Financial advice before moving to Denmark

10POSTS

4 years ago

Dear all,

My family and I are preparing to move to Aarhus later this summer. We already sold our house here in Canada, so I鈥檓 at a point where I鈥檓 trying to figure out the most reliable and efficient way (cost-wise) of transferring the proceeds from the sale from Canada to Denmark. Also making sure that I don鈥檛 cause any headaches with SKAT later on.

Almost as important is trying to understand what can be done to avoid paying interest on bank deposits in Denmark.

Has anyone here dealt with this issue recently? If so, any tips/suggestions would be much appreciated!

Or if anyone can point me to a good financial adviser that would be super!

Cheers

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Nellie Berg Denmark Expert

1161POSTS

4 years ago

It has become increasingly difficult to avoid negative interest on bank deposits.

Independant financial advisers can be found everywhere in Denmark, also in Aarhus. Search for Uafh忙ngig 酶konomisk r氓dgivning

E.g.

I take that Deloitte, Ernst and Young etc. may also offer that kind of advice.

When found, look the firm up on Trustpilot.

Since your company is hiring expats, I take that it may also be able to help you with advice in some way, at least could recommend you an adviser who specialises in international matters with focus on Danish conditions.

/Nellie

1 member reacted to this post

Canuck_KP Member

10POSTS

4 years ago

Thanks Nellie!

My company does provide relocation assistance so I will try to ask for some advice from the consultants.

I kind of doubt that they will provide full financial advice service regarding money transfer, savings account etc., so I'll definitely check out the links you sent.

Thanks so much again!

/Kostya

Kamran82! Member

1POSTS

4 years ago

@canuck_kp do you have any updates or luck with your transfer? I might be in a similar situation in a few months. Thanks

Canuck_KP Member

10POSTS

4 years ago

I did a few transfers using the Wise service. Doing a wire transfer from a Canadian bank is possible too and in my case costs around $50, but the exchange rate is really bad. So on large amounts the hassle of going through Wise is definitely worth it.

With negative interest rates the situation is not too attractive. In a typical bank any deposit in excess of 100k dkk/person will be charged a negative interest rate that was I think changed to -0,7% just recently. There doesn't seem to be any bank product that would allow you to avoid this negative rate in short run - you'd need to be looking into聽 some sort of investment portfolio with 3-year horizon to have positive interest.聽 I'm still exploring the options here so can report back in a little bit.

PS. If you can avoid it, don't use a bank draft or any form of a certified cheque in paper form to bring money to Denmark - I did and it took 1.5 month to get the money deposited on my bank account here.

Cheers