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Financial institutes of Denmark

According to “Finansrådet” more than 40.000 employees are employed in Danish financial institutes. The market is characterized by small banks, savings banks, cooperative banks. The 150 different banks together have more than 2000 branches. The largest Danish banks are Danske Bank, Nordea, Jyske Bank, Sydbank og Spar Nord.

Strict control of the banks:
The relationship between the customer and the bank is covered by many laws and regulations. The line of business belongs to one of the most monitored and regulated. The watchdogs of the consumers are the consumer ombudsman and the “Forbrugerstyrelse”.

Everyone can get a bank account:

The banks in Denmark have, according to the “Finansrådet”, a social responsibility for making available a deposit account for the consumers where salary and social benefits are placed. Services, such as monthly payment of the bills, are normally a part of the wage account. Financial institutions are not obliged to include and provide services, such as credit card (Visa/Dankort) and overdraft option for the account.

Bad behaviour can cause closing the account:
In some cases the bank can reject the request for opening or continuing having an account. The rejection has to be objective and the bank has to give its reasons to the particular consumer individually. As an example can be mentioned a customer’s offensive behaviour or being inconvenient for the employees or customers of the bank.

The credit cards of Denmark:
Visa/Dankort is the most popular credit card in Denmark. The first cards were issued in 1988, and today there are more than 2, 3 millions of cards.

Here the card can be issued:
The card is issued by financial institutions of Denmark. Request can be made in a bank and the bank informs about the fee for opening an account, delivery time and some other practical issues.

Withdrawal limits for cash:
A max. amount of DKK 2.000 can be withdrawn from a Visa/Dankort a day. The money can be withdrawn in a bank or in a cash dispenser. The local rules though can sometimes limit this amount.

If you need help to open an account, please contact Inwema

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