Living expenses

Living expenses for the average student in Aarhus are estimated at DKK 5,000 per month, including travel expenses. However, expenses vary depending on your own spending habits and your living situation.

The prices of housing, food, transport and leisure activities are relatively high in Denmark in comparison with many other countries. However, salaries are also relatively high, and many services such as medical treatment and schools are paid for via taxes and the Danish welfare system.

You can keep expenses down by borrowing school books from the library, cooking your own meals, shopping at discount supermarkets and looking out for sales and student deals.

Currency and Taxes

The currency in Denmark is the Danish Krone (DKK) and one krone equals 100 øre. For the latest exchange rate visit www.finance.yahoo.com/currency.

Tips are automatically included in all bills, but it is common to leave a small tip if you are at a good restaurant and think the service has been good.

There is 25% consumer tax (moms) on all goods and services sold in Denmark. In stores, this consumer tax is always included in the price (incl. ‘moms’).

Danish Bank Account

All banks require a CPR number to open a bank account. It is also wise to bring your admission letter along, confirming your exchange status. Once you have opened a Danish bank account, you will be able to have your rent debited from your acount automatically and make other similar payments. Another benefit of having a Danish bank account is that you will be able to use a Dankort to make payments in most stores.

Debit and Credit Cards

Dankort is the most widely used debit card in Denmark. We therefore highly recommend you to get one when you open an account. All major credit cards such as VISA, MasterCard, American Express, Euro Card and Diner’s Club are widely accepted in large stores and international chains. However, most of your day-to-day grocery shopping in smaller stores cannot be carried out with your foreign credit card. In those places you can either pay cash or use a Dankort.

Electronic money transfer

Today, many types of payments are increasingly transferred electronically to people’s bank accounts. These include wages and salaries, cash payments, child benefits and pensions. Most people therefore have a bank account.

Money Withdrawals

Contact your local bank in order to obtain a credit card, which you can use in all cash dispensers in Aarhus. Be aware of transaction fees.

Travellers’ Cheques

It is really easy to convert travellers’ cheques in Denmark but it might be an expensive option as there is a substantial fee for cashing them. Most exchange students only use travellers’ cheques to open a Danish bank account as personal cheques are not accepted.

All citizens must have a NemKonto

A NemKonto (Easy Account) is an account into which all payments from the state, such as wages, the State Education Grant and Loan Scheme (SU in Danish), tax rebates, pensions, etc. are paid. When you open a bank account, you therefore also need to choose a NemKonto.

A NemKonto is an ordinary bank account – one you already have. It is just necessary that you nominate an account to be your NemKonto, if you have an existing account you may nominate that one, you do not need to open a new account.