Financial matters

When moving to Denmark, it can be challenging to get an overview of the financial matters.

Below you will find information about financial matters concerning bank accounts, work permit, taxation etc.

  • Arrangements with your home bank

    We suggest that you make arrangements with your home bank to allow you to withdraw money from your existing account while in Denmark. The most important matter for you to consider will be the cost of making withdrawals in Denmark in Danish Kroner and ensuring that you pay as little in commission for the transactions as possible. 

    In making your financial arrangements ensure that any "plastic" you choose has a PIN access code and is not dependent on a signature. This single feature will ensure easy access to your funds as almost all shops and many kiosks have a banking type facility for cash withdrawals, provided you buy something no matter how small.

  • Opening a bank account in Denmark

    In order to open a bank account and obtain a debit card you must bring your Health Insurance Card (yellow card) with your CPR number. You may also be asked to show your passport and your letter of Acceptance from Cphbusiness. In most cases it is free of charge to open an account, but ask the bank for advice about the different options and the costs associated with them.

    Most Danes use a "Dankort", a debit card, which can be used in almost every shop in Denmark, and you can get this type of card if you have a Danish bank account.

    Normal opening hours for banks:

    • Monday-Friday 10.00-16.00
    • Thursday 10.00-17.30
    • Closed Saturdays, Sundays and national holidays
  • Currency

    Denmark is not a member of the EU Monetary Union and therefore, the Danish currency is Danish kroner and øre (DKK). Denominations of banknotes are: DKK 50, 100, 200, 500 and 1000.

    • 1 DKK = 100 øre
    • 1 Euro = approx 7,5 DKK
  • Post offices

    You can post letters, parcels and packets and pay bills at post offices (PostNord).

    Opening hours are generally:

    • Monday-Friday 10:00-18:00
    • Saturday 10:00-12:00/14:00
    • Closed Sundays and national holidays

    If you need to send a parcel, it is also possible to send or receive it via GLS. Here you can find information about GLS Parcelshops near you.

  • Living expenses

    Your expenses depend on your individual spending habits and type of accommodation. We suggest you budget with at least 800 Euro per month for personal needs like accommodation, food and local transportation.

    At the beginning of your stay you should count on extra expenses related to accommodation, furniture, books, bicycle, study trips in Denmark, etc. We recommend you bring 6500 Euro in savings to start your new life in Copenhagen.

    • Accommodation: 400 - 850 Euro per month plus a deposit. A deposit is required by most landlords and is often equivalent to one month’s rent for a room and three months’ rent for a flat. Often rooms are unfurnished, so you must budget with extra expenses for furniture, at least 200 Euro
    • Books: It is mandatory to buy books for your study programme. You must expect to spend up to 700 Euro at the beginning of each study year, depending on which programme you study
    • Mobile phone monthly subscription (basic package): 13 Euro
    • Personal expenses (food and social activities): 300 - 350 Euro per month
    • Transportation: The main mean of transportation in Copenhagen is the bicycle. If you live in the city center, it is a good idea to buy a bike and save money on transportation. The price for a second-hand bike can vary from 80 Euro to 150 Euro.
      The monthly student price for public transportation vary depending on the number of zones you have to travel through. The price range is from 50 Euro to 85 Euro per month.
  • Tipping

    Be aware that tipping is only customary in Denmark when service has been particularly good. Taxi fares and restaurant bills include service charges and you are therefore not expected to add extra to that.

  • Part-time jobs

    Most Danish and international students supplement their income by working alongside their studies.

    International students from EU/EEA are allowed to work unlimited hours, while students from the rest of the world can work a maximum of 20 hours per week during the academic year (15 hours a week, if you were granted your residence permit before 1 January 2015) and full time during the summer holidays (June, July and August). We recommend that you work maximum 15 hours per week during the academic year.

    Finding a part-time job in Copenhagen takes some effort. You compete with Danish students and other international students on the part-time jobs available. Perseverance, optimism and initiative along with good networking will help you on the way.

  • Work permit

    Nordic students do not need to apply for a work permit.

    Students from EU countries are automatically permitted to work after they have been granted a residence permit.

    Non-European students must apply for a work permit together with a visa before arriving to Denmark. If granted a student visa and residence permit, you will receive a letter stating you are permitted to work 20 hours per week (as well as full-time during the months of June, July and August). A work permit sticker will be placed in your passport. Remember to bring a copy of the letter with you to Denmark.

  • Salary

    The wage for a part-time job or student job usually ranges from 12-20 €/hour from which taxes will be deducted. You will have to submit a tax deduction card, banking account number, name, address and CPR number to the pay office of your company.

  • Taxation

    The general rule is that any income earned in Denmark, is subject to taxation in Denmark, whereas any income earned in another country is subject to tax in that particular country. Denmark has entered into double taxation agreements with a number of countries in order to avoid that tax is paid on the same income in both countries. Prior to departure you should contact the local tax authorities in your home country to settle this matter.

    You can get more information on the tax system as well as your tax card at the International Citizen Service Centre in Copenhagen. Or on the website of SKAT.

  • Qualified work

    If you are looking for qualified work in Denmark we recommend that you either contact Danish companies who have contacts or interests in your home country or companies in your home country who have subsidiaries or interests in Denmark. If you are here as a full degree student you could try to apply for jobs as student assistant “studentermedhjælper”.

  • Types of spare time jobs
    • Newspaper distribution: Distributing newspapers is a good opportunity. Approximately 70% of the people, working with distributing newspapers, speak another language than Danish.
    • Cleaning: Cleaning companies are often looking for cleaning personnel and advertise in local papers as well as online.
    • Hotels/restaurants: Try contacting hotels and restaurants to get a job as a waiter/waitress, night watch, dishwasher or the like. Obviously, it is a good idea to take advantage of your qualifications, for example if you as a French speaking person try the French restaurants first.
    • Supermarkets: Stocking shelves in the supermarket.
    • Other possibilities: Ask your fellow international and Danish students whether they know somebody who knows somebody… It is quite common in Denmark to ask other people about job opportunities, so do not hesitate.
    • Temp agencies: In Danish, it is called "vikar". You must make a profile on the websites and the agencies will contact you when and if they get requests from companies.
  • Helpful links