Currency and banking

Currency and banking

The currency in Denmark is the Danish Krone (DKK) and one krone equals 100 øre. For up-to-date exchange rates visit www.nationalbanken.dk

If you intend to travel around Europe it is useful to know that the Euro is the common currency of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Slovakia, Slovenia, Spain and the Netherlands.

Danish Bank Account and Dankort

All banks require a CPR number to open a bank account. It is also wise to bring your admission letter along. Once you have your CPR number, you can go into any bank and open an account—you can arrange to have your bills paid automatically from your account by direct debit (Betalingsservice). This service is free whereas banks usually charge a service fee of at least DKK 20 if you pay your bills in person at the bank.

When you open a bank account, the bank will issue you with a Danish debit card which you can use to withdraw money at your bank, at the bank’s cash point machines/ATMs and at most shops. Your bank might charge a fee for withdrawing money from other banks’ ATMs so ask your bank before doing so. The most common debit card is the “Dankort” which is valid for payments all over Denmark. You can use the card to withdraw money and to pay for goods in most shops as well as for internet shopping. You will be sent a PIN code which you will need in order to use the card at cash point machines and in shops. Some shops require a signature instead of a PIN code. You can use your debit card to withdraw cash in supermarkets.

 “Netbanking” is widely used in Denmark and many banks offer this service in English. Please ask your bank for further details. Most shops and other service providers have the right to impose a surcharge for transactions made with foreign credit cards. This surcharge varies between 2% and 5% and is determined by the individual store or chain.

Usual banking hours

Banks are open Monday to Friday. Usual opening hours are 10 a.m. to 4 p.m., except on Thursdays when most banks are open to 5.30 p.m.