How to switch banks

It is easy to switch banks. You simply need to find the bank that you want to be a customer with and we will help you from there. You need to bring or send a form of ID, as the bank needs to know who you are, in accordance with the rules on money laundering and financing terrorism.

Banks are different. Therefore, there are differences between what individual banks can offer you as a customer in terms of advice and products. You can compare banks and check banks prices on interest and fees at Pengepriser.dk. The website is available in Danish.

When you compare the price of a loan it is best to check the APR - the Annual Percentage Rate. APR takes all costs of the loan into account: interest, up-front fees, running commission and fees.

It is free to close ordinary deposit accounts, if you have had the account for more than 12 months, but your old bank may require payment in certain cases i.e. to liquidate your loan or transfer your pension savings. Your new bank may require payment to set up a new overdraft, loan and pension savings. Ask if you are in doubt.

If you wish to move your loan, your new bank will carry out a credit rating and your new adviser will typically ask about your job situation and ask for your most recent wage slips, annual statement from SKAT (the Danish Customs and Tax Administration) etc. Your new bank will need to get to know your financial situation to be able to give you the best advice.

Your new bank can help you with moving your Danish Direct Debit payments and notify your employer or public authorities about your new bank and new accounts.

Moving payment accounts will occur within 12 working days once your new bank has received your consent for switching and all the relevant information. Dispatch days may be added to this period.

Moving bank loans, pension savings, mortgages and securities accounts may, however, take longer.

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Finance Denmark is a business association for banks, mortgage institutions, asset management, securities trading and investment funds in Denmark. Our members are mortgage institutions, banks, savings banks, cooperative savings banks, Danish branches of foreign banks, asset managers, Danish securities dealers and investment funds. 

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