When moving to Denmark, it can be challenging to get an overview of the cost and the financial matters.
Denominations of banknotes are: DKK 50, 100, 200, 500 and 1000.
The Danish currency is called Kroner and the international abbreviation is DKK. Denmark is not part of the European Monetary union but you may be able to use EUROs in some store in Copenhagen. Please note that the exchange rate will be high.
1 euro is approximately 7.5 kroner.
1 US dollar is approximately 6.5 kroner.
1 UK pound sterling is approximately 10 kroner.
We suggest that you budget with at least 800 Euro per month for personal needs like accommodation, food and local transportation.
You may have more expenses in the beginning of your relocation because of accommodation, furniture, books, bicycle, study trips in Denmark etc.
We recommend you have approx. 6500 Euro in savings to start your new life in Copenhagen.
Please remember this; living expenses depend on your lifestyle and habits. Here are some numbers to give you an idea of average monthly expenses:
- Rent: varies from 3000-5000 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 need to acquire a lot of books during the first semester and the cost may therefore 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: 50-100 DKK
- Beer at a bar or a café: 30-50 DKK
- Beer from the supermarket: 5-15 DKK
- Coffee at a café: 30-50 DKK
Opening A Bank Account in Denmark
If you wish to be a customer of a Danish bank, you will need to bring the following documents to the bank:
- Identity papers with photo (driver’s license, passport or the like)
- Documentation of your address in Denmark
- An employment contract
Once you have an account, most banking transactions can be handled through online banking. An online banking agreement may be made at the same time as you open your account (Source: lifeindenmark.dk and Workindenmark.dk).
Most Danes use a Dankort, which is a debit card that can be used in almost every shop in Denmark. You can acquire this type of card if you have a Danish bank account.
Part time 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 12-15 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 for the part-time jobs available. Perseverance, optimism and initiative along with good networking skills will help you on the way.
These links may be useful if you are looking for a part time/student job:
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, current address and CPR number to the pay office of your company.
You are not required to hold 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 are automatically transferred to your bank account. Please note that all pay checks automatically have taxes deducted.
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 from the website of SKAT.
You should always mention that you are an international student.