Denmark's currency is called the Danish Krone (DKK). Despite being a member of the European Union, the Danish government ratified the Maastricht Treaty in 1993 on the condition that they keep their own currency, thus being exempt from using the Euro.
The Danish Krone is divided into 100 øre. In some tourist shops in Copenhagen, as well as some of the holiday resorts along the coast, it is often possible to pay for goods in Euros.
Denmark is one of the few remaining member states of the European Union who have not committed themselves to the EU’s single currency. The Danish Krone has enjoyed steady success over the past decade or two, which is why the Danish government did not want to switch to the Euro.
However, the Danes' stance towards the Euro seems to have softened as a result of the global economic crisis. It is possible that Denmark could switch to the Euro within the coming years, with a possible referendum planned for the year 2011.
Always ask your bank or any other currency broker for details on how to get the best exchange rate. Just a few extra minutes of research could potentially save you a lot of money!
The Danish Krone is parallel to the value of the Euro, so any fluctuation will affect both currencies at the same rate. Danish banks often provide a conversion service for a range of currencies around the world. Some banks, especially in Copenhagen, have 24-hour machines that convert foreign currencies into Danish Krone.
Denmark is an extremely expensive place to live; it is among the world’s priciest countries in terms of the cost of living. Day-to-day expenses such as transport, eating out, accommodation and groceries all cost a lot of money. There is some good news though – salaries in Denmark are generally higher than many other countries, and the Danish welfare system has many benefits.