Easier for expats: Danish digital bank opens to non-citizens
Expat life is full of challenges and those living in Denmark often struggle with the language and the weather. You are also required to get a Danish bank account – which can prove more challenging than it sounds.
Many Danish banks charge for accounts, debit cards, transfers and more, which can make it difficult for expats to understand and compare the fees.
Now Lunar, a digital bank, is open for the first time to EU citizens living, working and studying in Denmark. You can get a free account and card, as well as doing all your banking in one free app – in English.
Setting up a bank account can sometimes feel more difficult than you would expect in today’s digital world. Denmark’s strict recent ‘nedlukning’ (lockdown) has made it even trickier to get many things done.
Digital banking is designed to make life easier – now and in the future. To get a Lunar account, you can apply directly on your mobile without the inconvenience of having to go to a branch.
If you're over 18, an EU citizen (still including British passport holders in 2020) and have a Danish personal registration number and NemID, you can apply. You’ll get a Visa card without annual fees and join 150,000 people who already hold Lunar bank accounts.
If you’re new to Denmark and just learned you need a NemKonto (an account that public authorities can transfer benefits, tax refunds, pensions and so on into), you can relax. You can simply choose in the Lunar app to make your new account your NemKonto.
Track spending – and saving
To keep track of personal finances, it helps to break things down into categories. In the Lunar app, you can just tap ‘Spend’ to see your outgoings divided into groceries, entertainment, personal care and more.
Find it hard to resist compulsive purchases? You can also set category spending limits, for example, a maximum of DKK 2,000 per month on food and drinks.
Choosing to get instant notifications for each purchase can make it even easier to ensure you know how much of your monthly limits you have remaining. You can also pay a bill just by taking a photo.
Digital tracking in real-time can help you control what you spend – and therefore also help you to focus on savings. Whether you are putting money away for gifts, travel or a rainy day, Lunar’s personalised Goals feature allows you to set your own targets and savings rules.
Virtual cards – which only exist digitally – are a new way of reducing the risk of fraud. They use dynamic security codes that are updated hourly and can be easily deleted whenever you want.
All Lunar users get a virtual card in the app for free. If you upgrade to Lunar Premium, you can get up to five virtual cards. Other Premium benefits include three bank accounts to help manage your personal finances, as well as worldwide travel and luggage insurance.
Lunar’s other standard features include Benefits, which rewards users with treats, perks and deals from brands covering everything from transport to kitchen equipment. Lunar is also looking to partner with start-ups needing support during the coronavirus pandemic to offer new rewards.
You may have an eye on the future and want a bank that can help you make and manage investments. With Lunar Invest, you can buy and sell stocks with clear fees and no minimum expenditure.
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