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- Danske Bank is often the first choice for any Danish banking client.
- However, businesses may have trouble obtaining a Danske Bank account if they’re outside of the country or have other specific needs.
- Payset and other platforms provide strong alternatives.
Danske Bank is one of the largest and most popular Danish banks.
As a major retail banking outlet, the company offers services to corporate customers of all sizes — including business bank accounts for small to medium-sized companies and enterprises (SMEs).
But Danske Bank’s services aren’t right for everyone, and there are plenty of other alternatives if you need to transact with recipients in Denmark.
Let’s look at Danske Bank’s own services and see how others measure up.
Danske Bank’s Key Features
If you’re seeking an alternative service, you’ll need it to replace Danske Bank’s most common features. Danske Bank notably provides:
- In-branch access at more than 50 branches in Denmark alone.
- Multi-currency account management and international banking.
- Online and mobile banking features, although Danske Bank’s digital banking may be less modern than those of neobanks.
- Loans, credit, investment, and related services.
- Personal financial advisors and other staff.
- Support via phone, web, and other channels.
Why Do You Need an Alternative to Danske Bank?
With so many features, it’s tempting to simply rely on Danske Bank — but there are also several limitations. Here are obstacles that you might encounter.
Minimal Availability Outside Denmark
Danske Bank only offers Danish business accounts to customers who are based in Denmark, and it’s a strict requirement based on proper documentation.
That means you’ll often need to give Danske Bank your business’s CVR (Centrale Virksomhedsregister) (i.e., registration number). But you can usually only obtain a CVR if your company or its subsidiary is based in Denmark.
In short, it’s extremely difficult and often impossible to obtain a Danish account with Danske Bank if you’re a foreign customer.
High Registration Fees
Traditional institutions typically charge high registration fees upfront.
Finklusive estimates that Danske Bank charges a 4,000 DKK registration fee for a business account, plus annual fees starting from 1,428 DKK.
By contrast, many alternative options offer free registration so you don’t pay so much upfront. At Payset, there’s no fee to open any account, and our business accounts have a monthly fee of £29 (~250 DKK).
Need for Online Access
Danske Bank is a traditional financial institution, which means it relies heavily on physical branches. It offers a somewhat legacy online banking system that may seem outdated compared to fully online or “branchless” neobanks.
While Danske Bank’s in-person services can be beneficial if you’re in Denmark, this can be a dealbreaker if you operate remotely and can’t visit a branch.
So if you primarily need an online bank account for start-ups, then branchless services are a strong alternative to Danske Bank.
Regulatory and Compliance Concerns
Danske Bank has recently come under scrutiny for a major scandal that saw illicit transactions worth billions of euros flow through its Estonian branch.
Denmark strengthened its regulations following the incident, while Danske Bank restructured and remained a highly regarded Danish bank.
However, some customers may still be hesitant to rely on the company, and new rules meant to protect the public can make opening an account more time-consuming than before. Alternative services, when properly regulated, can be a safe and trustworthy option that’s easy to access.
Best Alternatives to Danske Bank
Below, we’ll look at four popular alternatives to Danske Bank.
Keep in mind that this information may change over time, based on your location, and depending on the service tier you choose. You should always confirm details with your service provider before signing up.
Nordea Bank
Nordea Bank is Danske Bank’s main competitor, and it has a somewhat broader focus outside of Denmark. If you need a traditional bank and access to physical branches, loans, or credit, Nordea is the most comparable option.
However, you’ll likely encounter all of the same roadblocks if you try to register for Nordea’s Danish business bank account from a foreign country.
That means Nordea is best for companies that have an actual presence in Denmark but can’t use Danske Bank for other reasons.
Other features:
- Multi-currency account support and cross-border banking
- Fees comparable to Danske Bank (see Finklusive for estimates)
- Branch access throughout Denmark and other Nordic countries
- Traditional bank services like investing, loans, and credit
- Standard support channels plus traditional financial advisors
Lunar
Lunar offers a mobile-first, branchless online banking service. It’s licensed as a bank in Denmark and has been in operation since 2015.
Though Lunar’s coverage is broader than Danske Bank, its reach is still fairly limited. It generally requires users to reside in Denmark, Sweden, Norway, or certain other EU/EEA countries. And if you’re in Denmark, you’ll need to provide a local Danish MitID when you sign up for a Lunar account.
Other features:
- Branchless and mobile-first — only business users have desktop access
- Median monthly fee of 366 DKK
- Sign-up fees on Lunar’s lowest business tier
- Support for DKK and other currencies, but no true multi-currency accounts
- Experimental features like crypto and web investment tools
- FX and additional currency support via Wise integration
Wamo
Wamo is another EU-focused digital business account provider. It has operated since 2018 and is regulated as an electronic money institution (EMI) in Finland.
It serves several countries in the European Economic Area (EEA) and the United Kingdom. Though Wamo advertises Danish IBANs and business accounts, it’s unclear to what degree these are available to users outside of Denmark.
Other features:
- Branchless and digital service model
- Multi-currency support for 22 currencies
- Mid-tier business account charges a monthly fee of 379 DKK
- Fixed fee on international transactions
- Spending tracker, point-of-sale (POS) tools, and other features
Payset
At Payset, we offer multi-currency IBAN accounts for several regions around the world — including but not limited to Denmark.
Critically, you don’t need to be based in Denmark or have proof of residence to get a Danish IBAN with Payset. And once you have a Danish IBAN, you’ll gain access to the country’s local payment channels to the extent that you’re eligible. Transact like a local from any supported region!
Other features:
- Use Payset and transact with 180+ countries
- Hold and use up to 34 valutaer
- Swap currencies via foreign exchange (FX) with real-time rates
- Pay £29 per month with no sign-up fee for your business account
- Leverage automated bulk payments and team account access
- Access local Danish networks, including NemKonto (and SWIFT/SEPA)
- Get support via phone, tickets, and our help database
Use Payset Alone or With Danske Bank
Payset aims to provide a solution that grants you access to Denmark and the rest of the world as thoroughly as possible. But we know your needs are complex.
So remember — you don’t need to choose just one financial service.
Even if you need Danske Bank or a traditional bank for some activities, you can still use alternatives like Payset alongside it. Doing so can help you transact internationally with greater reach, lower costs, and faster speeds.
Kontakt os today to find out if we’re right for you, or Tilmeld dig if you’re ready.
