Opening a bank account is an essential step to becoming an expat. It will make it easier to pay bills, receive your salary, and withdraw cash at ATMs in your new country.
When it comes to opening a bank account in Germany, there are two things to keep in mind: documentation and scheduling.
German banks typically require a couple of legal documents to accept your bank account application. And they aren’t fans of walk-ins, so you’ll need to schedule an appointment first.
But no need to worry – this article covers everything you need to know about opening a bank account in Germany.
Types of bank accounts available in Germany
As you research German banks, you’ll notice that most offer the following types of bank accounts:
- Girokonto (current or checking account): A bank account for everyday transactions, such as sending and receiving money. It often includes a mobile app and online banking.
- Depot (securities account): A bank account for stocks and other investments.
- Festgeldkonto (savings account with limited access): A savings account where you put away money for a specific amount of time, such as a year or more. The interest rate is higher than the more flexible savings accounts.
- Tagesgeldkonto (savings account with instant access): A savings account where you can withdraw money at any time, but the interest rate is lower.
Banks in Germany may also offer bank accounts for students, children, seniors, couples, and more. Each account type is tailored to the target demographic. Student accounts, for example, include lower fees.
Documents you need to open a bank account in Germany
Germany is known for its bureaucracy. Thankfully, opening a German bank account as an expat is simple – as long as you have the right documents.
While opening your account, your bank will ask for proof of identity, such as a passport. It will also ask for your proof of address (Anmeldebestätigung). Anmeldebestätigung translates to “registration certificate,” which you’ll receive after registering your address at the citizen’s office (Bürgeramt).
A bank could also ask for your tax number (SteuerID). This is an 11-digit number you’ll receive after registering your address.
Be prepared to show your visa or residence permit as well as proof of employment or income.
Remember that each bank is different, so one bank might only want to see your passport, registration certificate, and tax number to set up an account. And another could also ask for proof of employment on top of these documents.
Reach out to banks directly to make sure you have all the right documents. This will save you from making repeat trips to your local branch.
3 steps for opening a bank account in Germany
When moving to a new country, there’s a lot of complex bureaucracy. But this doesn’t have to be the case for opening a bank account. Here are three steps to help you simplify the account-opening process.
1. Research banks in Germany
As the first step, do some online research to find the best financial institution for you. While it’s tempting to walk into the first bank you see, make sure your bank can fulfill most (if not all) of your financial needs.
For example, if you plan to send money abroad, ask about fees for international bank transfers.
Unfortunately, most banks offer this information only in German. Enrolling in online German classes will help you quickly boost your language skills so you can understand the banking services without relying on translating tools.
Facebook groups like Expats in Germany and Girl Gone International Berlin (for women expats) are great places to do extra research. Find region- or city-specific groups to get info about customer support quality or the availability of English-speaking employees at specific branches.
When you decide on a bank, also pick one or two alternatives in case your first option falls through.
2. Collect the necessary documents
Collect all of the documents you need before you go to open an account. This will save you time and prevent the frustrating experience of being turned away because you’re missing paperwork. You can look for this information on the bank’s website or by emailing or calling them directly.
3. Go to your local bank branch
While some German banks allow you to open an account online, branch visits are still a common practice. You’ll likely need to book an appointment first over email or phone.
During your visit, the bank employee will also help you set up your mobile banking app. After a few days, you can expect to receive your card and PIN by mail.
Before your branch visit, learn a few German phrases to feel more comfortable speaking to employees. Even if you do switch the conversation to English, it’s always a good idea to practice your speaking skills!
Further reading: Best apps to learn German and become fluent fast
11 banks in Germany to consider
Germany has almost 1,500 banks, which might complicate your choice, especially if you aren’t familiar with the different kinds of banks that exist in Germany. Here’s an easy breakdown of the different options at your disposal.
Private banks (Cash Group)
In Germany, the Cash Group refers to the cooperation of four national banks (Deutsche Bank, Commerzbank, HypoVereinsbank, and Postbank).
If you have an account with any of these banks, you can make ATM withdrawals with another Cash Group member for free.
1. Deutsche Bank
Deutsche Bank is a multinational financial service provider based in Frankfurt. They offer a variety of bank accounts alongside financial counseling, insurance, and loans.
Choose between the following accounts:
- Current account
- Youth account
- Savings account
- Investment account
To open an account, book an appointment on their website.
2. Commerzbank
Headquartered in Frankfurt, Commerzbank is another major bank with a network of 9,000 ATMs – thanks to the Cash Group cooperation. In addition to bank accounts, they provide loans, insurance, and trading of securities.
The bank offers these types of accounts:
- Current account
- Youth account
- Business account
- Savings account
- Investment account
Commerzbank allows you to open a current account online.
3. HypoVereinsbank
HypoVereinsbank (HVB) is headquartered in Munich. They offer loans, wealth management services, and financial products for businesses.
You can open these types of bank accounts at HVB:
- Current account
- Securities account
- Savings account
- Retirement account
Open a current account on the HVB website.
4. Postbank
Postbank is owned by Deutsche Bank and focuses on consumer banking products such as loans and insurance.
They offer a few different bank accounts:
- Current account
- Securities account
- Savings account
Postbank allows you to apply for a bank account online.
Savings banks (Sparkassen)
The German Sparkassen are local banks with services tailored to the region they serve. On the main Sparkasse website, you can find a list of their branches. Each region or city has its own Sparkasse website (such as Hamburg or Frankfurt), where you can learn more about their products.
1. Hamburger Sparkasse (Haspa)
The Hamburger Sparkasse covers the city of Hamburg. They offer bank accounts, insurance products, loans, and real estate services.
Haspa includes the following bank accounts:
- Current account
- Kids’ and youth accounts
- Savings accounts
- Securities accounts
Sparkassen in other regions (like Osnabruck) also offer similar types of products.
You can submit your bank account application on the Haspa website.
Cooperative banks (Volksbanken)
There are 737 cooperative banks in Germany with more than 30 million members. What makes these banks different is ownership. In a traditional bank, clients can’t influence their bank’s decisions. But when you become a member of a Volksbank, you also become a shareholder and influence its strategy.
1. Volksbank Freiburg
Volksbank Freiburg serves the city of Freiburg im Breisgau and the surrounding areas. Their members can access loans for different purposes, insurance, and retirement products.
With Volksbank Freiburg, you can open these accounts:
- Current account
- Kids’ and youth account
- Savings account
- Securities account
To open an account, book an appointment on their website.
International banks in Germany
In addition to German banks, you can also open an account with one of the foreign banks operating in Germany. Their products and services are similar to those offered by Cash Group banks.
1. Ziraat Bank
Ziraat Bank is a Turkish bank with branches in big German cities like Hannover, Cologne, and Munich. If you’re an expat from Turkey, Ziraat Bank allows you to send money back home at a lower rate.
You can open one of the following accounts:
- Current account
- Savings account
To open an account, book an appointment on the bank’s website.
2. Santander
Santander is a Spanish bank. You can find their branches all over the country, including smaller cities like Wolfsburg and Magdeburg. Like other private banks, Santander offers loans, insurance, securities trading, and financial advice.
The bank offers these types of accounts:
- Current account
- Student account
- Joint account
- Savings account
Book an appointment on the bank’s website to open your account.
Online banks
Online banks (also called “neobanks”) are fully digital, so no branch trips are needed to set up an account.
1. Comdirect
Comdirect is an online bank owned by Commerzbank. They offer loans in addition to standard bank accounts.
You can apply for one of these accounts:
- Current account
- Joint account
- Youth account
- Savings account
- Securities account
To apply for an account, fill out a form on the bank’s website.
2. N26
N26 is a German online bank. They have credit, insurance, and even crypto investing products.
The neobank provides these accounts:
- Current account
- Savings account
Open an account by filling out the application on the N26 website.
3. Wise
Wise is a neobank and money transfer service that offers:
- Current account
- Savings account
Although Wise doesn’t offer loans, they’re a great choice if you want to send and receive money easily. You can register for an account on their website.
Prep to bank in German with online lessons
Banking in Germany might seem intimidating. But learning German will build your confidence in all things money-related. And before you know it, you’ll be able to talk about monthly fees and credit cards with ease.
Preply helps you find online German tutors who are native speakers. They’ll tailor the lessons to your unique needs and learning level, which will help you make quick progress. Plus, Preply tutors cover all time zones, so you’re guaranteed to find one who can work with your busy schedule.
