Welcome to our German, now since you have completed your city registration with either temporary accommodation or permanent apartment, you are ready to open a bank account in Germany. In this section we will guide you on how to open a bank account in Germany.
We understand that the process can be overwhelming and confusing at times since you just arrived in Germany, that's why we've created this resource to provide you with clear and concise information on the requirements and steps involved in opening a bank account. Our goal is to simplify the process for you and help you make informed decisions when choosing a bank that best fits your needs. Let's get started!
For receiving your salary, paying the rent & utilities and shopping for groceries, you need a German bank account. You can only open the bank account once you have completed your city registration as that document will be used as a resident proof.
There are different banks in Germany you may use to open a bank account. Depending upon the banks, you may get a free checking account (for one year or for lifetime) or a paid checking account. For the paid account, you need to pay a monthly fee to the bank (usually on a quarterly basis) to keep your account active.
For example, Deutsche Bank charges €6.9 per month for normal account with a free Girocard (a mastero debit card with you IBAN number printed on it, which you can use to withdraw money from the bank and do shopping in the supermarket (contactless)). If you need a master card (16 Digit for online shopping) with the bank account, it is free for the first year and then you have to pay €18 annually.
For Commerzbank, you will get a free account if the total credit amount is more than €700 or €800 per month with a free Girocard. However, if you need a master card (16 digit), you have to pay €3.5 per month.
Note: Please refer to the bank’s website for the updated fee structure.
There are various Central and Local Banks in Germany, and you may select anyone of them for account opening. However, please read the terms and condition before opening a bank account. Once you have shortlisted the bank, visit their respective website and read the process of opening the bank account.
For some bank, you may need to take an appointment with the bank (e.g., DB) while for others, you may simply fill the form online, take the printout of the form and go to the bank and submit the form with your documentation (e.g., Commerzbank). Additionally, you can also try the online banks. These banks provide you a free Euro Account (with 16 Digit Card). However, the only downside of these banks is that the do not have any physical branch. You can only connect with them via chat (from their APP) or by phone number, if you have any query or question. Moreover, they do not provide the wide variety of banking services unlike the traditional banks but are quite popular (e.g., Wise, Revolut, N26).
However, the Online bank may not necessarily provide a German IBAN, and you might get IBAN from any other European country. But the major advantage of these banks is, you can see the updated bank statement in real time. With DB and CB, you may see the updated account status after few days only.
Explanation: If you have used your DB or CB card, you will not find the transaction on your account in real time and will take 2-3 days before appearing on your account statement. Also, you will not get SMS or Email for ab transaction. Additionally, please check from which bank’s ATM you are allowed to withdraw money for free – if you use other bank’s ATM, you might be charged from €3.5 to €5 per withdrawal.
Note: Euronet ATM are always chargeable and hence should be avoided if you don’t want to incur any additional fee for cash withdrawal.
Once you have done your own comparison and decided which bank suits you the most, you need to have the following document handy:
a. Passport
b. Visa
c. City Registration
d. Tax Number (can be provided later)
Note: The list is not exhaustive, and banks may ask for additional documents as per their process.
Depending on the bank you have chosen, you may take an appointment and visit the nearest branch or fill up the online application form. Once the application form is filled, you need to take the printout to the nearest branch.
Once the account is opened, you can provide your employer your banking details – IBAN and BIC code for salary processing. In the meanwhile, the bank will mail you your Girocard (and master card if you have applied for it) and Pin separately. Now you have completed one more step towards simplifying your life in Munich.
Note: ATM withdrawals are chargeable if you are trying to withdraw money from any other bank’s ATM. Some of the ATM will inform you that there are charges associated with your withdrawal and some might not, but you will end up seeing charges when you will review your account statement later. You should try to withdraw money from your own bank’s ATM unless there is an emergency.
Note: Your Girocard may not work outside of Germany, and you cannot use it for online shopping as it doesn’t have a 16-digit card number bus instead have your IBAN number on the card. While is Germany, you can use it for shopping, cash withdrawal, contactless payment.
Disclaimer: We are not promoting any bank or services. The content mentioned is based on our personal experience and you can use your own judgement.
We hope you find it informative and helpful as you embark on this exciting new chapter in your life in one of Germany's most dynamic and exciting cities.
Views and experience are personal, please discuss with bank for more detailed information.
Photo by Tim Hüfner on Unsplash
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