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How to open a company bank account in Denmark in 2024?

In this blog, we will explain how you can open a company bank account in Denmark for your company. It is getting very hard for companies to get a company bank account in Denmark, but there is a way to get started. And we also suggest an alternative solution if the Danish banks decline your request to open a company bank account.

updated 2024

How to open a company bank account in Denmark?

Here you can read more about opening a company bank account in Denmark.

Is it challenging to open a company bank account in Denmark?

Yes, opening a company bank account in Denmark is generally challenging.

Especially for new companies.

This is mainly due to the anti-money laundering regulations the banks must comply with.

You can help the bank by preparing a business plan and a budget.

But usually, that will not be enough in the beginning.

What should I prepare for the bank?

We recommend that you prepare the following documents:

A business plan;
A 12-month profit and loss budget;
A 1-year balance budget;
A 12-month cash flow budget.

Also, having your website done is an excellent idea so your company presents itself professionally to the bank.

What banks should you try first?

There are no “easy” banks, but most clients use Nordea, Danske Bank or Nykredit.

Banks like “Jyske Bank” is usually not worth trying unless you want to have a high extra cost for an audit every year.

This is because some banks, including Jyske Bank, started to require that your company be audited to open a bank account. An audit will typically cost 20.000-50.000 DKK + VAT per year.

An annual audit is not required by law for most smaller companies in Denmark, so this is just an extra cost to satisfy the requirement from the bank.

Nordea

We use Nordea ourselves, and we have always been happy clients.

Also, many of our clients use Nordea as their company bank.

So we can recommend them.

Apply for a company bank account with Nordea

Nordea typically charges around 4.000-5.000 DKK to open a company bank account.

And there are also annual costs for having the company bank account.

Danske Bank

Danske Bank is a large bank for companies in Denmark and is popular with our clients.

Apply for a company bank account with Danske Bank

Danske Bank also typically charges around 4.000-5.000 DKK to open a company bank account.

And there are also annual costs for having the company bank account.

Nykredit

Nykredit also is popular amongst our clients.

Apply for a company bank account with Nykredit

Expect annual costs for having the company bank account as well.

Lunar

Lunar is a Danish online bank which is getting more and more popular.

Lunar has been increasingly developing its services, becoming an exciting option.

Since this is a Danish bank, they offer integrations to the most popular accounting systems, automated payments, and other services typical for a Danish bank.

Apply for a company bank account with Lunar

What if you cannot open a company bank account in Denmark?

Suppose you cannot open a company bank account in Denmark because all the banks decline your application to open a company bank account. In that case, it is naturally challenging for your company.

You need a bank account to receive client payments, pay suppliers, etc.

Our experience is that Danish banks are more likely to open a company bank account after 3-6 months when you can show the first financial report.

So for our clients, at least, they always eventually get the bank account; patience is needed.

Instead, as a start, we recommend looking at Revolut, which is a non-Danish online bank.

Revolut

Until our clients can get the Danish company bank account, many opt-in for using a company bank account with Revolut.

Revolut is not a Danish bank but provides an online banking solution.

You can create a company bank account in DKK, EUR, USD etc.

The only downside is that if a Danish client needs to transfer money to the bank account, it will be an IBAN/SWIFT transfer, not a typical bank-to-bank transfer in Denmark.

If you have B2B clients, that usually will not be a problem.

If you have B2C clients, they might find it strange that they must make an international transfer.

So Revolut is not a perfect solution, but it will get you started until you can get the Danish bank account later.

Also, you will receive a MasterCard with Revolut that can be used to pay for company costs.

It is possible to make payment solutions for a website using Revolut.

And also, you can get credit card terminals for receiving payments with credit cards in a shop, f.ex.

Can you open a bank account without visiting the bank in person?

In general, the owner or director of the company will need an in-person meeting with the bank due to anti-money laundering regulations.

Can someone else open the bank account for you?

No, the bank will not accept anyone other than the owner or director during onboarding.

Can your accountant open a bank account for you?

No, your accountant cannot open a bank account for you.

It needs to be the owner or director of the company that contacts the bank.

Do you need a company bank account to incorporate a limited liability company in Denmark?

You can incorporate the limited liability company (typically an ApS) without having a company bank account.

But you will need a company bank account when you want the company share capital transferred from the lawyer after the incorporation.

Also, when you start receiving money from clients, the company will need a company bank account.

NB: Never receive client payments to your private bank account if you have a limited liability company since this is considered a shareholder loan and is heavily taxed in Denmark.

Do you need a company bank account to incorporate a sole proprietorship in Denmark?

You can incorporate a sole proprietorship in Denmark without having a company bank account.

But when you start receiving client payments, you will need a company bank account.

Be aware that using your private bank account is a bad idea since your bank might shut down your account due to company use.

FAQ

Is it challenging to open a company bank account in Denmark in 2024?

Yes, it is generally challenging, mainly due to strict anti-money laundering regulations.

What documents should I prepare for the bank?

Prepare a business plan, a 12-month profit and loss budget, a 1-year balance budget, a 12-month cash flow budget, and ensure your website presents your company professionally.

Which banks are recommended for trying first?

Nordea, Danske Bank, and Nykredit are the most commonly used by clients.

Are there any banks to avoid due to high costs?

Yes, banks like Jyske Bank are not recommended unless you are willing to bear high audit costs annually.

What fees are involved in opening a company bank account?

Banks like Nordea and Danske Bank typically charge around 4.000-5.000 DKK for opening an account, plus annual fees.

What if Danish banks decline my application?

You may need to wait 3-6 months to show financial reports, or use an alternative like Revolut in the interim.

Is Revolut a viable alternative for a Danish company bank account?

Yes, Revolut is an option until a Danish bank account can be opened, especially for B2B clients.

Do I need to visit the bank in person to open an account?

Yes, the owner or director typically needs to meet with the bank in person due to regulations.

Can my accountant open the bank account for me?

No, the account must be opened by the company's owner or director.

Do I need a company bank account to incorporate a business in Denmark?

While not needed for incorporation, a company bank account is required for operating, especially for receiving payments or transferring share capital post-incorporation.