Managing Money as a Foreigner in Denmark: Danish Banking, International Transfers and more

[@RobeTrotting]

Hey everyone! Thanks for watching, and don't forget to take advantage of the tremendous offer from WISE for a 100% FREE international money transfer (up to 500 GBP). Just use this link to make your first transfer: wi.se/robetrotting

[@DNA350ppm]

Nice video again! Also in this case the Scandinavian countries can be ver similar in principle - so expect almost the same in Sweden. I notice a few language related things - how do you now pronounce Denmark, Copenhagen, and Elsinore, say it slowly and clearly in the next video, please! :-) I think I have now heard Derek say Dannnmark (as in Danish) in the last few videos - and I love it! And then: how do you define expat and immigrant? I have come up with a makeshift definition to try to understand what you mean - when you are an 'expat' you have kept your citizenship (passport etc) from your first country, and when you are an 'immigrant' you have applied for and received citizenship in the country you have moved to. Is this the way you use these concepts? (We don't make any clear distinctions in Swedish - we tend to call the whole spectrum of people with some roots abroad "invandrare" in one inexact mix, according to feelings that don't have very much with facts to do.) Your videos are seriously (!) interesting and lovable. Keep them coming!

[@Lorentari]

As a Dane I have always wondered what the idea of a credit card was, and why it is so popular in America? I have only ever had debit and having the opportunity to spend money you don't have seems like the worst idea ever and quite frankly seems scary to me.

[@RobeTrotting]

It really is a messed up system - and it’s not super regulated. They used to go to universities and give out free stuff to entice people to sign up for “student credit cards”. Scary!

[@fungamesandstories]

Unfortunately, in the US is a way of building your credit score. Making payments monthly helps to have a credit history. And you need credit score for any purchase you want to make, like a car or a house. It's even important for renting

[@Stefus87]

As a Dane I always wondered why you would want a debit as an adult.

[@dr.blauerkraut]

my mom (a Dane in Denmark) opened a credit card (kort med overtræk, not the exact same credit system, but still fucks people over when they dont know what they're doing) and ended in 80 thusand crowns of debt when she was young... unless you're a multi miollionare, don't even blink the direction of a credit card.

[@philipellis7039]

Debit cards are seen as much more open to fraud and far less safe to use online than credit cards. So, a well managed credit card should offer you protection but not cost anything if you pay it off each month.

[@peterbakpetersen4942]

Some of us still likes cash, and with a few exceptions, all businesses are required to accept them. Just one example - I have 2 small kids, and it is so much easier to teach kids about money when they can hold it in their hands. Playing "shop" with the kids is a fun way to teach them maths as well. So I really hope we never go entirely cash-less, even though that is what some of the major banks are lobbying for. If some stereotypes hold up, cash might be a but more common over here in Jutland, even though I do agree that most people you see in the line at the supermarkets pay with a card.

[@RobeTrotting]

Very true, there are still instances and people who use cash - it’s certainly not unheard of 😊 It’s really cool that you teach the kids with coins, very cute way to show them math and life skills.

[@TrashskillsRS]

I think that the stereotype is definitely true. In the Copenhagen area you will not see anyone with cash. Not in schools, universities, amusement parks, concerts etc. Many places will even make things additionally annoying if you pay with cash and are under 60

[@LeftMouseButton961]

Cash can also be very helpful for people with different cognitive issues, as it helps them prevent excessive spending early in the month.

[@highburnlearn8092]

Omg I'm so glad your channel exists! Thank you!

[@Thnielsen85]

The cashless part is mostly true for the big cities. In the countryside most people have and use cash regular.

[@RobeTrotting]

Sure, it’s not universal 👍😃🇩🇰

[@michaelenglev9751]

As always interesting to hear your perspectives. 👍

[@RobeTrotting]

Thanks Michael, we’re happy to share our experiences, especially if it can be helpful to others moving here 😊🇩🇰

[@bzdtemp]

Note. Cash isn't King in Denmark in fact making cash payments for a purchase in excess of 20,000 kroner (US$3,120) is illegal, if a business does so they will get a fine and the moment a payment is 8.000 kroner or more they are required to make sure the money is from a legit source. It is all about combating money laundering and the like, the same rules ought to be EU wide however it is not uncommon that Denmark is much faster to implement EU regulations than most other member states. Banks are allowed to allow larger cash deposits, but they will likely require a good explanation as to where the cash comes from.

[@Joliie]

Yeah thanks Danske Bank for that. (White washing money is the reason why)

[@TrashskillsRS]

You also have a limit on how much cash you can withdraw from the bank per day. You also have to schedule most of your larger payments for the reasons you described. You will not be able to suddenly transfer 10.000 kroner on the spot, while on a vacation. The bank will block it and ask you what is happening, and you will have to answer questions to prove your identity.

[@fungamesandstories]

It's the same in US. You have a limit of cash per day and also a limit in transfer. If you want to make a bigger transfer than the limit, you have to call the bank and they will increase the limit for the day of the transfer, so for 1 day

[@Bigblue3000]

I pretty much only use cash, it hits differently when the cash leaves your hand. It just doesn't register the same way when using a card or mobile pay.

[@RobeTrotting]

That's very true. We used to use cash when we went to bars in the States because random bartenders will hold your card and run a tab if you don't. They don't let you pay one drink at a time with a card.

[@lavinamontoya8164]

Another possibility is to ask your bank for a cash credit on your account. It means that if necessary, you can overdraft up to the agreed amount and pay back when convenient. I think, but I'm not sure, that the fees are lower using the bank as long as you don't exceed the agreed amount. You don't need to cap your credit all the time (in fact it's better to keep your credit untouched until the unexpected hits you off guard) but it is nice to know that you have some extra money 😀 even though your account is empty or you don't have enough to buy a new (suddenly broken) refrigerator/washing machine 😬 or dentist bill for a new crown 😩 etc. Great video btw

[@avejst]

Great video as always Thanks for sharing :-)

[@RobeTrotting]

Thank you so much Asger and that you for watching 😊🇩🇰

[@James_XXIY_crafts]

In my experience when it comes to calculating the difference between one currency and another, the best way to do it is to base it on food, because most of the time money don't translate equally, depending on the economic situation of the countries, using the currency like in Denmark: An apple is worth 2,5 DKK 500 g of ground bees is worth 35 DKK basic bread is worth 15-20 DKK If you make your own food you can live for around 50 DKK a day on average and you are gonna eat well.

[@RobeTrotting]

Yes, is it the Big Mac index or something like that? Seeing how far your money can go based on the price of a Big Mac.

[@vxlley_flower5672]

Thank you for the info!

[@RobeTrotting]

You’re most welcome! Hopefully some good “how-to” tips along with the basics. They’re surprisingly different than we were used to in the States.

[@charisma-hornum-fries]

We were also recommended going cashless in the beginning of the pandemic. That kind of disturbed my old school way of paying for stuff as I really like the transaction forth and back but of course it was just a matter of time before I had to get into 2021 of paying for things 😃😃😃

[@LasseHG1]

I know I do and several others carry cash in our wallets. I don’t use it, but sometimes it turns out that weird little shop you went to didn’t actually take your card for some reason, or that the internet broke down. So my advice is just keep like 100-300 in cash in your wallet, should last for a while.

[@The3Halliwell3]

yes always good to have emergency cash on hand!

[@argantyr5154]

Just as a site note, about the more or less cashless, it is mainly Tourists as you mentions, but also senior and as someone who lives on the Country side of Denmark there are also used there even though it is not that common. You' have seen even less cash the last two years, as they were also seen a source spreading Covid 19 so people were trying use less cash for that reason.

[@RobeTrotting]

True, we shouldn’t have spoken in absolute terms - it’s still used just not as much as cashless forms of payment.

[@lucialopes774]

I wish I had meet you last year! Back and forth… still have one of it that did not figure out yet

[@kimflycht2258]

I think You guys are forgetting one other option!!? You could have a international credit-card attached to the bank account of You homeland!! It is possible to withdraw money from almost any cash machine You pas in the street and if needed pay in to Your own account in Denmark.

[@HtorneDK]

GREAT video thanks

[@RobeTrotting]

Thank you for watching 😃🇩🇰

[@larsrons7937]

Good introduction to money in Denmark. In Sweden there are more and more places (even supermarkets) where it is virtually impossible to pay with cash. I think it is still illegal in Denmark completely to deny cash, but that is probably coming to us as well.

[@The3Halliwell3]

Older people still mainly use cash, i will often have to go withdraw some for my grandma lol. I often have cash that my grandparents give me for running errands to them or from birthdays/xmas. I will either savethem up and then deposit them in the bank or use them for café/restaurant visits so i can feel better about not having it show up on my bank statement lmao. Feels like i havent used as much money then.

[@damontcs]

You mention banks treating you not as a valued customer, but more as an obligation - and this is true. All Danes and Danish companies are required by law to have a "NemKonto" at the very least. You *can* have other accounts as well, but having one account designated as your NemKonto is a requirement. The matter of *which* account is your NemKonto is up to the customer, but there are different rules between that account and other accounts which you need to be aware of. This unfortunately cuts both ways, so us citizens get hit as well, and we just have to just accept the fact that the banks are currently charging negative interest for any amount above 100k Kroner, and pay up, unless you want to put that money into other valuables.

[@steenhansen8]

If you are american, you can just write a us check and present it to your danish bank. They will take it, i’m doing it often. Danish banks don’t normally take checks, but a foreign check they equal to a foreign deposit and not a check. It works.

[@RobeTrotting]

Interesting, I’ve never heard of that and we couldn’t do that with small amounts to Danske Bank or for large ones like the downpayment on our flat.

[@Fishnetfreud]

Most banks won't even allow an overdraft, not even if you have a Dankort or Visa. I never use my card to make overdrafts, but I did experience one time, where I did, because I needed to transfer the amount from another account to my Visa account to cover my purchase. Only I forgot to do so afterwards. It didn't take long for the bank to contact me, saying that my account was in the negative. The amount was around 60 kr/$10.

[@martinstave7658]

I work in a supermarket in Denmark i can tell you a lot of older people still use cash to pay for there groceries

[@RobeTrotting]

Sure, it’s not unheard of - 13.5% of transactions in 2018 were cash and it’s probably skewed higher for elder demographics.

[@martinstave7658]

@@RobeTrotting from my experience it's mainly older people that use cash while younger people use it a lot less even kids use cards og mobilepay these days

[@Simpopcorn]

True and im 27 and i also still use cash and also card 😄

[@saranissen6210]

I mostly use my Visa card too when I'm shopping, but sometimes I use real money, I think it's nice once in a while to do so, and sometimes people still give me money ex my grand dad gives me a card with money for Christmas, and if people want me to buy some thing for them, They sometimes give me real money or if they for some reason can't transfer to me. If Nets; the company that handles the credit/Visa card portals etc is down(doesn't happen that often though), then it's good to have some money on you too. And there might be some people (elderly or not) who still just prefer to use real money, and sometimes it's also nice to have as a real thing to deal with, so it's not only numbers on a screen so to speak.

[@RobeTrotting]

Good call - we do try to have some emergency cash in our wallets for exactly that reason. I also love when older relatives still give cash for special occasions 😃🇩🇰

[@meibing4912]

Also use wise - cheap and works well.

[@RobeTrotting]

For sure! Fastest service and always the exact exchange rate.

[@henleinkosh2613]

I think calling Denmark a cashless society is a bit off mark, it is still very few places that will not take cash payment, and quite a large amount of people still carry cash, though it definately is far fewer than it was 10 or 20 years ago.

[@RobeTrotting]

True, that may have been extreme because you can use cash of course, it’s just rather uncommon with so many electronic options.

[@ninirossau2304]

@@RobeTrotting yes but a number of places have gone to no cash meaning you cant use cash at all. hurray for mobilepay

[@TrashskillsRS]

It depends a lot. I have not seen anyone under 65 or not some foreign worker pay with cash anywhere for years. Even at concerts, festivals etc. no one pays with cash anymore. But it might be Copenhagen centric.

[@blueeyedpunk]

@@TrashskillsRS haha it probably is. I sometimes withdraw cash just because I want to keep cash in circulation. Also I know quite a few in Jutland who uses cash almost like 50/50 to cards

[@rickybuhl3176]

Having come back from the UK where they look on National ID cards in a similar way to how the US looks at social healthcare - so much of our system here relies on the security and convenience of said [CPR+Nem-iD] system.

[@wncjan]

Great video once more. One problem I often come across is how to pay for things, that I buy from friends in the US. They do not have the possibility for me to use credit cards, but accept payment with checks or cash, both of which is not options for me.

[@RobeTrotting]

Oh yeah, that makes things tough for sure! Checks are almost ancient history for many Americans, but there's still a lot of people who live by the checkbook haha.

[@bzdtemp]

Paypal ought to be a possible solution.

[@wncjan]

@@bzdtemp Yes, but depends of both parties to use Paypal, and I don't after having a bad experience earlier. In Denmark, if you transfer money via Paypal, the money is lost, if ypo dont't get what you ordered, while if using credit cards, tha bank will refund your money.

[@nhlanhlantombela336]

What It is the best way to exchange currency day in Denmark

[@Timonster007]

I work in a supermarket, on a 6 hour shift I will sell for probably 30-50k kroner om creditcards, and arund 2-5k in cash.

[@jonfr]

Denmark might soon have to switch to the euro (Danes have to vote on this, so its going to be a process). But the exchange rate is fixed is 1€ = 7,46DKK. Around the banks. How danish banks are is the reason I moved everything outside of local payments back to my Icelandic banks (Iceland has slightly differens culture when it comes to money and banks).

[@MK-vh9wz]

No.

[@knudplesner]

If you want to buy something that is expensive, do not use the stores account loans, they are at 20% per annum in interest. Take a bank loan instead, it is at 0 - 7% interest per year

[@fortza11]

True, the banks here in Denmark don´t know the word "service" - In fact, it is the taxpayers who "own" part of the larger banks in Denmark, as during the financial crisis in 2009 they received a lot of money from the Danish state (Tax payers, like you and me) to survive, but that fact the banks have apparently forgotten - and like so much else, then there were obviously not the great demands on the banks by receiving the taxpayers' money. We have also seen a number of larger banks that have been involved in money laundering, and in fact without any consequence - so dear foreigners, here in Denmark you just have to be a bank if you want to be a criminal without risk, even our elected politicians support such a business model, the banks in Denmark can basically do what suits them, without any kind of intervention or consequences. So welcome to our refined criminal banking world!

[@aprildai1591]

Hi! Are credit cards widely accepted across Dk? I have 0 transaction fees so unsure how debit would still be preferable

[@RobeTrotting]

Hey April, credit cards are accepted almost universally and are definitely preferred to cash. Most places won't even know if you're using a debit card or a credit card. They almost always are tap cards here, so if you have an American chip card it will be a little bit... behind the times, but accepted.

[@MylarBalloonLover]

I don't use Mobilepay I refuse to own a smartphone. I do cash and Paypal and Visa card.

[@Maitch3000]

Just a note for american viewers. You need a PIN code on your credit/debit. I have seen a lot of americans walking disappointed out of a Danish store in central Copenhagen because of this.

[@jesterman1013]

What's weird about that is that while PIN was needed for several other European countries my partner and I've been to, I was able to use my Capital One card that I thought had a PIN but didn't in DK! 😯 Just needed to sign for the purchase; exception was buying DSB tickets from the machine (had to use my USAA card that I did have a PIN for).

[@jimmybaldbird3853]

My credit card works everywhere in denmark. They needed an international card or they didnt know how to bypass the pin step

[@adventureswithmimi]

Most American credit cards and debit cards have a pin. It’s very unlikely for any cards in America to not have a pin

[@Noblemand]

Wow a tourist in my own country *lauging* I prefer cash over credit cards/other cashless options, because it can happen that either nets is having problems(they overlook the credit card terminals to banks etc.) or your phone could be stolen/run out of battery. Cash you know what is

[@bzdtemp]

A couple of quick notes. I am almost 100% sure that banks in Denmark are required to let you have a simple bank account if you ask, however they are not required to do so for free. Also once you have that bank account it will automatically be the account where should you get money from the state those money will deposited - that could if you over paid on your taxes, get student grant, child support... Not all Danish banks are created equal as in it differs how they earn their money, some will charge you all sorts of fees for a simple bank account while others may let you have that and more for free - that is if you also let them handle your insurance, loans and more so that they make money on you as a customer. All banks offer credit cards and you can cards those that come with incentives like for example extra warranty for purchases, cash back, free airport lounge access(I highly recommend this)... you may even be able to land one where you do not pay interest as long as you cover the balance every 1st of the month.

[@TainDK]

Just a note - banks are not required to have you as a costumer. I was once out of a bank and had to find a new bank and only had one option - that option was available because this bank had a deal with the city (Kommune). So even though the banks are not required to have you as a costumer, the city seems to be required to have a "bank on hand" so that no matter what, a bank will be available... I was in debt at a bank that wanted to close me as a costumer and did so, I was required to pay them back asap and fund my unemployment with a pension I had, this made me able to cash out my debt, but without a bank where I could place the money this was not yet possible. After a talk with the city I was told that a certain bank in this city had to take me as a costumer, and after that I was able to settle my debt having a "nem konto" again to where the pension could be paid out (out of 60k I got about 32k out, the rest was fees and taxes). I then had a basic account with a basic card where I could draw out money only from their ATM and not a visa/DK - kinda made it quite annoying later in life when I moved near CPH and had to bike to Frederiksberg to cash out money so that I could by groceries etc. But by then my credit was okay and I changed bank because my economy was actually healthy...

[@RobeTrotting]

Derek went to open a bank account as soon as he had a CPR - no work contract yet because he got the CPR that day - but he was not permitted to open an account.

[@TrashskillsRS]

Danish Citizens have special treatment in regards to banks, as you are more likely to be a long term costumer. Also if any of your parents is an existing costumer of a bank, then the bank have almost no reason to say no. Due to the business model of most banks, they do not want you as a costumer for a few months or a few years, that would actually cost them money, no they want you as long term costumers. It is why foreigners are not treated with a big smile and a "welcome inside", as most foreigners are not gonna be long term costumers. Many banks are even creating their own universe of services to keep you around. The issue gets very complicated very fast, as you are required to have a "NemKonto", where all government transactions will point to. All banks are required to provide such type of account, but they are not required to have you as a costumer. You are legally required to have a "NemKonto" if you are working and paying taxes, as by the spring og each year the State either demands your missing tax money or pays some tax back, so they need your "NemKonto". But banks are again not required to have you as a costumer, so you can technically be caught in no mans land, however it has not really happened yet. They are somehow providing a service that you are paying for, while it is required for you to have it. A bank somewhere in Denmark will likely take you as costumer if you can show that you work or are eligble for state funds. Which is also why they will ask for some workplace ID, a VISA or your danish passport, in addition to "just" personal ID.

[@peerpede-p.]

Cashless is nice, as long the power is on 💯

[@RobeTrotting]

True, and definitely not an issue here

[@kennethhansen4240]

jeg er så gammeldas jeg bruger kun kontanter også for at støtte dem så de ikke forsvinder helt .. og så er det nemmer for mig heve til 1 uge af gangen .. alså 1/4 del af mit kost bysjet og sige det skal så slå til til en uge .. har jeg ikke pængne fysisk i hånden så bruger jeg sku formange

[@TheNanze]

Most danish banks also have a program to the phone you can pay with.

[@4455thor]

There are tons of places to buy second-hand furniture.

[@RobeTrotting]

Yes! Great thing to mention - Facebook marketplace and so many other sites and physical locations to buy second hand furniture and usually some incredible vintage pieces.

[@4455thor]

We have looked at some things from Ikea. BUT we we're to slow, they no longer sell the things we want. Hurrah for Facebook Marketplace, er get the things at half or even a third of the original price and they have been assembled. Total win-win.

[@punkbuster1975]

Was therer anything here in Denmark you were surprised over how cheap or expensive it was? I'm guessing you think cars are expensive.

[@RobeTrotting]

We were prepared for the expense of most things and knew that everything from carrots to cars would be a bit more (okay… more than a bit for cars), but we were pleasantly surprised by how cheap shots are 😂 and also how cheaply we can travel around Europe and Denmark by air.

[@JoshuaBoehm]

Question - So I will be moving to Denmark and understand that all my income will need to be direct deposited into my danish account. I'm trying to keep my account under $10k equivalent DKK balance to avoid US IRS reporting requirements, so I intend to regularly send excess funds to my US accounts (bank, investment accounts, etc). Is Wise the best option out there?

[@RobeTrotting]

We use it exclusively and based on discussions in the expat Facebook groups and discussions with friends/advice we got when we came over - it’s the best and universally the most used. Reason being, it’s the fastest with the lowest fees and best/accurate exchange rates.

[@JoshuaBoehm]

@@RobeTrotting thanks for the insight guys, and I appreciate all your content. It’s been very helpful in prepping for my move!

[@jrnmller1551]

You apperently live in Copenhagen!!! outside the capital people still use CASH. Regarding the banking, it was the same when I worked in the US no bank account without a social security number and only debet with a max draw off 500USD for the first year,no cell phone with international calls for first year, and no rental apartment without SSN, so actually same rules the opposite way.

[@RobeTrotting]

Yes, we live in Copenhagen. Only 13% of transactions nationwide are made in cash. You do need more than just a CPR to get a bank account in many cases in Denmark.

[@ibrahimjobe954]

Hello fellow friends, i have a huge question. If im swedish but live in danmark with danish pers nr and work in Danmark and earn good money.. if i go to the bank to take a house loan, are they able to see my swedish bank history or is it only my danish income and credit score here in danmark. Thank you for a nice YT channel ❤

[@RobeTrotting]

When we got our home loan in Denmark we did not have to provide information about our investments and banking history in the US, but we had been banking and working in Denmark for 5 years at that point. There were also some Danish banks that just wouldn’t help us since we aren’t Danish. I would contact the banks with this question because it’s very important of course, but not our expertise and you want 100% accurate information 😊

[@ibrahimjobe954]

@@RobeTrotting thank you for your help! Ive tried to find information on internet but with no succes at all. I think as a swedish we have a bit easier rules becus we nordic. But I Will check it out offc. Maybe i Will see you in danmark one day, Who knows 🤷

[@skitodd11]

How do you invest your money in Denmark? (if you do that) Anything Americans in that situation should be alert to? I'm asking from the perspective of an American who will be moving your way in a few months!

[@sebastianbagergaardrasmuss3918]

Yeah, in Denmark - card is king.

[@RobeTrotting]

For sure, cash is still used but cashless payments are used much much more.

[@Marly375i]

0:52 We actually do use the € by law. It just has a shitty exchange rate. But shops will accept euro bills. By law.

[@RobeTrotting]

Ah, okay. Good to know.

[@TrashskillsRS]

Not correct. The only legally required currency is Danske Kroner. Companies and shops can agree to accept Euro's and they will have to have a sticker. It is mostly present near the borders and in heavily tourist areas. On the opposite side, you can pay with Danske Kroner at some placea near the Danish border in Germany as well. It is however at completely awful exchange rates to do so. The only nice place to pay with other currencies are on the ferries, as they get leviated from VAT and some products are actually cheaper in Euro's or Svenska Kroner over Danske Kroner. Mostly due to sugar, fat and tobacco taxes that dont exists on the ferries in international waters.

[@jmnjanne]

Today I can transfer money from my Bank of America account online to my Nodea account online myself

[@boduholm8463]

The reason why you must pay interest to the bank for having money in it, is caused by the Danish FED, who demand money for a fund to bail out banks in a recession. It was setup as a response to the 2008 financial crisis.

[@RobeTrotting]

Ah, okay - that makes sense and we did hear it wasn’t always that way.

[@boduholm8463]

​@@RobeTrotting It is within the last few years, that we had to pay interest for money in the bank. I think the reason why American banks can offer better value is the repeal of Glass-Steagall Act in 1999 by Clinton. The Glass-Steagall act, prevented investment firms to use main street banks money to invest. That is still true in Denmark, and we did not fuel the crisis in 2008.

[@bzdtemp]

Well - it doesn't help that interest rates are so low either. Essentially the banks are having to pay to have their money stored, so they pass that on to us customers. On the plus side we have had years where one could have a morgage which had a negative interest rate also, unfortunately with loan fees and such it still meant having to pay a little interest but essentially money in Denmark has been very cheap to borrow for some years now. The reason for the low interest rate is two fold. The ECB has really low rates as well, so with that and the Danish economy really strong in order to keep the exchange rate between Kroner and EURO stable the Danish "FED" needs to make limit the interest in Danish kroner low which it does by setting a negative interest rate. In simple terms I think it can be described as putting money in Denmark is seen as such a safe thing that those doing so is willing to interest for the pleasure.

[@boduholm8463]

@@bzdtemp We could go the american way? With no regulation. But, that did not help in 2008.

[@TrashskillsRS]

Actually a bit wrong. The interest rate of the European Central Bank is very low, and as an attempt to keep the Krone competitive and in balance with the Euro, the Danish FED lowered the interest rates as well. The super low interest rates is why the banks then in the end transfer that cost to the costumers. The reason for the super low interest rates from the central bank is directly traceable back to 2008/2009 with the financial crisis, and not only did banks get bailed out by imaginary money, the regulation on loans were tightened. And just to top it off, there were a lot of Euro's printed and distributede to the European banks to kickstart the economy and prevent a complete crash. The natural consquence of having a lot of additional currency (inflation) and it being more difficult to take up loans, results in very low interest rates to keep the value of the Euro up. Now with the covid-19 injections the interest rates are not likely to rise for years to come.

[@Onthe9thlife3730]

Is this still current?

[@Tripperchris]

Why didn't you mention the "DANKORT" ??

[@RobeTrotting]

Didn’t want to push consumer credit when we don’t use it and most foreigners don’t have access or use it.

[@steffensegoviahelbo5065]

Mobilepay have become a defacto standard but feel it is a little far with you saying it's a national standard as there are people like me that avoids using it simply because Danske Bank has had it's hands in the creation, in fact in the beginning it was only Danske Bank that owned it.

[@RobeTrotting]

Well it only exists in Denmark - that’s more what we meant by that comment.

[@SimonHume81]

When I went to Netherlands a few years ago I thought I was being clever by loading up a prepaid mastercard with euros, hardly anyone accepts it! To top that up some public transport only accept cash and others won't take it (or the mastercard). Some places (railway website sticks in my mind) would only seem to accept cards issued by Dutch banks! Absolutely absurd! I'm now in Italy, the tobacconists say they cannot accept credit cards for cigarette purchases but at least everyone accepts cash! Many businesses here don't take card as they don't want the overheads. (might be a little tax dodging going on also)

[@raulduartee]

I literally asked my Wells Fargo to give me 900USD in DKK omg LOL and you guys say no cash at all? I'm gonna be an intern for 3 months so I don't necessarily see the super idea of opening a bank account??? what do you guys think ?

[@RobeTrotting]

You can definitely use cash, but so many transactions are electronic: buying transportation tickets or passes, checking out of course - buy you are 100% fine to use cash, it’s just not as common as other places. For 3 months it’s probably not worth opening a bank account and could be impossible unless you have a paid internship with a work contract. Good luck and thanks for watching 😊

[@raulduartee]

@@RobeTrotting thank you! Also my internship is unpaid, I really appreciate this chanel and I feel home even though I’m still in the USA hhahaha I will look for you guys when I’m in CPH

[@RobeTrotting]

Awesome, please do! Beers on us then 😎

[@ox_police]

i have 100 kron how to sale it guys

[@mullergris1]

lol i nearly never use my card only if i order from the net, nope want real money in my hands, and if i dont have enough on my card i put some back on the card. yep i still want some of the old way lol Never borrow money to buy stuff, its to expensiv, also why many get in trouble and get them self into rki

[@RobeTrotting]

It really can get you in trouble! Smart solutions 😃🇩🇰

[@Sigart]

Cards are not used for borrowing, here. Not very much, at least. You can make a deal with your bank that you can overdraw you card, if you want, but cards are usually debit, here.

[@TrashskillsRS]

The first Danish credit card, the Dankort (Dan card) were a state sponsored debit card meant to reduce the cost of transactions. Sometime in the 2000's the Dankort merged with VISA and now you get VISA/Dankort debit cards. There are many places that will not even accept master cards or other credit cards but only the debit cards.

[@TargetHacettepeMedicine]

I hope you'll see my comment, as a foreigner (unfortunately I'm not from Europe but I'm planning to get citizenship by living in Denmark) will I have difficulty opening a bank account? I am also preparing for the exams to study undergraduate (law) with scholarship. Do you think law and lawyer/judge in Denmark as a profession? Do you know about scholarships in Denmark, are they given? Is there a dormitory, is there a homestay option next to the dormitory, because as far as I know, house rents are a bit high in Denmark and there are special rules for foreigners, so it's probably a house that I can't rent. Sorry for being so long, I have one last question. I'm gay and the country I live in is homophobic, so I can say that I want to get rid of it. And I think that Denmark is a very developed and safe country in terms of LGBT, I'm not wrong, am I? I hope you will answer, I wish you to always be happy :)

[@Sturniolo_SnC_reposts]

You dont need a rental thing or what you called it to have an bank account im 13 years old i have had a debit card and a bank account since i was 9 years old

[@RobeTrotting]

Not sure what you mean by rental thing, maybe a lease? It’s probably different for foreigners though, and yours may be associated with a parent’s account (especially at age 9 I would assume).

[@Sturniolo_SnC_reposts]

@@RobeTrotting i was talking about the rental contract thing

[@Sturniolo_SnC_reposts]

@@RobeTrotting and yeah it is probably associated with a parent

[@alexanderkaiser89]

Just invest all of your money in stocks and funds, having thousands of kroner collecting dust in a bank is a waste of potential return and yield.

[@Simpopcorn]

I use cash and im 27 and Also card 😁😃

[@RobeTrotting]

We shouldn’t speak in absolutes but over 85% of transactions are cards or otherwise cashless so we know people still use cash 😂 just saying that it’s not the common form of payment (which we should have worded more precisely haha).

[@dennissvane1006]

I use cash

[@RobeTrotting]

Interesting - although we do see it from time to time 😃

[@steenrylarsen5288]

Most danes have a visa dankort- Have you never heard of it?

[@RobeTrotting]

Yes, we have one as well 😊

[@jorgenrh7598]

🤑🤑🤑🤑🤑😄😄😄😇😇😇

[@RobeTrotting]

😂

[@saibot7218]

Old people and thugs still use cash

[@MylarBalloonLover]

I think Germany is a better country than Denmark, not as digital and they still use cash and also makes better music than Denmark.

[@bito7675]

Hey guys! Sorry, but you keep writing (stipulating!!!) that only 13 % of all transactions in Denmark are cashtransactions? Even in Copenhagen that is not true. You should take a better look, next time you are visiting a supermarket. Way more than 13 % are cashbuys. For bigger transcations you may be right (theres a law that prohibit cashtransactions of a little more than 20.000 kroner), but for the daily life your 13 % is absolutely incorrect. Especially outside Copenhagen (and believe me: There`s a life outside Copenhagen). And the law also obliges every shop to accept cash, apart from at nighttime in a few shops in especially Copenhagen. Your conclusion to tourists from for example USA has to be, that everyone are absolutely fine with cash in Denmark. Of course it is not like (let`s say) Germany, where cash really is king, but for buying your ordinary groceries or living your ordinary life in Denmark, it doesn`t matter whether you use card or cash. I normally really enjoy your small stories about Denmark and quit often you get it absolutely right. This time though, you seem to have misread the statistics. Try make your own statistic: Writing this your video has been shown 7.865 times. Can we agree that most of the viewers are under the age of 60? Ok. Then take a look a the commentaries, and you will see many saying, that you are wrong (not even close to 13 % of the commentaires but a lot more). So just admit that you got the facts a little wrong this time, and after that, keep on with your normally excellent videos :-)

[@RobeTrotting]

We shouldn’t have spoken in absolute terms, but we did find that 13% stat on statista.com - I’m sure they can’t account for every transaction out there (that’s the point of cash transactions) but our main purpose was to help new arrivals understand that they’ll potentially encounter cashless payment methods more than cash (which I think is true no matter what source is out there). But of course, cash is a form of payment accepted everywhere 😃 we never meant to cause a stir haha.

[@thorlund5674]

@bito Nationalbanken har offentliggjort tal i 2020, der viser, at kun 16% af alle betalinger i fysisk handel for 2019 blev foretaget med kontanter. Selv for de "ældre" hedder tallet 20%. Så det kan godt være at 13% ikke er helt korrekt, men det er ikke langt fra.

[@Slainby]

haha i walk around with money, people think i work ''black'' all the time,

[@RobeTrotting]

Ah, yes - the underground economy means cash too haha

[@TrashskillsRS]

If you do that in central Copenhagen and the police searches you they will likely think the same.

[@jonik6564]

Are you super rich?

[@RobeTrotting]

No

[@mangelpaaideer]

Honestly calling us cashless society, is an insult.

[@RobeTrotting]

It wasn’t meant as one. How did you feel insulted by us explaining that most people pay for things electronically? If that’s somehow insulting we honestly didn’t know but if it’s truly insulting we would like to understand.

[@mangelpaaideer]

@@RobeTrotting cash are extremely important to a lot of people. If you feel "secure" you might never think, that you can get into a situation where, you could need cash. You are not helping, by saying, that our society is cashless. And it's not true either, I see people everyday using cash, and they are Danish. It's a horrible situation, if we loose that freedom, you should help, by taking out some cash every month, and spend that. Just 2000 each person, would help. I went from only using card, to spending cash instead, as much as possible. I saw the writing on the wall, a few years ago.

[@RobeTrotting]

Is it insulting if it’s true? We pointed out that card is the preferred payment method in Denmark. That’s backed by facts: in 2018 only 13.5% of payment transactions were made with cash and its decreased since. That’s just the fact, not rude. We don’t promote cashless payments, but the truth is that Denmark pays cashless and people moving here or even just visiting should be aware of that. I think you may be reading into what we said as something more, so please don’t feel insulted.

[@mangelpaaideer]

You dont get it, you dont get the importence of it. For you Denmark is just a little fun Tivoli ride..

[@metamon2704]

No it's not, just because it doesn't apply to you doesn't make it not a thing - the vast majority of people under 60 years old never carry cash.

[@andreaslaursen1799]

Liars. Cash is still used widely

[@RobeTrotting]

Statistics from Dannarks NationalBank confirm that 88 percent of payments in physical trade are digital and made by payment cards or MobilePay. On top of physical trade transactions you have transactions through apps, rejsekort, and websites. Don’t call us liars when you’re the one trying to fact check with no facts, Andreas.

[@andreaslaursen1799]

@@RobeTrotting and how many transactions are made a day? Millions… Cash is widely used, and most businesses are by law required to accept cash as payment. You’re making it sound like cash isn’t a good idea or accepted for that matter.

[@andreaslaursen1799]

@@RobeTrotting Don’t use words such as “cashless society”. Because it’s not!

[@steenjacobsen1474]

expat? you mean immigrant? ;-)

[@RobeTrotting]

If you’re on an expatriation contract, you’re an expat - because it’s temporary. If you’re on a permanent and local work contract you’re more likely considered an immigrant (even though it may not be permanent). Most people, including us, use them pretty interchangeably and we have been on both types of work contracts here. That’s why we go back and forth between the two. Also, we can’t immigrate here without our work contract as non-EU citizens (no freedom of movement) so that’s another reason why we still fall into saying “expat”. If one of us loses our job we would be sent back to America. Curious though, is there a reason you prefer immigrant?

[@bf2840]

@@RobeTrotting It's a term that does not exist in the Danish language at all. There is only immigrant.

[@MB-yf4lt]

@@RobeTrotting I thought it meant something like former soldier

[@lonejensen5798]

Why are you talking so fast? Boring subject? ;-)

[@lonejensen5798]

Forgot to say... I think it is an importent subject to cover :-)

[@RobeTrotting]

We’ll try to slow down for future videos, we did notice as we were filming 😂