Expat Advice: Financial Issues in Denmark, Denmark

What is the name of the city or town that you are reporting on?

Denmark

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

Yes. Den Danske Bank offers statements and documentation in English and the staff can usually communicate well in English.

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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

I think the general opinion of Americans is that you write a check to pay a bill. I find this backwards in comparison to Europe where you pay everything by wire transfer or account-to-account transfer.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

It seems that some banks and countries don't allow Americans to invest because of some draconian laws coming out of the US penalizing foreign banks and investment firms for doing business with US citizens. Even if you are resident of the country in which the firm operates, they won't take your business.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Get good tax advice. The US government seems to penalize people who work outside of the US. We are forced to report and in some cases pay taxes but we get no services or anything from it. Even the Embassies make you wait in line with everyone else applying for a visa (Frankfurt Consulate).

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

I do my own taxes but I think I will switch to an accounting firm with local and US expertise. I overpaid $300 in taxes last year and they refunded me $180. The IRS took interest on my overpayment!

What advice could you offer others about doing your taxes as an expat?

Plan everything in advance including when you move and where.