Immigration. Travel. Living.

Student bank account opening in Denmark 

The Danes of Denmark are considered the happiest people in the world. Located in Western Europe, its capital city, Copenhagen, is where tourists have the best bike riding experience in the world. Quite famous for its culture, recreation, and social safety, the country is home to a large number of expats from across the world.  As a country of culture, there is a lot you can enjoy as an international student residing here. It is an expensive nation and its standard of living is among the highest in the world. One way of economizing your money as a student here is to follow local habits like cycling and eating at home. 

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Opening a bank account

An international student has to open a Danish bank account. To do this, such a person must first acquire a Danish CPR number that is, an ID number. The process of opening an account is simple. Simply take a passport or ID card and CPR card to a bank branch. If a student is already a customer of a large international financial institution, he or she can transfer money directly from a home account to the new Danish account. Transfers can take up to a few days and cost a fee. 

Public payment system

One has to register a Danish account with the Danish tax authority as a  ‘Nemkonto’ meaning an ‘easy account’. This allows public authorities to make direct payments such as wages, tax rebates, or maintenance payments to the account. 

Banking in the country 

A Dankort is a national debit card combined with a Visa card. Using one of these and credit cards costs annual fees. Ensure to request a card when opening an account as it can take weeks to receive it. If a person decides to set up various accounts, at least one has to be designated as the Nem Konto. This account is usually linked to the CPR number. Note that checks are not used in the territory, so do not expect any bank to accept or issue checkbooks after opening an account. Also, branches in the country are usually open a few hours a day from 10:00 am to 4:00 pm. For students who study during regular working hours, online banking is more convenient than going to the bank in person.

Best banks for students 

Although some banks have branches across the country, others only have them in specific cities. Here are a few banks that operate nationwide:

  • Arbejdernes Landsbank
  • Danske Bank
  • Handelsbanken
  • Nordea Bank Danmark
  • Nykredit

International banks available 

A large number of banks within the territory are domestic. there are only a few international groups with branches in the country. Some of them are BNP Paribas, Citibank, Deutsche Bank, Santander, P. Morgan, etc. Almost all banks here provide online banking services but no option to open an account from outside the country. Some banks allow an individual to start the process online by filling out an application form but one can only activate the account physically in the country with a CPR or NemID number.

Banking charges 

Bank charges can add up so be sure to read the contract well before signing with a bank. An account can be charged for account maintenance for using an out-of-network ATM for international transfers, debit and credit cards, etc. Most banks do not charge fees for international clients. While some other banks request a minimum deposit which differs from bank to bank. Finding a no-fee bank account in the nation is not an easy task. Most Danish banks are known for charging fees for most services such as  ATM withdrawals with different banks. The following banks provide free bank accounts;Nykredit Bank, Sydbank, Spar Nord Bank, etc. Note that only Nykredit Bank and Sydbank give out a free credit card for an account.

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