How to Open a Bank Account in Germany: Full Guide for Foreigners
As a foreigner in Germany, opening a bank account is relatively quite simple: you can use either a German bank, an international bank, or even an online banking option. Banks have different types of accounts, from absolutely free to paid ones, ranging from 2.90 to even 14.90 euros per month, depending on the service level you want. In some cases, you may require a registration/residence permit in Germany or a certificate by your employer to successfully open your account.
Understanding Banking Services in Germany
Germany has a robust three-tier banking system that includes the following:
- Private Commercial Banks: Large banks that offer a wide range of financial services.
- State Savings Banks (Sparkassen and Landesbanken): Local banks, the purpose of which is to meet regional needs.
- Cooperative Banks (Genossenschaftsbanken): Banks owned by their members.
Besides, many international banks, online banks, and mobile banks are also active in the country. German Federal Bank is the national central bank; it is responsible for regulating banking and other financial services in Germany under Federal Financial Supervision Authority BaFin.
Why You Need a Bank Account in Germany
Even though it is not strictly necessary to have a German bank account for conducting transactions, having a German bank account immensely simplifies the management of one’s finances in Germany. In particular, the following types of transactions require or are heavily reliant on the presence of a bank account in Germany:
- Utility and insurance premiums
- Rent payments and the registration of mortgages
- Receipt of salaries paid by employers in Germany
- Home Internet setup
Although having a foreign account in Germany allows you to keep your finances under your control, many companies in Germany prefer local accounts. Besides, major international debit and credit cards like Visa, Mastercard, and American Express enjoy widespread acceptance.
However, provided it has no representative office in Germany, there will be charged extra transaction fees. Online or mobile German banks, also called Direct Banks, do allow non-residents to open the account well in advance, thereby avoiding all such costs. However, a few countries may not be provided access to this facility.
Types of International Bank Account Options in Germany
A number of major international banks such as HSBC and Citibank also have a presence in Germany. If you already have an account with them, you can request to have it transferred to the German subsidiary before your move.
Types of Bank Accounts in Germany
German banks have an array targeted at different needs. In summary, the following are major types available:
Settlement Account
Girokonto, or settlement account, is the standard form of bank account in Germany, used primarily for receipt of wages and bill payments. Most German banks provide general and specialized Girokonto for students and young adults.
Savings Account (Sparkonto)
A savings account can either be in the form of a demand deposit account, referred to as Tagesgeldkonto, for cash accruals, or a term deposit account available at higher rates of interest for a fixed period. Savings accounts in Germany can be opened by residents and non-residents.
Non-Resident Account
Standard accounts for settlement are only available to residents in general. Still, many banks provide non-resident accounts, many of which are very convenient for people who intend to immigrate to Germany or work there.
Digital and Mobile Accounts
Most German major banks have online banking access and, respectively, mobile accounts through their applications. Still, some banks can be fully served online or through mobile phones.
Offshore Account
For foreigners residing in Germany, an offshore bank account is the most popular option, considering they often spend their time in multiple countries or have to make regular cross-border transactions. Offshore accounts facilitate more cross-border services and, in most cases, come with lower tax rates. Important banks offering offshore services include Deutsche Bank and Commerzbank.
What German Banks Offer Foreigners
When opening a bank account in Germany, foreigners have a number of options. First of all, it is relevant to determine what type of bank one needs to open an account with: a private German bank, a state savings bank-Sparkassen, a cooperative bank-Volksbanken/Raiffeisenbanken, an international bank, or an online bank-Direkt Bank.
Private German Banks
Deutsche Bank is the best-known German private bank; it and its subsidiary Postbank taken together have some 12 million customers. This is followed by Commerzbank with some four million customers. Most of the large banks have considerable experience in servicing international clients and provide a range of services targeting foreigners.
| Bank | Account Type | Details |
|---|---|---|
|
Deutsche Bank Current Accounts: |
Active Account BestKonto Account Free Young Account |
Compatible with online and mobile banking, initial free period, then €5.90/month. Premium account with a Mastercard Gold credit card and international insurance for €11.90/month. Designed for students, interns, and volunteers under 30 from EU member states. |
|
Commerzbank Current Accounts: |
Girokonto KlassikKonto PremiumKonto |
Free basic account with debit card registration. €4.90/month with an additional Mastercard debit card. €12.90/month, allows up to four credit cards and free cash withdrawals. |
|
HypoVereinsbank Current Accounts: |
Starting Account Active Account Plus Account Exclusive Account |
A free starting account for students, interns, and individuals under 26. An active account worth €2.90/month; the cost of issuing a debit card is €5 per year. €7.90/month with a wider range of money transfer options. Includes worldwide withdrawals for €14.90/month. |
Sparkassen (Savings Banks)
Sparkassen are savings banks found in every major German city. In Berlin, it is called Berliner Sparkasse, while in Munich it goes by the name Stadtsparkasse. They provide access to basic Girokonto accounts, debit cards for the customers, and deposit types. Actually, opening an account with Sparkasse is restricted to those who have residencies in Germany.
Volksbanken and Raiffeisenbanken
These cooperatives form a significant portion of the German banking system. They offer numerous settlement account types, all free of charges, with options to receive a debit card and online banking. Like Sparkasse, it is necessary to be a resident in Germany to start an account of any type.
Foreign Banks operating in Germany
Many international banks are represented in Germany and offer specific services for foreigners. Often, these banks will allow their clients to open an account in their home country and then easily transfer the account to a German branch. Two of the biggest international banks offering services in Germany include HSBC and Citibank.
International banks in Germany include:
Digital and mobile banks
Digital banks in Germany are called a Directbank. Digital banks, as a rule, do not have local branches: you can get access to banking services through ATMs of other banks.
Digital banks can often offer more attractive terms. Some digital banks offer free bank accounts with no minimum deposits.
Digital banks include:
How to Choose a Bank Account in Germany
When it comes to choosing a bank account in Germany, there are a couple of factors that will probably influence your decision:
Fees
Most German banks offer simple current accounts for free but with a restricted circle of services. Online and mobile banks charge lower fees for money transfers but they also set a limit on how many transactions you can conduct every month.
English-speaking Services
Many international and mobile banks, plus some of the major German banks, provide their websites and mobile applications in English. However, with Sparkassen and Volksbanken, there is very limited availability in the English language.
Range of Banking Products and Services
You need to consider services such as free withdrawals abroad, affordable international money transfers, and any other services you might require, which include credit cards, overdrafts, and free ATM withdrawals in Germany.
Availability
An online or mobile bank account is accessible anytime and from anywhere, facilitating anytime banking. Most of the central banks also provide for quick online access to accounts.
Account for Non-Residents
Consider opening an account online or through an international bank if you have to open one before relocating to Germany. For the most part, national German banks only service resident customers. You can compare conditions to open and service accounts in several German banks with the help of the free-of-charge service DeutschesKonto.org in English.
How to Open an Account in a German Bank as a Foreigner
Normally, EU citizens do not have any special requirements when opening a bank account in Germany. However, citizens of non-EU countries have to confirm their registration in Germany and/or a valid residence permit. Sometimes it may request a work permit, too. It may also reject the opening of an account on the condition that the person cannot present any sound financial history.
It is advisable that you personally visit the bank branch, bringing with you all the documents that may be required, usually including: passport or photo ID and valid visa or residence permit; proof of address; proof of income or employment-many banks, depending on the type of account to be opened; confirmation of student status-in the case of opening a student account, and credit rating from a credit information bureau-some banks may require it.
Other applications also require verification of your identity at the post office or via an online identification process. Generally, account opening takes 2 to 3 working days.
How to Open a Bank Account in Germany from Abroad
Some online banks have the possibility to open a bank account from abroad, though this may be an option available for EU citizens. Some require you to submit personal documents electronically; others can be done in a few minutes using your mobile phone only, such as bunq.
It is possible to open a German bank account prior to relocation, provided that the foreigner has already obtained a valid German visa and can provide an address of residence in Germany. However, opening an account is not possible in some countries. The procedure for opening an electronic or mobile bank account in Germany is as follows.
How to Open an Electronic or Mobile Bank Account in Germany
Most German banks also allow you to open an electronic account online, thus avoiding you having to physically go to a bank. If you currently have a bank account, you can often convert it into an electronic one by downloading the application from your preferred bank onto your mobile phone. In order to open an electronic account in a mobile or online bank, you will require an email address, a mobile phone number, and a valid identification document.
How to Open a Business Bank Account in Germany
Depending on the business model, the manner of opening a business bank account in Germany also differs:
Individual entrepreneurs and freelancers normally require the same documents as those opening private accounts.
Partnerships must provide detailed information about the partners.
Closed joint-stock companies also have to provide a charter, data about the business registration, a certificate of registration, a list of shareholders, and trading licenses if available.
Business accounts for closed joint-stock companies must be opened in the personal presence of the CEO.
How to Open a Bank Account for Children in Germany
Most German banks have settlement and savings accounts specially prepared for children and young people. Of course, the conditions for opening and maintaining accounts for children may differ in each bank, but most of them offer the opportunity for residents to open accounts for their children if they are below 18 years.
Normally, the documents that must be in hand are as follows:
- Passport or ID card of the child and his legal representative;
- In some banks, the possibility to open the account for a child is only provided if his legal representative already has one account in this bank.
What to Do if Your Bank Account Application is Refused in Germany
German banks may deny opening an account, especially if the applicants fail to provide registration or residence permit in Germany and unconfirmed creditworthiness. In the case of any inconvenience caused by the bank itself, one can submit a complaint to the Commissioner for Financial Complaints in Germany. EU/ EFTA citizens may also submit their complaint to the EU Financial Dispute Resolution organization known as FIN-NET.
Banking Services in Germany
Generally speaking, German banks offer services similar to large banks in the United States, Great Britain, and a great number of European countries. In addition to the standard services – account opening, debit/credit card processing, money transfer, and providing loans, many German banks also can offer:
- Insurance, including car insurance, home insurance, and health insurance
- Mortgage loans
- Pension programs
- Programs for investments.
International Money Transfers in Germany
There are several alternatives to banks for international money transfers that can be cheaper and more convenient, such as:
- CurrencyFair
- Moneycorp
- Remitely
- Wise
- WorldRemit
You also can use the online comparator Monito to save on fees, lock in better exchange rates, and find the most appealing options for international money transfers.
Bank Account Management in Germany
Most of the above-mentioned banks offer a full suite of account servicing options:
Personal Service
Although the number of bank branches in Germany has gone down in recent years, there are as of 2016 about 13 physical branches per 100,000 customers. Banks maintain customer service groups and specialists in banking services.
Online Banking
This channel offers access to accounts and banking services 24/7. Most major German banks offer this service option including: Sparkassen and Volksbanken
Mobile Banking
The mobile banking application will enable one to perform banking activities and pay bills using a mobile device; sometimes, more services are available, such as budgeting tools.
Switching Banks or Account Closure in Germany
Switching banks or bank account closure in Germany is relatively hassle-free if the customer has no unpaid dues. The proper procedure should be followed to steer clear of added charges and penalties.
If you want to switch to another bank, it is advisable first of all to open an account with your selected bank. Normally, you need to fill in and sign a closure application form for the closure of your account in Germany. First of all, you have to ensure that:
- There might be a binding condition that forces the account to be operated for a minimum period. Not fulfilling this would result in a fine.
- You can expect an e-mail or letter from the bank confirming that the account has been closed. It may be advisable to retain this notification in case you need it in some future correspondence.
- If you have set up direct debits, or if regular payments come into the account, you will want to cancel these now. Also inform the employer and others who pay through into that bank account that it is no longer operational.
How to open business bank account in Germany?
In Germany, one of Europe’s leading economies, opening a business bank account is a critical step for any entrepreneur looking to organise and expand their business. Effective financial management begins with choosing the right bank and successfully navigating the account opening process. In this article, we present a detailed guide to help entrepreneurs through this process.
| Step | Details |
|---|---|
| Selecting a Bank | Choose the bank that best suits your business needs. Consider traditional banks like Deutsche Bank, Commerzbank, and Sparkasse, as well as online banks like N26 and Fidor Bank. Important factors include account maintenance costs, online management availability, loan offers, and special business services. |
| Preparation of Documents | Provide necessary documents, typically including:
Non-residents may face additional requirements, such as proof of legality of operations in their country of origin. |
| Submitting an Application | Apply for an account after selecting a bank and preparing documents. Applications can be submitted online, by post, or in person. Follow all bank instructions carefully and provide complete, up-to-date information. |
| Account Verification and Activation | The bank will verify the submitted documents and information, which may take a few days to weeks. Upon successful verification, the account will be activated, and you will receive the necessary tools for account management, including Internet Banking access, bank cards, and cheque books. |
| Tax Registration and Further Maintenance | Register the account with the tax office to obtain a company tax number, essential for tax payments and bookkeeping. Regularly record all transactions and ensure compliance with regulatory requirements. |
Opening a business bank account in Germany is an important step on the way to doing business in Germany. Choosing the right bank and thoroughly preparing for the account opening process will help to ensure a smooth and efficient start to your business. By following this step-by-step guide, you can minimise potential difficulties and quickly start realising your business goals in Germany.
Opening a Bank Account in Germany as a Non-Resident
The globalized economy and a workforce on wheels surely mean opening a bank account in a foreign country is becoming an essential factor for international clients and entrepreneurs. As one of the largest economies in Europe, Germany attracts several foreign investors and workers who require opening a local bank account as an integral part of adaptation and doing business. It is intended to be an in-depth guide in opening a bank account in Germany as a non-resident, focusing on the main steps and prerequisites involved.
Why open a bank account in Germany?
By opening a bank account in Germany as a non-resident, one will definitely be assured of many conveniences while maintaining EU finances, personal and business alike; one will have access to superior quality banking services and products; one will be able to make more international easy payments, and receive salaries from German employers. Furthermore, a bank account in Germany might ease the processes of getting a visa or residence permit for a non-resident.
Stages of account opening
| Step | Details |
|---|---|
| Choosing the Bank | Select the right bank from a variety of options available in Germany, including traditional banks like Deutsche Bank, Commerzbank, and Sparkasse, and online banks such as N26 and Revolut, which offer simplified account opening conditions. |
| Type of Account | Determine whether you need a personal, joint, or business account, as the terms and conditions for opening and servicing an account can vary significantly based on the account type. |
| Preparation of Documents | To open an account, non-residents typically need to provide:
|
| Account Opening Procedure | After selecting the bank and collecting all necessary documents, begin the account opening process. Most banks allow you to start online, but actual account opening may require a visit to a branch or verification via video conference, particularly for non-residents. |
| Activating and Using the Account | Once approved, the bank will provide access to the account through various means, including bank cards and online banking. Ensure you familiarize yourself with the account’s terms and conditions, particularly regarding service fees and transaction limits. |
It will be relevant to consider being well-prepared and realizing the local banking procedure in opening a bank account in Germany as a non-resident. With the appropriate bank selection and further successful execution of the opening procedure, you will get access to a broad array of different financial services that will definitely make the administration of your finances in Germany and Europe much easier.
Can a foreigner open a bank account in Germany?
Issues concerning foreigners’ financial services in Germany are highly relevant in the era of globalization, when cross-border mobility of people and capital has become common. Being one of the leading world economies, Germany attracts lots of foreign professionals, students, entrepreneurs, and investors; for many of them, opening a bank account in this country turns out to be a top priority. The article will, therefore, look at whether one can open a bank account in Germany as a foreigner and the procedure to be followed.
It is actually possible for foreigners to open a bank account in Germany; the type of account, however, does vary, as well as the opening process and required documents, depending on a person’s residency status, nationality, and bank of choice. Overall, German banks are open to clients from other countries by providing services for routine financial needs, as well as for complex investment purposes.
Types of bank accounts
Here, foreigners can open one of the following types of accounts depending on their needs:
Current account (Girokonto): The current account is utilized for day-to-day transactions, including receiving salaries, paying bills, and bank transfers.
Savings account (Sparkonto): The savings account is intended to be used for accumulating money and, as such, offers higher interest rates compared to a current account.
Business account (Geschäftskonto): A business account is required in order to conduct business in Germany. It offers facilities to run the finances of the company.
Documents required
In order to open an account in a bank of Germany, it will be necessary for the foreigners to present the following documents:
- Means of valid passport or national identity card
- Proof of residence address in Germany, for example in the form of residence registration – Anmeldung
- For non-residents – proof of foreign address of residence
- Visa and/or residence permit or other documents confirming the right to stay in the country, if required
- To open a business account, company documents
The process of opening the account
The procedure for opening an account starts with choosing a bank and the type of account. Most German banks allow the beginning of the process to be done online, but sometimes you need to physically visit a bank branch to complete the opening of the account. Some offer webcams for verification, which is pretty convenient for foreigners.
Although opening a bank account could be quite a problem for foreigners in Germany, especially because of bureaucratic barriers or due to a language barrier, it is quite feasible. Choosing the right bank and being prepared in advance by having all the required documents will definitely ease the process. Due to a variety of financial services that German banks offer, foreigners are able to effectively manage their funds during their stay in the country.
Open bank account in Germany online
The high-tech era has made financial services more accessible, establishing new possibilities for international business and personal financial management. Being one of the most developed economies in the world, Germany opens a great variety of banking services online. This especially concerns international entrepreneurs, students, workers, and all those who want to manage their funds with the highest productivity within the German financial system. In this article, we will look at the key aspects of the process of opening an online bank account in Germany, in general; further, we will advise on what bank and type of account to select.
Choice of Bank and Type of Account
First of all, you have to choose the most suitable bank for all your needs and preferences. The German banking system involves traditional and fully digital banks, such as N26, Comdirect, DKB – all have their positive features and peculiarities. When choosing a bank, the following should be considered: terms of service and commissions; the possibility of opening multicurrency accounts; the convenience and functionality of online banking.
Lending and investment opportunities
Now, you have to select the account type, whether personal, joint, or business – according to your purpose.
Online Account Opening Process
The online procedure for opening a bank account in Germany generally includes the following steps:
| Step | Details |
|---|---|
| Online Application Form Filling | Log in to the official website of the bank you have selected and complete the application for account opening. Have all personal information ready, such as passport details and residential address. |
| Verification of Identity | You must verify your identity to complete the account opening process. Most banks offer different options for this: video identification using a webcam, using PostIdent at a Deutsche Post branch, or providing documents through their partner banks in your country. |
| Signing of Documents | After identifying yourself, you will have the opportunity to electronically sign the bank agreement and any related documents. |
| Access to the Account | Once your application has been processed, the bank will grant you access to your new account, provide online banking access, and send you bank cards and other banking tools by mail. |
Key Factors of Success in Account Opening
- Be sure to read the bank’s requirements carefully: Make sure you meet all the criteria and provide the required documents.
- Be prepared for the identification process: Get all necessary documents and devices ready in advance so that things go through smoothly.
- Read the terms and conditions of the account: Get a glimpse of service fees, terms of fund transfer, and other important aspects to using an account.
Opening an online bank account in Germany as a foreigner is simple and straightforward. You have a wide range of banks and account types to choose from, and opening an account is quite easy. Thanks to such a great variety of banks and types of accounts, it will not be difficult for international customers to find the most suitable variant to satisfy their financial needs. After the recommendations mentioned above are followed, one will be able to open the account and begin using financial services.
Offshore bank account in Germany
Currently, in conditions of world economy development, a great number of companies and private entrepreneurs are seeking an opportunity to expand their resources by the means of diversification, partly using offshore bank accounts. Germany, due to its stable economy and high level of banking services, is an attractive jurisdiction for opening offshore accounts. However, the term “offshore account” may mislead one because, in the German context relating to the German financial system, an international bank account is used for international business, not truly an offshore banking as previously mentioned. In this article, we explore the principal aspects of opening and utilizing international bank accounts in Germany for foreign companies and entrepreneurs.
Advantages of an international bank account in Germany
Opening an international bank account in Germany offers the following benefits, among others:
- Stability and reliability: German banks maintain an excellent reputation for their stability and reliability, thus making them an ideal place to hold and manage one’s international assets.
- Efficiency of international settlements: German bank accounts provide the convenience and speed of international transfers that are critical for global business.
- Attractive credit and investment conditions: The majority of German banks give attractive credit and investment conditions.
How to open an international bank account in Germany?
Opening an international bank account in Germany for a foreign business would, therefore, usually take the following major steps:
| Step | Details |
|---|---|
| Selection of Bank | Take your time choosing the bank that best fits your business needs regarding services, fees, and usability. |
| Preparation of Documents | Typically, the following documents will be required to open the account:
|
| Procedure for Filing the Application | With the documents prepared, you may apply to open an account. This can be done through a personal visit to the bank or online, depending on the bank’s policies. |
| Verification and Account Activation | The bank will verify the information and documents provided. After verification, the account will be activated and ready for use. |
Tips for successful account opening
- Bank fees and terms of service: Consider, with a high level of detail, all bank terms and tariffs in advance of opening an account in a bank.
- Be ready for complicated verification: The German banks follow strict AML/CFT rules, and the verification may demand more documents and information than usual.
- Apply for professional help: You may address financial advisors or legal counselors to facilitate the procedure of opening the account.
It would be quite strategic to open a German international bank account to expand one’s business, making it financially sustainable in the international arena. If approached rightly and with proper preparation, this process can be done efficiently, hence opening new avenues for your business to grow and develop.
Opening a Business Bank Account in Germany
Opening a Business Bank Account in Germany forms one of the key steps to doing successful business in this large and dynamic European economy. With its catalytic landscape for entrepreneurial spirit, innovative potential, and well-developed banking infrastructure, Germany is really attractive for business accounts. In the following article, we’ll outline major aspects and procedures for opening a business account in Germany.
Advantages
- Strong Banking Infrastructure: It has a strong banking infrastructure where a number of banking institutions offer a broad range of financial services to enterprises present in the country.
- Favourable Business Environment: With its stable economy, diverse industries, and investment opportunities, Germany can be considered an attractive place to do business.
- Professional service: German banks look at providing qualitative and professional service to ensure efficiency in managing business finances of their corporate clients.
- Digital innovation: Most of the German banks are embracing the idea of digital technology, with state-of-the-art, new online platforms, mobile applications, and other innovative solutions targeted at customer convenience.
How to Open a Business Account in Germany
| Step | Details |
|---|---|
| Choice of Bank | Select the appropriate bank for opening the business account. Research the reputation of various banks regarding their specialization, terms, and service tariffs. |
| Preparation of Documents | Prepare your ID card, company registration certificate, shareholder register extract, and any other documents that may be requested by your chosen bank for opening the account. |
| Bank Visit or Online Application | Visit the bank or complete an application online through the bank’s official website. Provide all necessary documents and fill out the account opening application form. |
| Application Review | The bank will verify the documents and review your application for opening an account. This process may take a few days or weeks. |
| Account Activation | Once your application is accepted, your business account will be activated, and you will gain access to banking services. |
Opening a business account in Germany is a further step in successfully doing business in this huge dynamic economy. With its attractive business climate, well-developed banking infrastructure, and high level of professionalism in banking services, such an account will be a reliable tool in managing your company’s finances. While selecting a bank, consider its reputation, terms of service, and digital capabilities to ensure that your needs and requirements are maximized.
Personal bank account in Germany
Opening a personal bank account is highly instrumental in the effective management of personal finances in this large and stable European economy. The opening of an account in Germany gives one an opportunity to enjoy its widespread range of banking institutions, various innovative financial products, and a high service level. This paper outlines the key aspects and procedures that are needed at the time of opening a personal bank account in Germany.
Opening a Private Bank Account in Germany – Its Privileges
- Financial Stability: It hosts one of the most stable economies in the world, and correspondingly, has an excellent banking system that offers a means of keeping funds safe and secure.
- Diversity of Financial Products: Most German banks offer various financial products to their clients, including debit and credit cards, savings accounts, deposits, and even investment opportunities.
- Convenience and Accessibility: Most of the banks in Germany have really advanced online platforms and mobile applications, by which you can manage your account from any part of the world at any time that suits you.
- Professional Service: Bank specialists in Germany are highly qualified and experienced; thus, professional and qualitative customer service is guaranteed.
How to Open a Personal Bank Account in Germany
| Step | Details |
|---|---|
| Bank Choice | Look around, then choose a bank that suits your needs. Carefully read their terms of service, fees, and all other parameters, including online banking availability. |
| Preparation of Documents | Prepare identification documents, your passport or any other such document, proof of residential address, and probably proof of your income. |
| Application in the Bank or Online | The customer has to go to the bank or apply online through the bank’s official website, with all documents in order and an account opening application form. |
| Application Review | The Bank will review your application for an account and verify the documents provided. This process may take several working days. |
| Account Activation | Once your application gets approved, there will be an activation of your personal bank account, hence allowing access to banking services. |
A bank account with a high level of service, a wide range of financial products, and the ease of online banking will become a tool for financial transactions and reaching your financial goals. When choosing a bank, consider its reputation, conditions of service, and level of service in finding the best fit for your needs and requirements.
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| Bank account in Germany |
2,000 EUR |
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FREQUENTLY ASKED QUESTIONS
What services do German banks offer for private customers?
German banks offer a wide range of services to private customers, including but not limited to the following:
- Current and savings accounts: Basic banking services that allow customers to conduct their day-to-day financial transactions, such as receiving wages, paying bills and saving money.
- Credit and debit cards: A convenient way to access your money to make purchases in shops and online, and to withdraw cash from ATMs.
- Online and mobile banking: Services that allow you to manage your finances at any time and from anywhere in the world via the internet or a mobile application.
- Loans and mortgages: Financing large purchases, such as houses or cars, through loans or mortgages.
- Investment Products: Including deposits, stocks, bonds and mutual funds for those who want to invest their savings and grow their capital.
- Insurance: Some banks offer insurance products such as life, property and car insurance to protect their customers from financial risks.
- Pension plans: Various pension and savings schemes to ensure financial stability in old age.
- Private banking services: For high net worth clients, many banks offer personalised financial solutions and asset management.
- Transfers and payments: Services for international transfers, including overseas transfers, foreign currency payments and foreign exchange services.
This list is not exhaustive and specific services may vary from bank to bank. The German banking sector is characterised by a high level of competition and innovation, so banks often offer additional services and benefits to attract and retain customers.
What services do German banks offer for business customers?
German banks provide business customers with a variety of services orientated to support different aspects of their business, from day-to-day operations to strategic planning and development. Here are some of the main services available to business customers:
- Cash and Settlement Services (CS): Managing day-to-day financial operations, including opening and maintaining current accounts, payment processing, collection and other transactions.
- Lending and financing: Offers various types of loans and lines of credit to finance operations, equipment investments or business expansion. Includes short-term and long-term loans, overdrafts, leasing and factoring.
- Internet Banking for Business: Online services that allow businesses to manage their accounts, make payments and track their finances in real time.
- Cash Management Services: Solutions to optimise cash and liquidity management, including payment flow automation, funds consolidation and corporate card management.
- Trade finance: Services supporting foreign trade activities, including letters of credit, guarantees, export and import financing.
- Investment and brokerage services: Advice and asset management services, investment planning, access to stock markets and other investment products.
- Corporate Finance: Advice and support in mergers and acquisitions, securities issues, debt restructurings and capital raisings.
- International Banking: Services to support international trade and investment, including exchange control, international payments and foreign exchange risk.
- Insurance and pension planning: Offers insurance products and solutions for employee retirement benefits.
- Digital and innovative solutions: Including blockchain technology, electronic invoicing, mobile payments and other innovative financial technologies.
This list is by no means exhaustive, and specific services may vary depending on the bank and business needs. German banks aim to provide comprehensive solutions tailored to the specific business models and industry characteristics of their customers.
How to get a credit card from a German bank for a private customer?
Obtaining a credit card from a German bank for a private client involves several steps and requirements. Here are the main steps in the process:
- Choosing a bank and type of credit card
- Research different banks and their credit card offers, including annual fee, interest rates, grace period, bonuses and benefits (e.g. loyalty programmes, travel insurance).
- Determine which type of credit card best suits your needs: standard, gold (Gold), platinum (Platinum), etc.
- Credit check
- Banks in Germany usually check the creditworthiness (Kreditwürdigkeit) of applicants through the Schufa (German credit bureau) or other agencies. This includes checking your financial history and current financial situation.
- Make sure you have a good credit history to increase your chances of approval.
- Submitting an application
- Fill out a credit card application, which can be found on the bank's website, mobile app or at a bank branch.
- The application will need to include personal details, income information and possibly other financial information.
- Submission of necessary documents
- Generally, the application will require: passport or identity card, proof of residential address, proof of income (e.g. recent copies of pay slips) and sometimes proof of employment and length of service.
- Waiting for the decision and receiving the card
- After submitting your application and documents, the bank will review and make a decision on your application. This process can take from a few days to a few weeks.
- In case of a positive decision, the credit card will be mailed to your home address or you can pick it up at a bank branch.
Tips:
- It is important to familiarise yourself with the terms and conditions of the credit card, including interest rates for using credit facilities and cash withdrawal fees.
- Some banks offer online approval, which can speed up the process of getting a card.
- If you don't have a credit history in Germany, some banks may suggest starting with a prepaid credit card or a low limit credit card.
How to get a credit card from a German bank for a business customer?
Getting a business credit card from a German bank involves several steps that are
somewhat similar to the process for private customers, but tailored to the specifics of
the business. Here's how the process usually works:
1. identification of business needs
- Evaluate which credit card features are important to your business: credit card
limits, transaction fees, expense management features, bonuses and rewards,
travel insurance, and so on.
2. Choosing a bank and a suitable offer
- Explore different banking offers for businesses. German banks offer a variety
of credit cards geared toward different types and sizes of businesses. - Compare the terms of the offers by looking at the annual fee, interest rates,
grace period and card benefits.
3. Preparation and submission of documents
- To apply for a credit card, the bank will require various documents that may
include: - Company incorporation documents (e.g. extract from the commercial
register, company status). - Financial statements for the most recent year or quarter.
- Documents confirming the identity and authority of the person
submitting the application on behalf of the company. - Information about the business and its operations.
4. Credit check
- The bank will perform a credit check on your business, similar to the
procedure for individuals, but taking into account your company's financial
situation and history.
5. Submitting an application
- Fill out a credit card application online, in the bank's mobile application or
directly at the branch. Make sure that all data is entered correctly and
completely.
6. Waiting for the decision and receiving the card
- After checking your documents and creditworthiness, the bank will make a
decision on your application. This can take from a few days to a few weeks. - If the application is approved, the credit card will be mailed to the company's
address or can be picked up at a bank branch.
Tips:
- It is important to clearly understand how the credit card will be integrated into
your business's financial flows and expense management processes. - Consider getting additional cards for employees with spending limits.
- Carefully review the terms and conditions of the credit card, including cash
withdrawal fees, interest rates and repayment terms.
Which accounts can be opened in German banks?
Maaaring iba't ibang uri ng bank account binuksan sa mga bangko ng Aleman, na ang bawat isa ay idinisenyo para sa isang tiyak na layunin at may sariling mga katangian. Narito ang mga pangunahing uri ng mga account na magagamit para sa pagbubukas:
1. Kasalukuyang account (Girokonto)
- Isang pangunahing account para sa pang-araw-araw na transaksyong pinansyal.
- Ginagamit para sa payroll, mga pagbabayad ng bayarin, paglilipat at pag-withdraw ng pera.
- Karamihan sa mga bangko ay nag-aalok online banking at debit card sa account na ito.
2. Savings account (Sparkonto)
- Idinisenyo upang makaipon ng mga pondo na may posibilidad na makakuha ng interes.
- Karaniwang nag-aalok ng mas mataas na interes mga rate kaysa sa kasalukuyang account, ngunit may mga paghihigpit sa mga withdrawal.
3. Demand deposit (Tagesgeldkonto)
- Isang opsyon sa savings account na may mga pang-araw-araw na pagbabayad ng interes at walang mga paghihigpit sa withdrawal.
- Nag-aalok ng mas flexible na termino at kundisyon kaysa sa karaniwang savings account.
4. Deposit account (Festgeldkonto)
- Isang account para sa pagdedeposito mga pondo para sa isang nakapirming termino na may paunang natukoy na rate ng interes.
- Karaniwang nag-aalok ng mas mataas na interes kaysa sa isang savings account, ngunit hindi maaaring i-withdraw ang mga pondo bago matapos ang termino ng deposito nang walang parusa.
5. Investment account (Depotkonto)
- Idinisenyo upang bumili at humawak ng mga securities gaya ng mga stock, bond, at stock share.
- Pinapayagan kang pamahalaan iyong investment portfolio sa pamamagitan ng bangko.
6. Account ng kabataan/mag-aaral (Jugendkonto/Studentenkonto)
- Mga espesyal na account na may kagustuhan mga tuntunin para sa kabataan at mag-aaral.
- Maaaring may kasamang libreng account pagpapanatili, paborableng mga tuntunin sa kredito at mga debit card.
7. Account ng negosyo (Geschäftskonto)
- Account para sa mga legal na entity at mga indibidwal na negosyante.
- Ginagamit para sa mga pagpapatakbo ng negosyo , pagbabayad ng mga bill, payroll ng empleyado at iba pang gastusin ng kumpanya.
8. International account
- Mga account na inaalok sa dayuhan ang mga pera ay angkop para sa mga indibidwal na madalas na nakikipagtransaksyon sa ibang mga pera.
- Kapaki-pakinabang para sa mga expat, internasyonal na mga mag-aaral at negosyong may mga operasyon sa ibang bansa.
Ang pagpili ng partikular na uri ng account depende sa mga indibidwal na pangangailangan, mga layunin sa pananalapi at mga kagustuhan ng customer. Maraming German bank ang nag-aalok ng payo para matulungan kang pumili ng tamang uri ng account.
Which German bank has the largest number of customers?
Deutsche Bank and Sparkassen-Finanzgruppe (savings bank group) were among the largest banking groups in Germany in terms of number of customers. However, when it comes to the largest number of customers, Sparkassen-Finanzgruppe serves the largest number of private and corporate customers in the country. This is because Sparkassen is a network of more than 400 local savings banks that operate in various regions of Germany and cover a broad customer base.
Sparkassen-Finanzgruppe plays a key role in local and regional financial services throughout Germany, offering a full range of banking services to private and corporate customers. Thanks to its wide branch network and focus on serving local communities, Sparkassen is highly trusted and popular among the German population.
Deutsche Bank, as one of the largest banks in the world, also has a significant number of customers in Germany and offers a wide range of financial services to private, corporate and institutional customers internationally.
What documents do I need to open an account in a German bank?
The following documents are usually required to open a bank account in Germany, both for private and business customers:
For private clients:
1. Valid passport or identity card (Personalausweis)
- Foreign nationals must present a passport and, if available, also a residence permit.
2. Residence address registration confirmation (Meldebescheinigung)
- A document issued by the local registration authority (Bürgeramt or Meldebehörde) proving your address in Germany.
3. Proof of income (not always required)
- For example, recent paystubs or documentation of other sources of income.
4. Taxpayer number (Steueridentifikationsnummer)
- A tax identification number that every German resident receives from the tax office.
For business customers:
1. Documents proving the identity of the business owner or authorized persons
- Passport or ID card.
2. Company registration documents
- Extract from the commercial register (Handelsregisterauszug) for legal entities.
- Business registration certificate (Gewerbeanmeldung) for individual entrepreneurs.
3. Company statute or memorandum of association (Gesellschaftsvertrag)
- A document describing the structure and rules of the company's operation.
4. Confirmation of company address
- For example, a lease or utility bills in the company's name.
5. Company tax number (Steuernummer) or taxpayer identification number (Umsatzsteuer-Identifikationsnummer, if applicable)
- For doing business and taxation in Germany.
General tips:
- Contact the bank in advance: Requirements may vary depending on the bank and the type of account. It is useful to check the list of required documents directly with the bank.
- Translations of documents: If your documents are not in German, the bank may require them to be translated by a certified translator.
- Additional Documents: In some cases, additional documents may be required, such as financial statements or business plans for business accounts.
- Preparing and submitting all the required documents will significantly speed up the process of opening a German bank account.
How do I get a loan from a German bank?
Getting a loan from a German bank involves several steps and requires the preparation of certain documents. Here are the main steps you need to take to get a loan in Germany:
1- Assessing your creditworthiness
- Credit history: Your credit history (Schufa-Auskunft) plays a key role in the bank's assessment of your creditworthiness. A clean credit history increases your chances of getting a loan.
- Income: You will need to provide proof of a steady income, for example, through pay slips or tax returns.
2 Determining the amount and term of the loan
- Estimate how much you need to borrow and how long you are willing to borrow for. This will help you determine your monthly payments and the total cost of the loan.
- Comparison of sentences
- Research: Study the offers of different banks. Loan terms, interest rates and additional fees may vary significantly.
- Using loan calculators: Many banks offer online calculators to help estimate monthly payments and the total cost of the loan.
- Preparation of documents
- Prepare and gather required documents, including but not limited to:
-
- ID card (passport or ID card).
- Proof of residential address.
- Evidence of income (e.g., recent paychecks).
- Proof of employment (e.g., copy of employment contract).
- Information on current financial liabilities.
- Applying for a loan
- After selecting a suitable offer, apply for a loan to the selected bank. This can be done online, by phone or in person at a bank branch.
- Waiting for approval
- The bank will review your application, check your documents and assess your creditworthiness. This process may take from a few days to a few weeks.
- Signing of the loan agreement
- If the loan is approved, you will be asked to sign a loan agreement. Read all terms and conditions carefully before signing.
Tips:
- Planning: Make sure you are able to cover the monthly payments within your current budget.
- Loan Insurance: Consider taking out insurance to cover you if you are unable to repay your loan due to illness, job loss or other circumstances.
- Additional Fees: Please note any additional fees or penalties for early repayment of the loan.
Obtaining a loan from a German bank requires careful preparation and understanding of the loan terms and conditions. Make sure you are fully aware of all aspects of the loan offer before accepting it
Which international banks have branches in Germany?
Germany is home to branches of many international banks serving both corporate and private clients. These banks offer a wide range of financial services including corporate and investment banking, asset management, retail banking and more. Here are some of the notable international banks with branches in Germany:
- Citibank
- One of the largest international banks, Citibank offers corporate and investment banking and asset management services in Germany.
- HSBC
- HSBC provides a wide range of banking services to corporate and private clients, including corporate finance, investment services and retail banking.
- J.P. Morgan
- J.P. Morgan offers corporate and investment banking, asset management and private banking services in Germany.
- Barclays
- Barclays operates in Germany, offering corporate banking, investment banking and asset management services.
- BNP Paribas
- French bank BNP Paribas provides comprehensive financial services in Germany, including corporate and investment banking, retail banking and asset management.
- Deutsche Bank
- Although Deutsche Bank is a German bank, it has a significant international presence and offers a full range of banking services internationally.
- Goldman Sachs
- Goldman Sachs offers investment banking, asset management and private banking services in Germany.
- UBS
- Swiss bank UBS provides private banking, asset management and investment banking services in Germany.
These are just a few of the many international banks with offices in Germany. Their services may vary depending on the specific market and customer needs. Many international banks choose Frankfurt am Main, one of Europe's largest financial centers, as the location for their branches or subsidiaries in Germany.
Which neobanks are open in Germany?
There are several neobanks operating in Germany that offer innovative banking services, mainly through mobile apps and online platforms. These neobanks usually focus on convenience, transparency of services and often offer lower fees than traditional banks. Here are some examples of popular neobanks available in Germany:
- N26
- One of the most well-known neobanks in Europe, based in Germany. N26 offers a full bank account with an international debit card, support for multiple currencies, P2P transfers, and budgeting and savings tools.
- Revolut
- Although based in the UK, Revolut is widely used in Germany and offers a multi-currency account, currency exchange at interbank rates, travel insurance and investment options.
- TransferWise (now Wise)
- Wise offers a multi-currency account with the ability to hold balances in different currencies, as well as low fees for international transfers. Although it is not a full-fledged bank, Wise is widely used for international transfers and foreign currency account management.
- Vivid Money
- A non-bank offering multi-currency accounts, investment products, cashback on purchases and cryptocurrency support.
- Tomorrow
- A sustainability-focused neobank offering environmentally-oriented banking products. Tomorrow invests in projects that support environmental and social sustainability.
- Bunq
- Netherlands-based neobank offering services in Germany, including multi-currency accounts, savings support and group account facilities.
These neobanks offer a variety of financial products and services, including current accounts, savings, investments and international transfers. They are attractive to customers due to their low fees, ease of use through mobile apps and innovative features. However, when choosing a neobank, it is important to consider its licensing and degree of deposit protection, as terms and conditions may differ from traditional banks.
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