If you want to join Berlin’s burgeoning startup culture or advance your financial career in Frankfurt, Europe’s own Main-hattan, you’ll eventually need a German bank account.
Opening a bank account in Germany should be a simple process, as long as you have the necessary papers.
Can you open a German bank account remotely or online?
While some banks require you to arrange an appointment and visit a branch to open a bank account, you can usually submit your application online.
However, many bank websites (including those of big banks such as Deutsche Bank®) only provide online account opening choices in German, so submitting an online application will be difficult if you do not understand the language.
In any event, you must be physically present in Germany to apply for your account. This is because you can only receive some of the necessary paperwork (and finish the account opening process) once you arrive in the country.
What documents do you need?
To create a bank account in Germany, you will need to provide documentation proving your identity, residence, and legal standing in Germany.
For example, Berliner Sparkasse requires the following documents:
- Your passport or national identification card (if you are an EU citizen)
- Your residence permit, unless you are an EU citizen.
- Proof of registration.
- Student registration (to open a student account)
Some banks may additionally need documentation to confirm your income, such as pay stubs or a salary statement from your job.
It is best to verify with your bank ahead of time to see if these and any other documents will be required.
Meldebescheinigung: Proof of registration
If you intend to live in Germany permanently, you must first register your residence with the local administration, known as the Bürgeramt. The process is known as Meldebescheinigung, and you must complete it each time you move your address.
To complete the process, fill out a form (which you can print from your local Bürgeramt’s website) and bring it to the Bürgeramt office with your passport or identity card.
This paper is your formal proof of address, thus you must register before opening a bank account. You’ll also need it to acquire a job and enroll in the national health insurance program.
Verification of identity for online customers
German banks, like those in most other countries, are legally compelled to verify your identification.
This is not an issue when you open an account at a branch, because a bank staff will inspect your passport or national identity card and verify your identity in person. However, if you choose to open your account online, you must authenticate your identity by another means.
In Germany, PostIdent® is a standard means to verify your identity. Additionally, many banks now provide various video identity verification services you may set up from your phone.
For PostIdent, you must download an identity verification sheet from your bank’s website and deliver it to your local post office along with your passport or national identity card. You will next be given another paper to sign and send to your bank. In most cases, your bank will cover the cost of this treatment.
Where VideoIdent is available, the process is usually simpler and does not involve a trip to the post office. Based on their possibilities and your unique scenario, your bank will notify you whether or not this service is accessible for the account you’ve selected.
You can also get your identification certified by a lawyer or notary. Again, download the identification verification paperwork and bring it to your lawyer together with your passport or national identity card.
Finally, depending on your nationality, a German bank may accept verification provided by your home bank. You can contact a customer service professional ahead of time, and they will walk you through the process.
What’s the best German bank for you?
Banks have a lengthy history in Germany. There are thousands of banks, divided into three categories: private banks, cooperative banks, and public-access banks.
Despite their differences, most banks provide quite comparable goods, such as basic bank accounts, student accounts, and business banking services.
Deutsche Bank, Commerzbank, Postbank, and Hypovereinsbank are among Germany’s largest banks. Together, they form the Cash Group (more on this later).
Here’s what they all have to offer.
Deutsche Bank
Deutsche Bank is possibly the best-known German bank.
The two main bank accounts, BestKonto and AktivKonto⁴, include a linked payment card and may be opened online. A word of caution: the online application process is entirely in German.
The primary distinction between the two accounts is that BestKonto has a higher monthly price (€13.90 against €6.90) and additional benefits.
Das Junge Konto, a free student account, comes with a connected card that allows for free cash withdrawals in chosen countries.
There is also a selection of services for enterprises and freelance professionals. These include corporate treasury services, institutional client services, and business solutions provided by Deutsche Bank, Postbank®, and the digital bank FYRST.
Commerzbank
Commerzbank® offers a free basic bank account and a premium account, PremiumKonto, with free international ATM withdrawals⁵.
Commerzbank offers a variety of student account alternatives to meet the needs of persons doing internships and fresh graduates.
Commerzbank provides business services such as specialized bank accounts and point-of-sale systems. You will also receive financial advice.
Commerzbank’s website includes a great English translation. Unfortunately, you cannot apply for a bank account online.
Postbank
Postbank offers checking accounts with monthly fees ranging from €0 to €5.90, based on features and account balance⁸.
If you are under 22, you can open a free student account (Giro start direkt⁹). You can apply online with video verification, and there are additional benefits such as referral bonuses.
The monthly price for Postbank’s Business Giro¹⁰ account starts at €5.90 and includes several features. The ultimate monthly cost you pay will be determined by your account balance, so read the terms and conditions carefully before signing up.
HypoVereinsbank
HypoVereinsbank® offers a variety of bank accounts that you may apply for online. However, the website is in German, which may be difficult if you don’t speak the language.
HypoVereinsbank offers a Plus checking account with no monthly fees for 2 years and a free debit card¹¹.
The bank provides business accounts, including the HVB BusinessAccount 4You¹², a modular account that can be customized with additional features as needed.
What are the costs of opening a bank account in Germany?
Most German banks provide free bank accounts, which include a free debit card and free online banking as usual.
A basic account should be sufficient for the majority of your daily banking needs. However, there will be few perks.
If you want more services, like free travel insurance, you’ll need to upgrade to a premium account and pay a monthly price.
ATM Fees
Germany’s four main banks and their subsidiaries form the Cash Group®¹³. This implies that if you bank with one of Germany’s four major banks and use any of their ATMs, you will be able to withdraw cash for free.
However, using another ATM may result in very high fees (up to €5 for each withdrawal).
Some banks provide free withdrawals from foreign ATMs if you have a premium bank account. However, while there will be no fees for making the withdrawal, you may encounter an unfavorable exchange rate.
As a general rule, avoid withdrawing foreign currency from an ATM. If this is not possible, you should at least make the withdrawal in local currency to reduce costs.
International transfers
German banks frequently charge fees for foreign money transfers outside the eurozone.
However, if a bank claims that foreign transfers are commission-free, it is possible that the bank’s fees are simply rolled up into the exchange rate.
You should also examine whether the foreign bank will impose a fee for the incoming transfer, as this would increase the overall cost.