May 17, 2024

Drevo Poznaniya

Make Fun of Business

4 Top Tips On Opening A German Bank Account.

How To Open a Bank Account in Germany | The German Way & More

Is it feasible to create a bank account in Germany despite having an actual address?

Many foreigners planning to relocate to Germany pose this question.

Such an account is conceivable, but only just a few institutions permit it to be opened.

Due to German tax evasion law, candidates should present evidence of identity, which is significantly difficult across Europe.

A German banking account is required to rent out a room or home, acquire a mobile phone, acquire a salary check, or undertake business in this country.

Though relocating to a new nation may appear difficult initially, it will all get simpler with experience.

Germany’s financial industry, which may appear complicated at first, is actually rather thorough and reliable.

Therefore, if you have the proper documentation, establishing an account with a bank in Germany should be no issue.

In any case, if you need assistance, you can check out some business services in Germany from and get some insight on the best service to rely on.

With this, let us look at some tips and procedures one needs to take to set up a German bank account as a foreigner.

  1. A brief overview of Germany’s Banking system.

In Germany, there seems to be a “three-pillar” banking industry comprising financial institutions, cooperative banks, and state savings banks.

These include Sparkassen und Landesbanken, as well as cooperative banks, termed Genossenschaftsbanken in Germany.

Aside from them, there are a number of foreign banks, internet, and digital banks in Germany that are consumer-based and enable financing very straightforwardly.

There are two types of bank accounts common in Germany, they include;

  • Griokonto: A basic account is the most common form of bank account in Germany, and is often used to obtain paychecks and also pay bills. German banks often provide both basic accounts and specialty accounts.
  • Sparkonto: This is a savings plan account that may be created simultaneously with a Girokonto and used to invest funds while earning interest. Both German citizens and foreigners can create this sort of account.
  1. What you will require.

You require the necessary papers to create a bank account in Germany, these might include;

  • Passport or national id card (if you are a European Union citizen)
  • Registration proof (Meldebescheinigung)
  • Registration of students (in any case you wish to open a student account)
  • A completed application includes personal details, age, citizenship, residence, earnings, and so on.
  • An initial deposit (the least amount depends on which bank you are opening an account with)
  • Verification of salary, a statement of recommendation from your boss, pay stubs, and so forth. 
  • SCHUFA’s credit score

Most bankers may additionally want proof of funds, such as pay stubs or wage statements from your employment.

It’s useful to consult with the bank ahead of time and see if these and any other documents are required.

  1. Banks to open an account with.

Finance in Germany, like in most other nations, maybe complicated to comprehend completely.

Particularly for somebody who has only recently been introduced to it.

If you wish to create a bank account in Germany, it is critical that you learn the basics about the banking institutions in Germany including their products before submitting your request to either of them.

Private banks, savings banks, cooperative banks, and multinational banks are among the banking alternatives available in Germany.

You should go through all of your bank options and talk with reputable persons to choose the best course of action.

  1. Online Banking.

In Germany, there is the possibility of online banking, which does not have traditional offices but instead functions online.

Their operations are welcoming and extensive, and they are frequently less expensive than most other financial choices.

N26 is a well-known mobile bank that does not charge a fee to start an account and does not demand a registration certificate.

TransferWise is an England corporation and is another online option.

You can establish a bank account in minutes and utilize it from anywhere in the world, including Germany.


Because Germany has a powerful and well-organized banking industry, establishing a bank account should really be a short procedure if you have the necessary papers.

You, much like the majority of foreigners, undoubtedly have concerns about the process for obtaining a German bank account and even how finance in Germany works.

But just don’t sweat, we’ve already discussed them.

Make sure that you know all that you need to to grasp about opening a German bank account.

Seek assistance if you encounter any difficulties.