Financial matters

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

Below you can 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 in order to allow you to withdraw money from your existing account while in Denmark. The cost of making withdrawals in Denmark in Danish Kroner may be high and arrangements will ensure that you pay as little in commission for the transactions as possible.

    Ensure that any your credit cards have a 4 number PIN code and not solely dependent on a signature. This single feature will ensure easy access to your funds as most shops allows for cash withdrawals.

  • 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.

    We advise all international students to students to bring a credit card (Visa or Mastercard) that has a 4-digit code. Credit cards are accepted in most stores. Please note that you may have a limit to how much you can transfer and withdraw per day. You may need a large amount for a deposit to accommodation.

    Normal opening hours for banks:

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

    You are not required to have a Danish bank account during your stay in Denmark. However, if you get a student job, you will need a Danish bank account.

    All pay checks automatically are transferred to your bank account. Please note that all pay checks also automatically have taxes deduced as well. As an international student you may be able to get the Danish student grant called SU.

  • Currency

    The Danish currency is called Kroner and the international abbreviation is DKK.

    Denmark is not part of the European Monetary union but in some areas of Copenhagen you can use EUROs. The rate will however be high.

    Denominations of banknotes are: DKK 50, 100, 200, 500 and 1000.

    1 krone is divided into 100 øre.

    1 euro is approximately 7.5 kroner.

    1 US dollar is approximately 6.5 kroner.

    1 UK pound sterling is approximately 10 kroner.

  • Post offices

    You can post letters, parcels and packets and pay bills at Føtex as most traditional post offices have been closed. The official posting company in Denmark is called PostNord.

    Opening hours generally follow the Føtex opening hours.

    Find your local Føtex supermarked here: Find varehus | foetex.dk

  • Living expenses

    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.

    Living expenses depend on your lifestyle and habits. But here are some numbers to give you an idea of average monthly expenses:

    • Rent: Varies from 3000-5,000 DKK (Utilities are usually included)
    • Insurance: Approx 200 DKK
    • TV license: 100 DKK (All citizens have to pay license to watch Danish TV)
    • Books and supplies: 250-500 DKK (Note that you may need initially in your first semester to get a lot of book and therefore this cost may be much higher)
    • Phone: 150 DKK (Depending on which supplier you choose)
    • Food: Approx 1500 to 2000 DKK
    • Public transport: 300 DKK (Depending on the proximity to your Cphbusiness campus)

    Other expenses you may have as a student in Copenhagen:

    • Second-hand bicycle: 250 DKK to 1000 DKK
    • Cinema ticket: 95 DKK
    • Dining out: 200 DKK
    • Nightclub entrance: Up to approx 100 DKK
    • Beer at a bar or a café: Between 30 and 50 DKK
    • Beer from the supermarket: Between 5 and 15 DKK
    • Coffee at a café: Between 30 and 50 DKK
  • 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 and student 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 and full time during the summer holidays (June, July and August).

    We recommend that you work no more than 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.

    Types of Part-time and Student Jobs can be:

    • 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.

    If you are here as a full degree student you could try to apply for jobs as student assistant “studentermedhjælper”.

    More information: Work in Denmark

  • 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.

    You are not required to have a Danish bank account during your stay in Denmark. However, if you get a student job, you will need a Danish bank account.

    All pay checks automatically are transferred to your bank account. Please note that all pay check automatically have taxes deducted.

  • Taxation

    The general rule is that any income earned in Denmark, is subject to taxation in Denmark. 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.

  • Useful links