Top List of Banks in Greenland
You may not know this, but Greenland is a country. Greenland is located between the Arctic and Atlantic oceans. It's also the largest island in the world by area. The capital of Greenland is Nuuk, which has about 14,798 people.
In terms of banking, it's good to have an idea of your options as a resident or visitor of Greenland. Banking services can vary from country to country, so it pays to do some research beforehand if you plan on traveling to or living in Greenland. These are the top banks in Greenland that we recommend checking out.
The Bank of Greenland
Bank of Greenland is a locally owned bank with a long tradition in the financial sector. The bank was founded in 1967 and is headquartered in Nuuk, Greenland. The bank has branches in Nuuk, Sisimiut, Aasiaat, Qaqortoq and Tasiilaq. There are also several ATMs located in Paamiut and Narsaq.
The Bank of Greenland offers banking services to both retail customers and businesses. Personal financial services include current accounts, savings accounts, deposit protection; credit cards; personal loans; home equity loans; mortgages, education loans, and investment products, including structured notes and mutual funds.
Corporate banking services include current accounts, savings accounts, and deposit protection; credit cards; commercial loans for small and medium enterprises (SMEs); business credit lines; project financing; term loans; working capital financing; trade financing and guarantees as well as investment products including structured notes and mutual funds.
Total assets: 7.4 billion DKK
Employees: 136
Services: Banking, insurance, mortgages, leasing, and investment management
BankNordik
The total assets of BankNordik are DKK 15.5 billion (2016), with a customer base of more than 95,000 people and companies served by around 415 employees in branches in the Faroe Islands and twelve branches in Greenland.
In the Faroe Islands, BankNordik is focused primarily on retail banking, while in Greenland, it has a broader focus. In Greenland, BankNordik offers retail and corporate banking services to individuals and businesses of all sizes. In addition, BankNordik provides local government banking services, including treasury management services, cash handling services, investments of government funds, and debt issuance management services.
The bank also offers its clients' wealth management and asset management solutions through its subsidiary BankNordik Asset Management.
Factors Consider When Choosing A Bank
Selecting a bank for your personal or small business accounts is a big decision. There are many banks to choose from, and each one offers a wide array of services and products. Here are eight factors you should consider when choosing a bank:
Location
It's easier to visit your bank in person if it has a branch near you. These days, however, it's easy to do most banking transactions over the phone or online, so this might not be as important as it used to be.
Fees
Find out what fees your bank charges for checking, savings, and other accounts. Also, find out if there are fees for using ATMs or making deposits at other banks' ATMs, maintaining a minimum balance in your account, overdrawing your account, having paper statements mailed to you instead of receiving them online etc. And make sure the bank's fees are reasonable compared with those charged by other banks.
Ease of deposit
How easy will it be for you to deposit funds? You want this process to be as convenient as possible. If you have an employer that offers direct deposit, this is one way to ensure that your paycheck will always be deposited on time, and you won't have to make a trip to the bank. If not, look for ATMs that don't charge a fee for deposits or come with surcharge-free ATM networks.
Security
The bank should offer secure online and mobile banking services with strong encryption. Look for security features like multi-factor authentication that ask for additional information when logging in from unfamiliar IP addresses or devices just to make sure it's you accessing your account.
Online banking
Online banking is convenient and easy to use. The ability to pay bills online and transfer funds with just a few clicks of a mouse appeals to many consumers. Many banks offer online bill pay at no additional charge for customers who enroll in their online services and set up direct deposits. These features allow users to manage their finances independently without making an extra trip to the bank. And if you have multiple accounts at one bank, it's even easier to transfer money between those accounts (i.e., transferring money from your checking account into your savings account). Some banks also offer mobile banking options, which allow consumers to handle essential banking functions from their smartphones or similar devices.
Minimum balance requirements
Many banks require that you maintain a minimum balance in your checking or savings accounts to avoid monthly service charges, which can be pretty high. If it's difficult for you to maintain a high balance in your account, look for a bank that does not charge these fees if your balance falls below the minimum required amount.
Customer Service
Customer service is how a bank treats its customers. It's one of the most important factors to consider when choosing a bank, and you should consider it above all else. A great customer service experience can make up for other flaws in the bank. But if your bank doesn't treat you well, the best interest rates and fees in the world won't make you happy.
Customer service includes both in-person and phone support. If you don't live near a branch, you might never need to visit one. But even if you do everything online or over the phone, your bank must have a friendly staff that can help you whenever necessary.
FAQs
Which currency is used in Greenland?
The currency of Greenland is the Danish krone (DKK). On Greenland's independence day, June 21st, 2009, at 17:00, the old banknotes and coins were withdrawn from circulation. The new Greenlandic banknotes and coins vary in their colors and sizes. They have higher protection against counterfeiting than the Danish notes and coins.
The new Greenlandic notes are 100 DKK, 200 DKK, 500 DKK, 1000 DKK, 2000 DKK and 5000 DKK. The new coins are of 1/2 krone, 1 krone, 2 kroner, 5 kroner, 10 kroner and 20 kroner.
