Many Danish companies find it difficult to open a Danish business bank account because of the very strict regulations that the banks are facing. Furthermore, even if the banks can legally accept a business as their customer, they tend not to do so because of risk. If you have been denied by a Danish bank or want to learn more about how to open a Danish bank account, you have come to the right place.
To open a Danish business bank account, you need to follow these steps:
- Incorporation of the company
- Select a bank on our list below
- Apply for the bank account
- Receive your bank account details
Easy Danish business bank account
All Danish companies need a business account. You could probably accept cash for some time, but at some point you will need to have a bank account. Luckily, if you follow our recommendations in this article, you will not pay a lot of money for said bank account.
A business account is sometimes also called a company account or corporate account. Same name, no difference – maybe only what kind of companies the different terms attract. You will need an account like this to receive things such as VAT refunds for SKAT or if you paid too much in corporate tax, the money will come back to this account.
However, as mentioned before, opening a bank account in a Danish bank is usually a big problem for many companies. Therefore, you should probably try to apply for a relatively easy company bank account at Intergiro. They open your accounts online within seconds (according to their website), you can receive money in 8+ currencies like local businesses, and make cheap transfers through SWIFT/SEPA. This account is a good replacement for a traditional Danish bank account.
Cheap Danish business bank account
A cheap business account is still a possible solution for Danish companies, if they choose not to go with a traditional Danish bank. This is because Danish banks charge up to 5.000 DKK as an opening fee – and you have to pay for the monthly subscription on top of that. And potentially also a credit / debit card fee that is deducted monthly, quarterly, or yearly.
There are some cheap alternatives out there that accept Danish companies as customers – and they are usually much cheaper than the Danish banks.
One option is to go for Revolut Business, where you can get a bank account for your company for 0 to 850 DKK per month (minimum 85 DKK per month since May 2024), and you do not have to pay an opening fee nor a fee for the card. Revolut is a known player on the market, and they tend to accept some companies that are not accepted by traditional banks.
Another option is Wise Business (formerly known as TransferWise). They used to provide absolutely free bank accounts for companies, but now they charge 375 DKK for opening the account, but you do not have to pay any monthly fees for the account nor the card. It is a viable solution that many Danish companies are using.
If you have already tried out Revolut and Wise, or prefer not to use them, then there is Intergiro. They are a new provider, and many companies have started to use them as an alternative to the normal banks and also the two other options listed above. They open your account quickly, and you will be able to receive payments in many currencies – where DKK is one of them.
If you really want a purely Danish bank account, then you sould try Lunar Business (formerly known as LunarWay) as your company account. It is relatively cheap, but they are not considered as a place where you can get an easy account.
Free Danish business bank account
It is not possible to get a free Danish business account in a Danish bank without already having a relationship with the bank. Something we suppose most of our readers do not. If you already have a good relationship with your bank in Denmark, you should ask them if they can provide you with a good and cheap business account. Be sure for ask for an “erhvervskonto” in Danish.
The only possible way (that we know of) of getting a free business account for your Danish company is by creating a free account at Revolut. As long as you do not upgrade your account, you will not have to pay anything – which is really great for startups.
Can I use my personal bank account instead?
It might be tempting to just use your own private bank account in order to receive money from your clients and keeping it untouched. However, this solution is not viable. While it may work in the beginning, your bank will terminate their relationship with you if they find out.
Your own bank account is in your own name, and not of the company. This means you own the money, not the company. It does not matter if you own the company, as you own the company, and the company owns the money.
Some company types (“enkeltmandsvirksomhed” / EMV) are sometimes allowed use the owner's personal bank account, but you have to double check with your bank about that.
When do you need a bank account for your company?
It is important for you to find out what type of company you have. If you have an ApS (“anpartsselskab”), A/S (“aktieselskab”), or P/S (“partnerselskab”), you need to pay close attention to the rules as it is always required to have a seperate account for these types of companies.
What are the disadvantages of a non-Danish bank account?
As you might have noticed, some of our recommendations are not banks that are from Denmark. This means that you might not necessarily get a Danish account number (“kontonummer”) and registration number (“registreringsnummer”) – so you will have to use your IBAN number instead. For some companies it is a problem, for some it is not. It is only a question about convenience.
If you would like to use MobilePay with your foreign bank account, then you will run into problems. They do not allow foreign bank accounts, and therefore you should start looking for a Danish one. If you do not use MobilePay, then you should not worry about this fact.
Another thing you have to know is that Danish companies need a NemKonto, which roughly translates to “easy account”. The Danish authorities pay out to this account if you paid too much VAT, etc. If you get an account in a Danish bank, it will automatically become your NemKonto for your company. For foreign accounts, you need to do this step manually. You will have to fill out a form and mail it to NemKonto.
Why do business accounts cost money?
As mentioned before, it is rare that you will be able to find a free bank account for your company. The logical reason is that there are some costs associated with having a bank, and those costs need to be covered by the customers. This is the same way that your own company works.
There are many costs involved, and we can mention some of them: IT, KYC, AML, reporting, staff, and much more. Furthermore, the banks have to follow some strict regulation that results in higher costs, and therefore even higher prices for the companies that want to use those banks.
What is the price of a Danish company bank account?
Generally, the price for a company account in a Danish bank is between 0 DKK and 5000 DKK for the opening fee, and then you can expect a monthly fee of around 0 DKK to 200 DKK.
Most banks have their own policies and prices, so it is not entirely possible to generalize too much. You can always check the prices of the banks on their websites, if they publish their prices.
