How To Understand Danish Money and Banking

August 14, 2012  //  By:   //  GUIDE  //  No Comment

The Danish currency is “kroner”, abbreviated “kr.” or “DKK”. 1 “krone” equals 100 øre. As the “krone” is fixed to the Euro, the exchange rate is 7.5 DKK for 1 €. Remember that the exchange rates are fluctuating if your domestic currency is not in the Euro or if it is not a currency that is fixed to the Euro.

The following coins are available: 50 øre, 1 krone, 2 kroner, 5 kroner, 10 kroner, 20 kroner. The following bills are available: 50 kroner, 100 kroner, 200 kroner, 500 kroner, 1000 kroner.

The two biggest banks with branches almost everywhere in Copenhagen are Nordea and Danske Bank. In both banks it is generally not a problem to find employees who speak English. They are close competitors and nothing is more evident of this than their location at the central metro station, Nørreport, where they stand side by side right before the main walking street, Strøget.

As with almost anything in Denmark you need a CPR-number to open a bank account. If you have received the CPR-number from the Borgerservice of your Kommune, you need the CBS-acceptance letter as well to prove that you are in fact a student in Denmark.

You will probably receive a debit MasterCard, which means you can’t overdraw your account.  If you get a job, most banks are willing to give you a Dankort, the common Danish credit card, which is accepted almost everywhere (even at the hotdog-stands) and the preference of most Danes who rarely carry cash.

Cash machines can be found at all bank branches as well as in many shopping centers, metro stations and just on the street (there is one from Nordea on the ground floor of Solbjerg Plads as well. It’s tucked on the same side and right before the Nexus cafe).

If you want to transfer money to or from abroad, you can use your netbank account, the Danish way of saying your online banking account. Logging in requires a NemID, which comes from a card sent to you in the mail with a bunch of random codes on it. Do not lose this. It is your key to getting in to generally confidential services such as banking. If you need to transfer money without having an account in Denmark, you can use Western Union, which is located at the post office at Frederiksberg Center right besides Solbjerg Plads.

To convert money, go to Forex with a conspicuous location also the main metro station, Nørreport. It is a neon yellow building. Just remember to take a number when you walk in (this applies to all banks as well. Otherwise you will be waiting a long time to be serviced).

It is important to notice that the CBS canteens only accept Dankort and no other credit cards.

This article was published and written by Max Brink, a member of the International Business Integration Union. IB Union consists of a group of students dedicated to helping students from abroad transition to life in Copenhagen. You can find out more about them at here or on the IB Union Facebook page.

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