Business Bank Account in Denmark – Why It’s So Hard, but Definitely Possible

It should be simple. You set up your company, get your business registration number, and open a bank account. But in Denmark, reality is different. The process is full of bureaucracy, fees, and delays – and without a NemKonto, your business can’t operate.

Here’s what you need to know as a Shopify merchant – and how I found a cheaper and better way around the banks’ price tags.

The harsh reality

• High setup fees – Danske Bank charges DKK 3,000 just to open the account.
• Annual fees – Lunar calls it “free setup” but bills DKK 4,390 per year.
• Long processing times – approval can take weeks or months.
• Inconsistent requirements – each bank interprets AML rules differently.
• “High‑risk” industries – e‑commerce, crypto, and transport face more rejections.

NemKonto – unavoidable, but complicated

In Denmark, every company must have a NemKonto – a designated bank account used by public authorities for payments like VAT refunds and tax reimbursements. For corporations, the account must be in the company’s name.

Some believe sole proprietors can use a personal account. Technically possible, but in practice Danish banks say no. I tested Danske Bank, Lunar, Jyske Bank, and others – all declined.

Without a NemKonto you cannot:

• Receive VAT refunds
• Get public grants or subsidies
• Receive tax reimbursements

The official rule on foreign accounts

You can register a foreign bank account as your NemKonto if it meets the Danish Agency for Digital Government’s requirements. See: NemKonto in a foreign financial institution.

The process is manual: you apply, receive an activation letter with a code, and once activated, your NemKonto is ready.

My solution – Wise Business

I opened a EUR account with Wise – a platform I’ve used for years.

• Cost: One‑time DKK 375 – no annual charges.
• Advantage: DKK account, multiple currency accounts, and useful business features.
• Approval: My EUR account was accepted as a NemKonto for one of my companies within a few days.
• Savings: DKK 3,000 saved on setup vs. Danske Bank – plus DKK 4,390 per year vs. Lunar.

Shopify merchants – read this

If you use Shopify Payments, Shopify requires a DKK IBAN when your store’s primary currency is DKK. With a EUR account from Wise, your store must use EUR as the primary currency – otherwise payouts won’t work.

Conclusion

Danish banks have made opening a business account expensive and complicated. But there are legal and much cheaper alternatives – you just need to know the rules.

Wise isn’t for everyone, but it can save many merchants both money and headaches. Set things up correctly from day one, and you won’t pay unnecessary fees for something as basic as a bank account.