Key Takeaways
- Denmark is one of Europe’s most attractive business markets.
- But it’s difficult to access the Danish financial system from abroad.
- Unless your business has a local branch or subsidiary, you probably won’t be able to open a local Danish bank account as a non-resident.
- Online financial options like Payset provide an easier alternative.
Denmark is one of Europe’s most attractive economies, with a business environment that’s both competitive and open to global participation.
But if you’re looking to open a Danish business account, you’re likely to encounter a variety of obstacles. It’s especially difficult to obtain a local account if you reside outside of the country or have a business based abroad.
Fortunately, it is possible to find a plan that works for you with these simple steps to opening a business account for non-residents in Denmark.
A Non-Resident’s Guide to Opening a Danish Business Account
Strictly speaking, opening a Danish financial account as a non-resident is possible — but going through the traditional banking system can be a problem.
Here are some complications that you can expect:
- Limited options for non-residents. Top banks like Danske Bank and Nordea rarely provide accounts to non-residents.
- Registration numbers. Danish banks usually require certain registration numbers, such as CVR and CPR numbers, which we’ll describe below.
- Strict documentation and ID requirements. Providing documentation is a must for any type of account, but Danish banks demand an exceptionally large amount of documentation due to strict KYC/AML regulations — often including verifiable proof of residence in Denmark.
- Long processing times. Denmark’s high documentation requirements mean that account approval times can last days or weeks.
- IBAN discrimination. Some services in Denmark require you to transact with a Danish IBAN even though this is prohibited by EU law. This doesn’t make it harder to get a Danish IBAN, just more important to get one.
How to Get a Business Account (Erhvervskonto) Without a CVR
Every registered Danish business has a CVR number, which ties the company to the country’s central business register.
If you apply for a business account, or erhvervskonto, through a traditional bank, you’ll almost always need to provide your CVR number.
Getting a CVR number is usually not possible if your business is based outside Denmark. Some businesses can get a CVR by setting up a Danish branch (filial) or subsidiary (ApS or A/S), which is complex and not always practical.
However, if you look beyond traditional banks, it’s possible to open an erhvervskonto uden CVR — a business account without a CVR.
That’s because alternative financial services such as Payset don’t require registration numbers when you open a Danish account.
How to Open an Account Without a CPR Number
CVR numbers aren’t the only numbers that banks demand. You might also need a CPR (Centrale Personregister) number, which identifies individuals in Denmark.
This requirement may come into play because business owners, directors, and other members may need CPR numbers to have access to a business account.
Why is it an obstacle? Because you generally need to have a local address in Denmark and meet other conditions to get a CPR number.
And although it is possible to get a CPR solely for tax purposes, many traditional banks still require proof of local address to open any sort of account.
So once again, alternative financial services provide an easier option by bypassing the need for a CPR number during registration.
Choosing a Bank or Financial Service
To see how CVR and CPR requirements apply, let’s look at two policies from major banks in Denmark and see how they compare to alternatives.
Danske Bank
Danske Bank, the largest Danish bank, allows non-residents to apply for an account. However, it instructs all users to enter a valid CPR number (or contact the bank during business hours if they don’t have one).
Similarly, to apply for a business account with Danske Bank, you’ll need to provide CVR and CPR numbers and other information.
Nordea Bank
Nordea is a multinational Nordic bank and one of the largest banks in Denmark. Just like at Danske Bank, it’s difficult for non-residents to get an account.
Nordea’s website says that users need a CPR or tax identification number (TIN) to obtain a Danish account, plus a residence permit.
And although Nordea’s business page only states that businesses should have their business information (virksomhedsoplysninger) on hand, that information is generally understood to include a CVR number.
Other Options
Online financial services like Payset have fewer requirements, bypassing the need for a traditional bank account and registration numbers.
Though these alternative options don’t provide every service that banks can provide, such as lending, credit, and investments, many basic monetary transactions and foreign currency exchanges are covered.
At Payset, we provide multi-currency IBAN accounts that include Danish IBANs, granting you access to many Danish and international payment networks. Bank like a local and get your money where it needs to go!
You don’t need a Danish CPR or CVR number to sign up with Payset, and your business can be located in any of the 70+ countries that we support.
Denmark’s Strict KYC/AML Controls
Denmark’s CVR and CPR numbers are just part of the equation — the country’s strict KYC/AML regime adds an extra burden.
It’s a regulatory landscape that has been shaped by recent scandals. Most notably, throughout the 2010s, Danske Bank was at the centre of a major incident involving billions of dollars in illicit funds moving through its Estonian branch. The scandal was partially caused by weak KYC/AML controls.
Denmark responded with more intensive regulatory oversight and stricter compliance requirements, prompting Danish banks to tighten their rules.
Ultimately, Denmark’s regulatory situation means that bank users must meet greater verification requirements. If you’re not based in Denmark, you’ll likely have a hard time satisfying banks’ documentation requirements.
Payset Provides Fast KYC Approval
But that’s not the case at Payset. We maintain strong but straightforward KYC/AML practices that ensure compliance while minimizing burdens on our customers. Whereas some Danish banks take days or weeks to approve new customers, Payset generally provides account access within 72 hours.
You can speed up approval by ensuring that you have all of the necessary information on hand at the start of the application process.
Find out more about our automated KYC process. Learn what you need to provide and how long it takes to submit each piece of documentation.
What Documents Do You Need?
Whether you open a local Danish bank account for businesses or opt for an online alternative like Payset, you’ll need to provide certain documents.
Typical requirements include:
- Registration certificates from your country of operations.
- Shareholders’ certificates.
- Proof of address, such as a utility bill.
- Bank statements.
- ID and proof of address for entities within your corporation.
- Other details about your company’s operations.
Remember, you don’t need to provide Danish CVR registration or a Danish CPR number to Payset — just basic documentation.
And if you’re applying as an individual rather than a business, we have even fewer documentation requirements. See this page for details.
Get Started
Ready to open a Payset account?
Sign up now to transact in the Danish kroner (DKK) and up to 34 other currencies. With competitive fees, fast signup, and a built-in FX exchange, we can help you get your money wherever it needs to go.
And it’s not just for businesses. Whether you need a personal account, a freelancer business account for Denmark, or something else entirely, you’ll find a plan that meets your needs.
