OPENING A BANK ACCOUNT IN DENMARK

Can I Open a Bank Account in Denmark?

You can open a bank account in Denmark if you are a resident of the country. In general, you cannot open an account if you are not registered in the country first. At least a temporary residence permit is mandatory. The only exception would be if you have an account with an international bank that has branches in Denmark but check with your bank if they allow so.

Types of Danish Bank Accounts

There are generally two kinds of accounts that foreigners often open in Denmark:

• Current Account (NemKonto): This standard current account provides domestic banking services, such as salary payments, direct deposits, tax payments, and debit and credit cards.
• Savings Account: You can open a savings account to apply a higher interest rate on your idle money. These accounts often come with a monthly withdrawal limit. Interest rates in the EU and EEA are very low, making the difference between a savings account and a current account almost negligible.

Documents needed to open a bank account in Denmark

Opening a bank account in Denmark is quite a straightforward procedure that generally involves no costs. First of all, one must obtain a residence permit and create a NemID (a digital signature) which will allow the user to submit various documents online to the authorities. The NemID is useful when opening a company in Denmark, as well as a bank account.

For corporate bank accounts, the company representatives will be asked to provide relevant documents on the company, such as the Articles of Association as well as the identification documents of the company’s director or an administrator. The minimum share capital is deposited after the account is formed, on the same day. As per the rules set forth by the Ministry of Foreign Affairs, non-residents are entitled to the same rights to open a business and will need to observe the same costs.

For individuals, the documents necessary to open a standard bank account in Denmark are the following:

• A photo ID, like a valid passport;
• A CPR (the ten-digit unique number of identification which is issued for all Danish residents) number;
• Proof of address in the country;
• An employment contract, if the person in question is working in Denmark.

The health insurance card can also be requested by some banks, however, this is not mandatory in all cases (in most situations, the CPR number will suffice when the applicant has not received the health insurance card).

Having an employment contract is an important condition for many banks. An alternative for those who do not have a job is to provide an acceptance letter from the university or educational institution (applicable to those who move to Denmark for study purposes).

Opening a bank account online in Denmark

Almost all banks in Denmark offer online banking services but no option to open an account from abroad. Some banks may allow you to start the process of opening an account online by giving you an application form to fill in but you may only activate your account once you are in Denmark and have a CPR or NemID number.

Assistance in opening a bank account in Denmark includes consulting a lawyer on the availability of appropriate documents for opening an account, conditions for opening an account, bank tariffs, escorting to the bank, assistance in filling out bank documents, and other services in the banking sector.

Opening and maintaining an account in a Danish bank is one of the main activities of our lawyers and economists. Sign up for a consultation and see for yourself the professionalism of our specialists.