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Bank & Budget

If you are sensible and follow local habits – such as cycling to university and eating at home – life in Denmark shouldn’t blow your budget. Read about living expenses and how to open a bank account

Denmark is an expensive country – but the standard of living is among the highest in the world. However, if you are sensible and follow local habits and economise – such as cycling to university and eating at home – life in Denmark shouldn’t blow your budget.

Opening a bank account

All international students are advised to open a Danish bank account. To do so, you must first obtain a Danish CPR number (i.e. ID number). When choosing a bank, we suggest that you ask your fellow students for recommendations. Opening an account is simple. Just bring your passport or ID card and CPR card to a branch.

You will need to bring enough money or a credit card for the first few weeks of your stay in Denmark. For example, you will need enough cash to pay the rent and deposit on your accommodation – as well as to buy housewares for your new room. Make sure you can use your credit card in Denmark. Check your cash withdrawal limit. If you are already a customer of a large international bank you should soon be able to transfer money directly from your home account to your Danish bank account. You can also transfer money from your Danish account to your home account. Transfer may take a few days and will most probably cost you a fee. For further information, please contact your bank.

"Nemkonto" - the public payment system

You need to register your Danish bank account with the Danish tax authority as a  ‘Nemkonto’ (i.e. an ‘easy account’), which will allow public authorities to make direct payments to you – like wages, tax rebates or maintenance payments. Seek advice from your Danish bank.

Cost of living

In terms of living expenses then these will depend on your lifestyle and habits. But to give you an idea of average monthly expenses here is a rough budget:

TYPE
APPROXIMATE COST OF LIVING PER MONTH
Rent

- varies from 2,500 - 4,000 DKK (utilities are usually included)

Insurance

- approximately 200 DKK

TV licence

- 100 DKK

Books and supplies

- 150 DKK

Mobile phone

- 150 DKK (internet, around 250 DKK, may be included in your rent)

Food

- 1,500-2,000 DKK

Transport

- 300 DKK

Other personal expenses

STDK. Free City Bike in Copenhagen

- 1,000 DKK

Price examples

  • Purchase of second-hand bicycle: 250 – 1,000 DKK
  • Cinema ticket: 80 DKK
  • Dining out: 200 DKK
  • Nightclub entrance: 0 – 100 DKK
  • Beer or a soft drink at a bar/café: 30 – 50 DKK
  • Beer or a soft drink from the supermarket: 5 – 15 DKK
  • Coffee at a café: 25 – 40 DKK

For further information on living expenses in Denmark, please visit www.workindenmark.dk

Based on user reports the site numbeo.com also holds useful information for comparison between living expenses for individual countries. Bear in mind the validity is heavily dependent on the amount of users reporting, and when the figures were last updated.

The Danish currency

The Danish currency is called kroner (DKK)

  • 1 krone is divided into 100 øre
  • 1 euro is approximately 7.5 kroner
  • 1 US dollar is approximately 6 kroner
  • 1 UK pound sterling is approximately 9.5 kroner

Check currency converter

Useful links

Nemkonto
http://www.nemkonto.dk/da/Servicemenu/Engelsk

Living expenses
https://www.workindenmark.dk/Find%20information/Til%20arbejdstagere/Livet%20i%20Danmark/Leveomkostninger.aspx

Currency converter
http://www.oanda.com/currency/converter/

http://my.studyindenmark.dk