Banking and finances
What you need to know about day-to-day finances when you move to Denmark. Below, we give you a brief guide to the most important things.
1. Account and card
When you come to Denmark to study, one of the first things you will need is probably a bank account and a payment card for day-to-day spending and travelling. You may also want an extra account, so that you have one for day-to-day spending and another for fixed expenses.
The most widely used cards in Denmark are Visa/Dankort and Mastercard. They are accepted by most shops and merchants in Denmark and are also widely accepted in other countries.
To open an account, you generally need various documents such as your passport, health insurance card (‘sundhedskort’), CPR (civil registration) number and proof of admission to the study programme in question. If you come from a country other than a Nordic country, an EU/EEA country or Switzerland, you also need a residence permit and documentation to show that you will likely be financially independent during your stay (have a certain amount deposited on an account in Denmark or in another EU country).
See how to register with the Danish Central Office of Civil Registration and get a CPR number
The Dankort part of the Visa/Dankort card is the national payment card in Denmark. It is a debit card, and the money is typically charged to your account shortly after you have paid using the card. Read more about cards here.
The Dankort part of the Visa/Dankort card is the national payment card in Denmark. It is a debit card, and the money is typically charged to your account shortly after you have paid using the card.
2. Danske eBanking, Danske Mobile Banking and Betalingsservice (direct debit)
A quick and easy way to get an overview of your finances is to use Danske eBanking and Danske Mobile Banking. With these applications, it is easy to check balances, transfer money and pay bills. You can use Danske eBanking and Danske Mobile Banking everywhere, whether you are at home or on the move.
Via Danske eBanking, you can also register regular bills such as your rent bills for Betalingsservice (direct debit). When you use direct debit, your bills are paid automatically, and you do not have to remember to do it yourself.
Become a customer and get Danske eBanking and Danske Mobile Banking
Get Danske eBanking and Danske Mobile Banking
3. Draw up a budget in advance
The cost of living in Denmark is generally relatively high. The level of costs of course depends on how you live. It is a good idea to draw up a budget before you leave for Denmark, so that you have an overview of what you should expect to spend while you are in Denmark.
It will also be helpful to bring some money with you for your first few weeks in Denmark until your bank account is set up and you can transfer money to it. You will most likely also need money to pay a deposit on your home.
As a foreign student, you will, in some cases, be entitled to a state education grant paid by the Danish state to all Danish students (SU).If you are considering buying your own home in Denmark at some point or need a deposit on a rented flat, you must include savings for that in your budget. It may be difficult to borrow money from a Danish bank to finance a home purchase. If you want to buy a home in Denmark, you must always provide part of the purchase price yourself.
Read more about the SU rules