Can I have both kompasbank and my current bank?
Yes. You can have your business account at kompasbank alongside your existing bank relationship - and that is in fact how most of our customers use us. In this article, you can read how it works in practice and what to be aware of.
How most customers use us
Most companies with a business account at kompasbank keep their original bank for day-to-day operations - salary payments, receiving payments from Danish customers, credit facilities, and other standard services. With kompasbank, they have an account they use specifically for international activity - payments to foreign suppliers, receiving payments from foreign customers, and currency exchange.
This gives two clear benefits:
- You keep your existing bank relationship with the credit facilities and relationships you have built up over the years
- You get a specialised account for international activity where it matters to have sharp exchange rates
Think of it as an addition to your current bank - not a replacement.
How does money move between the two banks?
It is straightforward. You transfer money from your current bank to your kompasbank account via a regular Danish transfer, just like any other transfer between two Danish bank accounts. When you have received money from a foreign customer in your kompasbank account, you can similarly transfer it to your primary bank.
You work with two accounts in parallel. Which one you use for what depends on what the money is for.
Should I tell my current bank that I am opening an account at kompasbank?
No. You are not obliged to tell your current bank that you are opening an account elsewhere. It is common practice for companies to have bank relationships in several places - many larger companies even have accounts at several different banks to spread risk and optimise different types of activity.
When does it make sense to move more over?
Some companies start by using kompasbank only for international activity and later discover that a larger share of their payment flow makes sense to have with us. Others maintain a clear separation between their original bank and kompasbank throughout the relationship.
Both are fine. You decide how to distribute your activity and can adjust it over time.
What about credit facilities and loans?
kompasbank also offers business loans and leasing to Danish SMEs. If you are interested in having a consolidated bank relationship with both a business account and financing, you can speak to an advisor about the options. But it is not a requirement for opening a business account - you can perfectly well use us only for international activity and keep your financing where it is.