Opening a bank account in Germany was once very troublesome for newcomers, but thank goodness, that is no longer the case. Opening an account takes only a couple of documents, and then one can begin sending and receiving payments.
In case you intend to live in Germany in the long term, you will also need a German bank account (current account) to rent an apartment. Or to have your salary transferred to you by bank transfer, to give just two examples. But you will also be capable of using your debit card (Girokarte) in your everyday life, e.g. when you pay in the supermarket. You may also use your debit card in other European countries that also use the euro as currency.
Which documents will you require to open a German bank account
Next, the paperwork, you are going to apply to your new German bank account. Different banks might have different requirements, but in most cases, you will be required to have the following:
- Legal visa or residence permit.
- Evidence of where you live/registered (Anmeldung).
- Income/employment evidence (most banks need this, depending on the account you wish to open).
- SCHUFA credit rating (this might be requested by some banks).
- Evidence of student status, should you want a student account.
- IDs Proof.
Visa/ residence permit
You will also be asked to present your evidence of your visa to get into the country, besides your ID. It is also likely that you could find it hard (and not impossible) to open a bank account in Germany without a residence permit.
Anmeldung registered address/proof
Anmeldung document is a registration certificate that demonstrates that you reside at a particular address. There is also another document, Meldebescheinigung, which shows that you still live at that address. The Anmeldung you receive only once, though you can apply for a new Meldebescheinigung at any time. The documentation you want can be obtained by applying at your local Burgeramt (citizen office).
Income/employment evidence
This will not be a requirement in all banks, but some might demand to get evidence of your annual/monthly income and job information. You should confirm with the bank as to what they exactly will accept but the following should do:
- Bank statements recently obtained.
- Pay slips.
- A letter from your employer.
- SCHUFA credit rating.
What are the steps to opening a bank account in Germany as an expat
Assuming you have just arrived in Germany, here is a brief walk-through on how to open an account online:
- Visit the website of your preferred bank to print and download the Girokonto application form.
- Prove who you are. Bring the filled application form, a filled-in PostIdent form, your passport and Anmeldung/Meldebescheinigung to a Deutsche Post office that is nearby.
- Present the application form and the signed identity verification to a bank of your preference.
- Await verification.
Yet, being a foreigner, and especially without your Anmeldung/Meldebescheinigung in hand, you may be more comfortable going to a branch of a bank. There should be an English-speaking customer service representative, hopefully there to help you through the process. You can also confirm your identity personally, without having to undergo the verification process, with the help of the so-called PostIdent.
Cashless payments
When you want to make a payment in Germany and do not carry cash, there are credit cards and so called Girokarte available. The Girokarte is like a debit card, and most banks offer the Girokarte at no cost when opening a current account. With a credit card, though, you will normally be charged a fee.
The biggest contrast between the two cards is the cycle of billing cycle. When you make a payment using your debit card, the amount is deducted from your account immediately, whereas when using a credit card, it is debited together at the end of the month.
A debit card is enough for your daily life in Germany. However, in purchases that require a deposit to be paid, you will most probably need a credit card. Examples like checking into a hotel or hiring a car are some of the best.
Online shopping will allow you to pay the money by credit card, by instant bank transfer (Sofortuberweisung), Giropay (an internet-based payment system founded on online banking), or PayPal as well.
Opening an account in the bank
The documents which you usually need to open a bank account are:
- A valid passport.
- A residence permit.
- A registration certificate.
- Payslip (depending on the type of account).
Online banking
A good number of individuals conduct their banking activities through internet banking. It can not only be performed at a direct bank (online solely) but also at a branch bank. A branch bank will also enable you to deposit cash into your account present at the branch, and you can request one-to-one consultations. Direct banks provide their services online and by phone. However, you do not visit an on-site branch.
Cash payments
Germany continues to highly regard cash compared to other countries. Supermarkets and larger stores nearly always have the cashless payment option (credit or debit card). Although a good deal of smaller stores and parking ticket machines do not accept anything but cash. At corner stores (Kiosks) or takeaway shops, especially, you have to pay with cash, or cashless payment is only possible in case you spend a definite minimum amount. To that end, you would want to ensure that you carry some amount of cash with you every day.
You can also view these posts:
Getting Germany’s passport
Things to know before immigrating to Germany
Frequently Asked Questions on Germany
