Money Matters: The Best Bank Accounts for Internationals in Denmark
Being an international in a new country is tough. Navigating a new banking system is even tougher! But having a Danish bank account is necessary to receive your salary, pay your rent, or be able to use Mobilepay! Finding the right one is always a bit of a struggle. To make it easier for you, we have asked our student ambassadors to share their experiences with you.
Before we introduce the different banks there are a few things to remember:
- You need a Danish CPR number to get a bank account.
- To get housing benefits (boligstøtte) make sure you have a ‘Nemkonto’ - a bank account designated for the money you receive from the government. Read more here: https://www.nemkonto.dk/en/citizen/
- If you're a part of a labour union/a-kasse in Denmark (CA, IDA, Djøf etc.), remember to check with them whether your union is collaborating with any banks and whether as a member you can get a special offer. This can also be the case when looking at insurance.
Danske Bank
With over 5 million customers, Danske Bank is the largest bank in Denmark. Their headquarters are based in Copenhagen, however they have 4 branches in Aarhus and many ATMs all over Denmark. Read about Aleksandra's experience with Danske Bank:
I personally use (and would recommend) Danske Bank. It took me 3 weeks after the application online to have my bank account ready. The process for applying for it is super simple, and one can get everything done without knowing Danish. In case of any doubts, all the employees are willing to help, and all of them speak English very well. What is more, student accounts at Danske Bank are free of charge. To sum up, Danske Bank is definitely worth giving a shot!
Aleksandra
Danske Bank is a common option, but I wouldn’t recommend it because they are really picky and the processing can take weeks.
Juli Fürjes
Be prepared that opening a bank here can be a time consuming process, especially for bigger banks like Danske Bank, which is the one I use. It took me almost a month-and-a-half. The process is smooth but usually, it requires a lot of documentation. Of course, if you need an account as soon as possible then options like Lunar can be considered instead.
Shivika Jain
Cost for students: 0 Kr/month
Find out more about Danske Bank: https://danskebank.dk/en/personal
Djurslands Bank
Djurslands Bank is a small bank that operates within three areas: in Djursland, around Aarhus area, and around Grenaa, where you can also find their headquarters. Read about Csongor's experience with Djurslands Bank:
When you find a job in Denmark, your employer only accepts Danish bank account, therefore I was in urgent need to set up one for myself. To begin with, my friends recommended me Danske Bank, but after 4 weeks of waiting for my data processing I went to Djurslands bank. It is a very small bank, but as my friend did before, I could set up my account there in one week. They pick up the phone in a few minutes, I am happy with them, I only got into trouble sometimes paying with my card abroad. If I would like to arrange it again, I would opt for IDA’s account, and set-up a Dankort type bank card. There is a very few places in Denmark where you can only pay by this type of card.
Csongor
Cost for students: 8 Kr/month
Read more about Djurslands Bank: https://www.djurslandsbank.dk/
Lån og Spar Bank for IDA members
IDA is Denmark's largest interest group and trade union for students within IT, natural sciences and engineering. If you're a student within these areas you can apply for a bank account at IDA free of charge. Read more about Amalia's experience with Lån og Spar:
I am member of a union (IDA) and they had a partnership with Lån og Spar Bank. It took me around a week to set up my account. It’s a small bank and the customer care service works very well. They also have a lot of partnerships that make you get discounts, for example for AROS, cinema, boozt.com. They were fast to open the account and communication is smooth.
Amalia
Cost for students: 0 Kr/month (Lån og Spar offers an interest rate up to 4 %)
IDA membership: first year is for free then 20 Kr/month
Read more about Lån og Spar: https://www.lsb.dk/privat
Read more about IDA: https://studerende.ida.dk/english/
Lån og Spar for Djøf members
You can join Djøf as a student in social sciences, business, and law. Read more about Lili's experience with Lån og Spar:
I use Lån and Spar bank through Djøf. It was super easy and fast to open a bank account with them. I heard from them at the Student Life fair. So far I have been satisfied.
Lili
Cost for students: 0 Kr/month (Lån og Spar offers an interest rate up to 4 %)
Djøf membership: first year is for free then 49 Kr/month
Read more about Lån og Spar: https://www.lsb.dk/privat
Read more about Djøf: https://www.djoef.dk/english.aspx
Lunar
Lunar is a 100% digital bank with users in Denmark, Sweden and Norway. This option seems to be quite popular with many students mostly for it’s ease of setting up. However, there are a few things to keep in mind too! Read more below:
Me and my international friends have Lunar! It is super easy to apply for it and usually you receive a confirmation very quickly (less than 1 week).
Thalia
Lunar has a very fast and convenient way to get a Danish bank account. But one downside is a fee for receiving/sending money to another account (for example, a Revolut account) or for closing an account. It takes time but it is not a complicated process. Their customer support is fantastic and a big plus is that they have an office in Aarhus.
Oskar Paluka
I’d recommend Lunar because you can open an account from the comfort of your home. It’s really helpful, especially if you are new to Aarhus and still figuring out the city and balancing classes and student life. I also found the entire process fairly seamless and quick.
Simran Ahuja
The pros of Lunar are that it is cheap, quick to set up, and has a very user-friendly interface. The biggest con is that it is completely online and sometimes, the interface seems a little too simplified, I don’t mind having too much information when it comes to my finances rather than having too little. Another thing to note is that because they don’t have a location, I haven’t been able to set up transfers to/from my USA account.
Ciel Floden
Lunar is amazing mainly for how quickly you can get it if you're looking for a job to start right away or if you're here for like a semester/year. As a starter bank, it is amazing, but I would also prefer another bank with a physical location, so that I am able to transfer some money to Mexico (in my case).
Edgar Rodriguez Alfaro
Cost for students: 0 Kr/month (Lunar offers an interest rate up to 1%)
Read more about Lunar: https://www.lunar.app/en/personal
Other options
Nordea
Cost for students: 90 Kr/quarter
Read more about Nordea: https://www.nordea.dk/
Jyske bank
Cost for students: 60 Kr/month
Read more about Jyske bank: https://www.jyskebank.dk/
Spar Nord
Cost for students: 0 Kr/month
Read more about Spar Nord: https://www.sparnord.dk/
Sydbank
Cost for students: 0 Kr/month
Read more about Syd Bank: https://www.sydbank.dk/