The Danish central bank said outside the banking union, Denmark could be compared with other countries with large financial sectors that are also not part of the union.
Central bank governor Lars Rohde told Reuters on it was not possible at the moment to quantify the price for Denmark and its financial sector of opting out.
"It would to a large degree depend on how foreign countries would perceive us, and our regulations and legal set-up, our Financial Services Authority and its reactions, and how we use the tools for crisis-handling compared to the rest of Europe."
The central bank has already recommended that Denmark join the banking union, which was launched in November with the European Central Bank taking charge of bank supervision from Helsinki to Lisbon.
The aim is to restore confidence in the euro zone's banks after the financial crisis and help to revive lending to businesses and households, especially in southern Europe.
Rohde said if Denmark waited to join, it might become harder to convince other countries in the union to set up special rules for the Danish mortgage-backed bond market, a key part of its financial sector and the second largest such market in Europe.
"We have an open window right now, before the concrete hardens," he said.
Rohde said international investors would have some "information costs" when dealing with a regime that is outside the EU banking union.
"It could cost us much effort and lot of money," he said.
The Danish government has said that there are still some questions to be answered before a decision can be made.
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