NemKonto is Denmark's common public payment system. Every Danish citizen is required to have a NemKonto account for the purpose of receiving all public payments made to him or her. It can be an existing bank account designated as NemKonto. The system provides for smooth processing of all payments made by public authorities to a citizen's account using the social security number.
Examples of public payments are child support, excess tax, pensions, salaries of public employees, and transfer payments. The maintenance of a NemKonto account is required by law. It covers individuals 18 years old and above as well as businesses operating in the country. Foreign bank accounts can also be designated to serve the purpose. The aim is to digitize Denmark's public sector for convenience and safety in transacting.
The Danish Banking System is quite efficient. Denmark has added another feather to its cap by being considered as one of the safest countries in the world in relation to banking. There is no need to pay anything when an account is opened. Foreigners however will have to present their passport and Danish identification number.
There are many advantages of using the NemKonto. These include not having to go to the bank to encash checks from public institutions. This results to considerable savings for public offices as payments can be costly when made through cash or checks. Every Danish citizen or company is required to have NemKonto for easier handling of financial transactions. It is so easy to have one, no wonder it is called the “Easy Account”.