How to open a bank account in Germany

Foreigners can open a bank account in Germany, both in a German and an international bank, as well as in an online bank. Most banks offer both free and paid (from 2.90 to 14.90 euros per month) accounts that differ in the range of available services. In some cases, registration / residence permit in Germany or a certificate from an employer may be required to open a bank account.

Banking services in Germany In Germany there is a three-tier banking system consisting of private commercial banks, state savings banks (Sparkassen and Landesbanken) and cooperative banks (Genossenschaftsbanken). There are also many international banks, online banks and mobile banks operating in Germany. The German Federal Bank is the national central bank, while the Federal Financial Supervision Authority (BaFin) is the regulator of banking and financial services.

Why do I need a bank account in Germany? It is not necessary to have a German bank account to send and receive payments in Germany. A German bank account for regular payments is required to pay for utilities, insurance premiums, rent payments, mortgage registration in Germany. Also, a German bank account may be required for employment in a German company, home Internet connection.

Before opening a bank account in Germany, when moving to Germany, it is not necessary to have a German bank account: foreigners can manage their finances from a foreign account. Most companies in Germany accept major international debit and credit cards, such as Visa, Mastercard and American Express, as a means of payment. However, if the account is opened in a bank that does not have a representative office in Germany, there is a high probability of additional transaction costs. Foreigners can use the services of online or mobile German banks (Direct banks), which open accounts for non-residents in advance and open a non-resident account before moving. However, it should be borne in mind that opening an account may not be available to citizens of some countries. Major international banks, such as HSBC and Citibank, also operate in Germany; having an account with these banks, you can request its transfer to a German branch before moving.

Types of accounts in German banks German banks offer customers different types of accounts. The main types of accounts offered include:

Settlement account (Girokonto) Settlement account is a standard type of bank account in Germany. It is intended for receiving wages in Germany and paying bills. Many German banks offer current accounts for both general and special purposes, for example, for students and young people.

Savings Account (Sparkonto) This can be either a demand deposit (Tagesgeldkonto) to accumulate cash, or a term deposit (Festgeldkonto), which is an account with a higher interest rate, a minimum deposit and a fixed period during which funds must remain in the account. Term deposits are used to a greater extent in investment banking. Savings accounts can usually be opened by both residents of Germany and non-residents from abroad.

Non-resident Account Standard settlement accounts are usually available only to residents of Germany. As a rule, in order to open an account, it is necessary to have permanent residence in Germany. Many German banks that operate only online or only from mobile devices also offer accounts to those who live abroad. They are interesting for those who are planning to move to Germany, or for those who work in Germany.

Digital and mobile accounts The largest banks in Germany now offer services via the Internet, as well as mobile accounts available through mobile banking applications. There are also many banks in Germany that operate only online or only from mobile devices. Offshore account An international offshore bank account is popular among foreigners living in Germany. An offshore account can be especially useful for those who work abroad, spend a lot of time in several countries, or often transfer money between countries. Offshore accounts are located outside the country of residence of the account holder and usually offer clear advantages, such as a wider range of cross-border services and lower tax rates on accounts. As a rule, they are considered stable, reliable and safe. Both Deutsche Bank and Commerzbank have international branches offering offshore banking services. What German banks offer Foreigners who open a bank account in Germany have a wide choice. First of all, it is necessary to decide which bank 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 The private bank with the largest customer base is Deutsche Bank, which together with its subsidiary bank, Postbank serves about 12 million customers.

It is followed by Commerzbank with about four million customers. For foreigners, choosing one of the largest and most popular banks in Germany may be justified. These banks have extensive experience working with both foreign clients and foreign banks. They are often more accessible, including when traveling abroad.

Deutsche Bank offers three current accounts:

An Active account that is compatible with online and mobile banking and has an initial free period (further maintenance costs 5.90 euros per month);

BestKonto Account: This is a premium account offered together with a package of services, which includes a Mastercard Gold credit card and an international insurance policy. The cost of such an account is 11.90 euros per month;

a free Young; account for students, interns and volunteers from EU member states under the age of 30.

Commerzbank also offers three current accounts:

Girokonto (current account): a free basic account that includes debit card registration; an electronic or mobile version of the account can be selected;

KlassikKonto (classic account): involves registration of an additional Mastercard debit card and various money transfer options; the cost of service is 4.90 euros per month;

PremiumKonto (premium account) allows registration of up to four credit cards, free cash withdrawal at all ATMs and the ability to issue an insurance policy; the cost of service is 12.90 euros per month.

Girokonto and KlassikKonto accounts offer 100 euros as an initial balance; an additional 100 euros is also credited to the Girokonto account for recommending the bank to new customers.

HypoVereinsbank offers four current account options:

• A free starting account for students, interns and persons under the age of 26;
• An active account worth 2.90 euros per month; the cost of issuing a debit card is 5 euros per year;
• Plus account for 7.90 euros per month with a wider range of money transfer options and the possibility of issuing a credit card cards;
• An Exclusive account, which includes withdrawals worldwide for 14.90 euros per month.
• Sparkasse.Sparkasse are savings banks owned by public shareholders: for example, cities or local communities.

They are very popular among residents of Germany.

Sparkasse exist in major German cities and bear the appropriate names: BerlinerSparkasse is located in Berlin, Stadtsparkasse Munich – in Munich, Frankfurter Sparkasse – in Frankfurt. You can open a basic settlement account (Girokonto) in Sparkasse. At the same time, a debit card is issued to the client and access is provided to the subsequent opening of accounts of various types. The bank also provides an opportunity to issue demand deposits and term deposits. To open a current account in Sparkasse, you must be a resident of Germany.

Volksbanken and Raiffeisenbanken

These banking cooperatives and credit unions form the third pillar of the German banking system. Many of them work under the leadership of Volksbanken and Raiffeisenbanken. Settlement accounts of various types are offered: for example, a basic account that provides access to free banking services, debit card processing, money transfers and online banking operations (provided that a separate Volksbank account is set up for this, in which the user has an account). As in the case of Sparkasse, you need to live in Germany to open an account.

International banks

There are branches of many international banks in Germany. The advantage of international banking is that a foreigner can open an account in the country of origin / permanent residence / citizenship and transfer it to a branch in Germany.

International banks in Germany offer services aimed at foreigners and provide services similar to those of large German banks.

International banks operating in Germany include:

• Barclays Bank Santander
• HSBC
• Citibank ING Bank
• BNP Paribas

Digital and mobile banks

Digital banks in Germany are called 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:

• bunq
• DKB
• Monese
• N26
• Revolut
• Wise

Choosing a bank account in Germany

There are a number of factors that influence the choice of a bank account:

Expenses: many German banks offer basic current accounts for free, but in this case the range of services available may be limited. As for money transfers, their cost is usually lower in online and mobile banks. However, the number of transactions that can be made per month may be limited.

Services in English: Many international and mobile banks, as well as most major banks in Germany, provide an opportunity to get acquainted with their website and mobile applications not only in German, but also in English. In Sparkassen and Volksbanken banks, translation from German into English is less common.

Range of banking products and services: Foreigners are advised to pay attention to services such as free withdrawals abroad and international money transfers at a low cost. Other banking services should also be analyzed: credit cards, overdraft and free withdrawals from ATMs in Germany.

Availability: An online or mobile bank account can be accessed online around the clock. Most major banks also offer the option of quick access to the account via the Internet.

Account for non-residents: if you need to open a bank account before moving to Germany, you need to open an account in an online or international bank. National German banks, as a rule, provide services only to residents of Germany, you can analyze and compare the conditions for opening and servicing accounts in various German banks on the website DeutschesKonto.org; the service is available in English.

As a foreigner to open an account in a German bank

For EU citizens, as a rule, there are no special requirements for opening an account in a German bank.

Citizens of non-EU countries must confirm their registration in Germany and/or provide a valid residence permit in Germany.

In some cases, a work permit in Germany may be required. The Bank may refuse to open an account if the client cannot provide his financial history.

It is recommended to personally visit the bank branch with the necessary documents, which should include:

• Passport / photo ID and a valid visa or residence permit;
• Proof of address;
• Proof of income / employment (required by many banks depending on the type of account);
• Confirmation of student status (when opening a student account);
• Credit rating from the bureau credit information (may be required at some banks).

In addition, the applicant may need to confirm his identity at the post office or online by completing the identification procedure by mail. The invoice processing process usually takes 2-3 business days.

How to open a bank account in Germany from abroad

Some online banks (bunq, DKB Bank, ComDirect and N26) allow customers to open bank accounts from abroad, but in some cases this option is available only to EU citizens. Some banks require you to provide personal documents electronically online, while others (for example, bunq) allow you to open an account in a few minutes using only a mobile phone.

If a foreigner wants to open a German bank account before moving to Germany, he will need to have a valid German visa and provide a residence address in Germany. For citizens of certain countries, opening an account may not be available.

How to open an electronic or mobile bank account in Germany

Some German banks allow you to open an electronic account online, without visiting a bank branch. If you have an existing bank account, you can transfer it to an electronic form by downloading a special application of the desired bank to your mobile device. To open an electronic account in a mobile or online bank, an email address, a mobile phone number and a valid identity card are required.

How to open a bank account for business in Germany

A separate business account is usually required for those who open a business or work as a freelancer in Germany. If the company is a closed joint stock company, having a separate account will be a legal requirement.

The process of opening a bank account for business in Germany depends on the business model used.

Individual entrepreneurs and freelancers, as a rule, must provide the same documents as individuals.

Partnerships are required to provide detailed information about all partners, while closed joint-stock companies must submit a charter, business registration data, a certificate of registration, as well as a list of shareholders and trading licenses (where applicable).

Business accounts for closed joint-stock companies in Germany must be opened in the personal presence of the CEO.

How to open a bank account in Germany for children

Many German banks offer settlement and savings accounts for children and young people.

The conditions for opening and servicing accounts for children in different banks may vary, but most German banks allow residents to open accounts on behalf of their children if they are under the age of 18.

It is usually required to provide documents such as a passport / identity card of the child and his legal representative. In some banks, it is possible to open an account for a child only if there is an account of a legal representative in the same bank.

What to do, if you refuse to open a bank account in Germany, German banks may refuse to open an account for a number of reasons (for example, lack of registration / residence permit in Germany or unconfirmed creditworthiness). If the applicant is dissatisfied with the bank actions, it is possible to file a complaint with the Commissioner for Financial Complaints in Germany. If the applicant is an EU/EFTA citizen, he can also file a complaint with the EU Financial

Dispute Resolution organization FIN-NET.

Banking services in Germany

Banks in Germany, as a rule, provide services similar to those of large banks in the United States, Great

Britain and many other European countries.

In addition to the usual account opening services, debit/credit card processing, money transfers and

loans, many German banks also offer:

Insurance services, including insurance (vehicle insurance, housing insurance and health insurance);

• Mortgage loans;
• Pension programs;
• Investment programs.

International money transfers in Germany,there are alternative solutions to banks for international money transfers that may be more profitable and convenient:

• CurrencyFair
• Moneycorp
• Remitely
• Wise
• WorldRemit

You can also use the online comparison tool Monito to save on fees, get more favorable exchange rates and search for the most attractive options for international money transfers.

Bank account management in Germany

Many banks offer a wide range of account servicing options:

Personal: in recent years, the number of bank branches in Germany has decreased, however, according to statistics for 2016, there are about 13 physical branches per 100,000 customers. The banks have customer service groups, as well as specialists in banking services.

Via the Internet: this method provides round-the-clock access to the account and banking services. Most of the major German banks, including Sparkassen and Volksbanken, offer this account service option.

Using a mobile application: The mobile application allows you to perform banking operations and mobile payments from a mobile device using mobile banking applications, which also include additional services (for example, budgeting tools).

Changing a bank or closing an account in Germany

It is quite simple to close or change a bank account in Germany if the client has no debt to the bank. The necessary procedures should be followed in order to avoid accrual of additional commissions or fines.

When switching to another bank, it is recommended to first open a new account with the selected bank. To close an account in Germany, as a rule, it is required to fill out and sign an application for closing an account. Before doing this, the applicant should make sure of the following:

There may be a condition in the contract that the account must remain active for a minimum period. If this requirement is not met, the bank may charge a fine.

The Bank must notify the applicant that the account is officially closed (by e-mail or letter). The applicant is advised to keep this notice.

Automatic payments coming from the account must be canceled. It is recommended to inform your employer and other third parties who can make payments to the bank account that it is no longer used.

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 1: Selecting a bank

The first step is to choose the bank that best suits your business needs. There are many banks in Germany that offer a variety of services for businesses, including traditional banks such as Deutsche Bank, Commerzbank, and Sparkasse, as well as online banks such as N26 and Fidor Bank. It is important to consider factors such as the cost of account maintenance, availability of online management, loan offers, and other special services for businesses.

Step 2: Preparation of documents

To open a business account, you will need to provide a number of documents. These typically include:

• Statutory documents of the company (extract from the commercial register, statute, etc.)
• Identification documents of the founders and managers of the company
• Proof of company registration in Germany
• Information on the expected volume of transactions on the account

For non-residents of Germany, the process may include additional requirements such as proof of the legality of the company’s operations in the country of origin.

Step 3: Submitting an application

After selecting a bank and preparing the necessary documents, the next step is to apply for an account. Depending on the bank, this can be done online, by post or in person at a branch. During the application process, it is important to follow all the bank’s instructions precisely and provide complete and up-to-date information.

Step 4: Account verification and activation

After submitting the application, the bank will verify the documents and information provided. This process can take from a few days to a few weeks. After successful verification, the bank will activate the account and send you all the tools you need to manage the account, including Internet Banking access, bank cards and cheque books.

Step 5: Tax registration and further maintenance

Opening a business account in Germany also requires registering the account with the tax office and obtaining a company tax number. This is necessary for tax payment and bookkeeping purposes. Once the account is opened, it is important to keep a regular record of all transactions and ensure that all regulatory requirements are met.

Conclusion

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

In a globalised economy and a mobile workforce, the ability to open a bank account in a foreign country is becoming increasingly important for international clients and entrepreneurs. Germany, as one of Europe’s largest economies, attracts many foreign investors and workers for whom opening a local bank account is an integral part of adapting and doing business. This article provides a comprehensive guide to opening a bank account in Germany for non-residents, outlining the key steps and requirements of the process.

Why open a bank account in Germany?

Opening a bank account in Germany for non-residents can provide a number of benefits, including the convenience of maintaining personal and business finances in the EU, access to high quality banking services and products, the ability to make international payments more easily and to receive salaries from employers in Germany. In addition, having a German bank account can simplify the process of obtaining a visa or residence permit for non-residents.

Stages of account opening

Step 1: Selecting a bank

The first step is to choose the right bank. In Germany, many banks offer services for both residents and non-residents. These range from traditional banks with a wide branch network, such as Deutsche Bank, Commerzbank and Sparkasse, to online banks offering simplified account opening conditions, such as N26 and Revolut.

Step 2: Determining the type of account

It is important to determine whether you need a personal, joint or business account. The terms and conditions of opening and servicing an account may differ significantly depending on the type of account selected.

Step 3: Preparation of documents

To open an account, non-residents are usually required to provide the following documents:

• Valid passport or identity card
• Proof of residential address (may be required both inside and outside Germany)
• Proof of registration in Germany (Anmeldung), if applicable
• In some cases, a visa or residence permit
• For business accounts – company documents and information on beneficial owners

Step 4: Account opening procedure

Once you have selected a bank and prepared the necessary documents, you can begin the account opening process. Many banks allow you to start the process online, but final account opening may require a personal visit to a branch or verification via video conference, especially for non-residents.

Step 5: Activating and using the account

Once your application is approved, the bank will provide you with all the tools you need to access the account, including bank cards and access to online banking. It is important to familiarise yourself with the terms and conditions of the account, including service fees and transaction limits.

Conclusion

Opening a bank account in Germany for non-residents requires careful preparation and an understanding of local banking procedures. By selecting the right bank and successfully navigating the account opening process, you will have access to a wide range of financial services that will make managing your finances in Germany and Europe much easier.

 Can a foreigner open a bank account in Germany?

In the era of globalisation, when the movement of people and capital between countries is becoming more and more commonplace, issues of financial services for foreigners in Germany are of particular relevance. As one of the world’s leading economies, Germany attracts many foreign professionals, students, entrepreneurs and investors. For many of them, opening a bank account in the country becomes a top priority. In this article we will look at whether foreigners can open a bank account in Germany and what steps need to be taken to do so.

Possibility to open an account for foreigners

Foreigners can open a bank account in Germany, but the type of account, the opening process and the required documents may differ depending on the residency status, the nationality of the applicant and the chosen bank. In general, German banks welcome clients from different countries, offering services for both everyday financial transactions and specialised investment purposes.

Types of bank accounts

Foreigners may consider opening one of the following types of accounts depending on their needs:

• Current account (Girokonto): Used for daily transactions such as receiving salaries, paying bills and making bank transfers.
• Savings account (Sparkonto): Designed to accumulate funds and usually offers higher interest rates than a current account.
• Business account (Geschäftskonto): Necessary for doing business in Germany, providing facilities for managing the company’s finances.

Documents required

To open a bank account in Germany, foreigners will need to provide the following documents:

• Valid passport or national identity card
• Proof of residence address in Germany (e.g. residence registration, Anmeldung)
• For non-residents – proof of foreign address of residence
• Visa, residence permit or other documents proving the right to stay in the country, if applicable
• To open a business account – company documents

Account opening process

The process of opening an account begins with selecting a bank and account type. Many German banks offer the option to start the process online, but you may be required to attend a bank branch in person to complete the account opening. Some banks offer verification services via video call, which is especially convenient for foreigners.

Conclusion

Opening a bank account in Germany is an achievable task for foreigners, despite potential bureaucratic and language barriers. Choosing the right bank and carefully preparing the necessary documents will make the process much easier. Thanks to the wide range of financial services available in German banks, foreigners can effectively manage their finances during their stay in the country.

 Open bank account in Germany online

In the age of digitalisation, financial services are becoming increasingly accessible, opening up new opportunities for international business and personal financial management. Germany, one of the world’s leading economies, offers a wide range of banking services available for online opening. This is particularly relevant for international entrepreneurs, students, workers and simply those seeking to manage their funds effectively in the German financial system. In this article, we will look at the key aspects of the process of opening a bank account online in Germany, as well as provide advice on choosing the right bank and type of account.

Choice of bank and type of account

The first step to opening an online account is to choose the bank that best suits your needs and preferences. The German banking sector offers both traditional and digital banks (e.g. N26, Comdirect, DKB), each with its own advantages and features. The following factors should be considered when making your choice:

• Terms of service and commissions
• Availability of multi-currency accounts
• Convenience and functionality of online banking
• Lending and investment opportunities

Also, decide on the type of account – personal, joint or business account, depending on your goals.

The process of opening an account online

Opening a German bank account online usually involves the following steps:

Step 1: Filling in the online application form

Visit the official website of the selected bank and fill in an online application for opening an account. Be prepared to provide personal information, including passport details and residential address.

Step 2: Confirming your identity

To complete the account opening process, you will need to prove your identity. Most banks offer several ways to do this, including video identification via webcam, using a postident at a Deutsche Post branch or, in some cases, providing documents through partner banks in your country.

Step 3: Signing the documents

Once your identity has been confirmed, you will be asked to electronically sign the bank agreement and other required documents.

Step 4: Gaining access to the account

Once your application has been processed, the bank will give you access to your new account, including online banking, and send bank cards and other banking instruments by post.

Recommendations for successful account opening

• Read the bank’s requirements carefully: Make sure you meet all the criteria and can provide the required documents.
• Be prepared for the identification process: Prepare the necessary documents and devices in advance so that the process goes smoothly.
• Read the terms and conditions of the account: Familiarise yourself with service fees, fund transfer terms and other important aspects of using the account.

Conclusion

Opening an online bank account in Germany is a convenient and efficient way for foreigners to manage their finances. With a wide selection of banks and account types and a simple opening process, international customers can easily find the best solution for their financial needs. By following the above recommendations, you can successfully open an account and start utilising financial services in Germany.

Offshore bank account in Germany

In today’s global economy, many companies and individual entrepreneurs are looking to diversify their financial assets and expand opportunities through 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” can be misleading because, in the context of the German financial system, it refers to an international bank account used for international business rather than traditional offshore banking. In this article, we will discuss the key aspects of opening and utilising 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 a number of benefits, including:

• Stability and reliability: German banks are known for their reliability and stability, making them an ideal choice for holding and managing international assets.
• Efficiency of international payments: German bank accounts provide the convenience and speed of international transfers that are critical for global business.
• Attractive financing and investment terms: Many German banks offer competitive terms on loan and investment products.

How to open an international bank account in Germany?

The process of opening an international bank account for a foreign business in Germany involves several key steps:

1. Selecting a bank

It’s important to do your research and choose the bank that best fits your business needs in terms of services, fees, and ease of use.

2. Preparation of documentation

Generally, the following documents will be required to open an account:

• Documents confirming the registration of the company and its structure
• Passports and documents confirming the address of managers and beneficial owners
• A detailed business plan or description of the company’s activities
• Proof of economic ties with Germany (if applicable)

3. Application procedure

Once all the necessary documents have been prepared, you can apply to open an account. This may require a personal visit to the bank or may be done online, depending on the bank.

4. Verification and account activation

The bank will carry out the verification process of the provided information and documents. After successful verification, the account will be activated for use.

Tips for successful account opening

• Consider bank fees and terms of service: Carefully study all bank terms and tariffs before opening an account.
• Prepare for complex verification: German banks adhere to strict AML/CFT rules, which may require additional documents and information for verification.
• Use professional help: Consider contacting financial advisors or legal counselors to facilitate the account opening process.

Conclusion

Opening an international bank account in Germany can be a strategic step to expand your business and ensure its financial sustainability in the international arena. With the right approach and proper preparation, this process can be carried out efficiently, opening up new opportunities for your business to grow and develop.