Switching bank is easy. All you need to do is find the bank where you want to be a customer. Your new bank will then take you through the process.
Finding the right bank for you
Compare banks and see what they can offer. You can check Danish banks' interest charges and fees on pengepriser.dk and compare them with the annual list of charges that you receive from your bank. When comparing loan prices, it is best to check the APR - the Annual Percentage Rate. In popular terms, the APR is the price per kilogram of borrowed money. The APR takes into account all the costs associated with a loan - interest rates, origination fee, periodic charges and other fees. This is why the APR makes it easy to compare various loan types.
How much does it cost to switch bank?
It costs nothing to close ordinary deposit accounts if you have had them for more than 12 months, but your former bank may make charges for settling your loans and transferring your retirement accounts, for example. Your new bank may make a charge for establishing a new overdraft facility, loans and retirement accounts - ask if you are in any doubt.
If you want to move loans, your new bank will assess your creditworthiness, and your new adviser will typically inquire about your job situation and ask for your latest pay statements, annual tax return, etc. Your new bank also needs to get to know you so it can give you the best advice.
Notifying others about your new bank
Your new bank can help you transfer your payment service arrangements and notify your employer or public authorities about your bank switch and new accounts.
Maximum of seven days to move payment transfers
Payment transfers must be moved within seven business days once your new bank has received all the relevant details. However, moving bank loans, retirement accounts, property mortgages and securities custody accounts may take longer.