, people can choose between a Dankort and Nem Konto. Sometimes it is even possible to open an account without the CPR, but it takes time and excludes many services. Danske Bank and Nordea have a reputation for being helpful in those cases, but as banking has become less personal in recent years it can be difficult.

Opening the account is generally the biggest hurdle. Once it's opened, users can transfer money from their home account immediately. It is important to know that those who have a job sometimes must wait weeks or even months before the first paycheck is put into their account.

Those who have a residence permit, but not a work permit, have to prove that they are financially capable of supporting themselves. Once they put money in a Danish bank, it helps appease the government that they are self sufficient. After opening the bank account, users can acquire a banking cash card, enabling them to withdraw their funds from cash machines all over the country. It is generally free to withdraw money from a cash machine of your own bank. Using another bank's cash machines will usually lead to some fees. Banks usually charge for everything that is related to customer service, including meeting with a customer service person.

It is also possible to find a bank that has internet banking in Denmark, offering services in English or other languages. Some banks also offer meetings with English-speaking account managers, which is important in case of loans, contracts and insurance. It's also helpful in getting the documents in a native language as well. You can compare fees and services at www.mybanker.dk.


In Denmark, the Dankort is the major banking debit card. Those who want to apply for a Dankort should know the following things:

- it can take several months
- a copy of some previous paychecks is required
- a healthy bank balance is required.

Before issuing a card, a bank may require any of the above. It can still take several weeks to get a card. It is advisable to discuss the conditions for acquiring a Dankort before opening the account. It is also important to know that Dankort is the "national currency". This debit card can be used anywhere in Denmark and it's generally more widely used than credit cards or cash in this country.

Nem Konto

After setting up the bank account, it is wise to ask to have a Nem Konto set up at the same time. This is the account that is linked to user's personal bank account and also linked to user's CPR number. Every resident in Denmark is required to have a Nem Konto. All the necessary information about this account can be found at nemkonto.dk, which has the information in Danish, English and German.


The bank will sign the client up for NemID, which is a digital signature that allows them to access both public and private internet services such as online banking, data and tax information. The client will receive two different parts in order to login. The first step is to create your own username and password. This is usually client's CPR number and an individually chosen password. The second step is to type in the code from the code card that has 148 keys on it. As this system can be used on any computer, it is important to use it safely and always log off to prevent fraud.

Banking Hours

In Denmark, banking hours are similar to general working hours, so people rarely have time to actually enter the bank if they work normal hours. In general, banks are only open Monday to Friday. Hours are 10 am to 4 pm, except on Thursdays when most banks are open to 5 pm or 5:30 pm. These hours may be a little different especially in Copenhagen. This is one reason why internet banking is so popular. Phone banking hours can vary greatly, but they usually open at 8am for business. Many banks also answer questions via email. Banks are not open on weekends, but there are phone services for stolen cards.


The Kingdom of Denmark is part of the European Union, but it has not converted the national currency to the Euro. The official currency of Denmark is the Danish Krone or Crown, abbreviated as DKK. The krone is divided into 100 øre.

Notes: 50, 100, 200, 500 and 1,000 DKK
Coins: 50 øre and 1, 2, 5, 10 and 20 DKK

Taxes in Denmark

Expats who are tax residents of Denmark are generally taxed on their worldwide income, and they qualify for tax residency by being resident in Denmark. Expats who are not Danish residents but who live in Denmark for six consecutive months can also qualify for Danish tax residency. The tax system in Denmark is automatic, which means that tax is deducted from an expat’s salary before they are paid. Expats must register with the Central Tax Administration (SKAT) before they receive the first paycheck. Expats also receive a tax card that is sent directly to their employer, which ensures that they are taxed correctly.

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