bank account In Germany
how do I create a bank account? We outline the factors you should think about before creating an account.
If you intend to stay in Germany for an extended amount of time, such as to rent an apartment and have your paycheck deposited, you will need a German bank account (Girokonto; current account).
Establish a bank account
A valid passport, a residency permit, a certificate of registration, and a wage statement are often required to open a bank account (depending on the type of account).
Please be aware that various banks may have different costs, such as those for managing accounts or sending money to banks outside of Europe. So, it is advisable to contrast several banks before selecting one.
Many people use internet banking to carry out their financial operations. Both a branch bank and a direct bank (available solely online) allow for this. You may obtain personalized assistance and deposit money directly into your account at a branch bank. You can’t visit a bank branch directly with a direct bank; your only options are online and via phone. But, in many situations, a direct bank account could be less expensive.
The majority of stores accept cash, debit, and credit card payments. Several smaller food establishments, such as those at the weekly market or the bakery, only accept cash; EC cards (electronic cash cards) are only accepted for purchases up to a specific amount at other establishments. You may send money when you purchase online using a credit card, an instant bank transfer, Giropay, or PayPal.
|Company local bank account requirements (Yes/No)||Yes|
|Mandatory residence requirement||Not in all cases|
|Bank account opening time||Approximately 3 working days|
|Online bank account opening||Bank-dependent|
|Bank accounts for foreign nationals in Germany||Yes|
|Required documents – companies||showing your company’s registration
appointee, director, or administrator with a valid ID
Further papers that the bank may require
|Required documents – individuals||Passport/ID
Valid residence permit in most cases
Proof of income/employment
Other documents as requested by the bank/per the applicant’s particular situation
|Special requirements for foreign nationals||Proof of financial history may be needed in some cases
EU nationals can be subject to different requirements compared to non-EU applicants
|Bank fees||Monthly fees can start at 3€
Banks can have offers for no monthly fees based on age or minimum monthly deposits
|Mandatory initial deposit||Bank-dependent|
|Types of accounts||Current account
Current account for pupils or students
Other banking and financial solutions
|Online banking options||Payment and transfer options
Financial management tools
Apple Pay and Android mobile payment
|Local agent requirements||Not necessarily; reccomended in some cases|
|Main banks in Germany||Deutsche Bank
Unicredit Bank and others
|Criteria for choosing the bank||Account management fees
Branch and ATM distribution
Mobile banking option
Other costs and/or offers