How to open a bank account in Denmark

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How to open a bank account in Denmark

Denmark is a expat hotspot thanks to its high standard of living and one of the world's most stable and strong economies. Copenhagen is consistently listed as one of the world's most liveable cities. Because of its geography and relatively small size and population, there is a high influx of foreigners moving up north to calling Denmark home and to  fill the gap needed for industry and high skilled professions.

If this is a choice that you are considering or you have just landed within Denmark's shores in order to experience its rich culture and history as a worker, student or retiree, a bank account is in order. Here is a guide on how to open a bank account in Denmark.

List of documents needed to open a bank account in Denmark

Denmark has adopted an open policy for how banks handle account activations, which means that each bank requires specific documentation. We suggest that you check in with each bank via the internet or even by paying a visit to the branch and investigate this further to avoid any surprises.

However, the process for opening a bank account in Denmark is straightforward. You will be required to have a set of documents with you and some will have a notarisation requirement. It is usually free to open an account.

Here is a list of documents:

  • Photo identification card or passport. Sometimes a notarised copy will be required
  • The CPR number. This is a unique number that all residents have and it is 10 digits long
  • Proof of address such a recent utility bill or rental contract. Your Health Insurance Card can be used as well.
  • Employment contract if you are working in Denmark. As a student, you need proof that you are a student.
  • Minimum deposit may be required and if so will vary from bank to bank

It is possible that a bank will have additional requirements such a proof of income but it should be possible to open a basic bank account as long as you have a CPR number which is issued to EU citizens and when you receive your residence permit.

Most bank staff will speak English and sometimes it is possible to start the process via the internet and depending on the situation activate the account from the net as well. Be aware that not all account types are possible to be activated with this method.

As a non-resident, can I open a bank account in the Denmark?

As a non-resident you will not be able to open a bank account because you are required to have a CPR number which is issued when you become a resident. It is best to get started with the application process online and once you are issued a CPR card you will be able to complete the activation at the branch.

Best banks in the Denmark

Denmark features of Europe's strongest and safest financial systems with a nice selection of national and international banking choices. With English being widely used, most websites have English version so it will be rather easy to choose between banks and all of them will feature what is expected from the international market.

Here are the 4 major banks in Denmark:

Danske Bank: With a large operational structure featuring many ATMs and branches, Danske Bank covers most of Scandinavia and the Baltics. There are products designed specifically with students and young people in mind and accounts with all the expected perks such as contactless cards and cashback. Their online banking is in English.

Nordea: Nordea is one of the best banks in the region and they offer a full range of products and financial services. They have an english website and if you have any questions regarding opening a new account you can request a call from Nordea.All Danish branches are here

Nykredit: With a history spanning 150 years, many branches and ATMs in Denmark, they have a full set of financial products for businesses and individuals. They online banking system is aware winning so if this is something you are interested in it might be a good idea to check it out. It is not in English, but if you call the bank there is an English option.

Sydbank: This is a full service bank with a strong presence in Denmark and Germany. It should be easy to open an account with them providing you have all the necessary documentation. Staff speaks English in all of their 100+ branches.

It should be rather easy to open a bank account in Denmark. It is likely that staff in all branches will speak English as a native speaker would and all banks either have a chat or phone service in order to answer any questions you might have. Be aware that banks close on weekends and hours vary on different weekdays for different banks.

Ask for a list of fees when talking to a banking agent at your preferred branch. Read the small print, because the charges can be steep. There could be charges for out of network ATMs and fees for moving money between accounts.

The virtual bank account alternative

Sending money outside of Europe com Denmark is expensive

Fees for international transfers can be very high in any country thanks to banks not sticking to what is called the mid market rate. This is the rate that banks charge between each other when performing currency conversion and therefore charge a fee on top of it for a profit. Unfortunately these fees can be very high for virtually all banks in the world with some reaching as high as 10%.

A virtual bank account with B2B Pay is a better, faster and more financially viable alternative because we stick to the mid market rate, charging a flat fee above it, usually around 1%. This will save you 80% when combined with the fact that we do not charge for a SWIFT transfer fee as well whenever you transfer money back to your home country's bank account. We do this automatically and with every virtual bank account by B2B Pay you get a European IBAN.

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How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

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