Opening a German bank account is one of the first practical steps you'll need to take when moving to Germany. You'll need it to receive your salary, pay rent, set up insurance, and handle everyday transactions.
The good news? While the process involves some paperwork, it's straightforward once you know what to expect.
A German bank account is essential for:
| Purpose | Why It Matters |
|---|---|
| Receiving salary | Most German employers pay only to German accounts |
| Signing a rental contract | Landlords require German IBAN for rent payments |
| Setting up insurance | Health, liability, and other policies need a German account |
| Direct debits (Lastschrift) | Common payment method in Germany |
| Building credit history | Helps with future financial applications |
While international cards work for some purchases, many German businesses prefer or require local bank transfers.
Germany has several types of banks:
| Bank Type | Examples | Features |
|---|---|---|
| Traditional banks | Deutsche Bank, Commerzbank | Full services, branch network |
| Savings banks | Sparkasse | Regional, widespread ATMs |
| Cooperative banks | Volksbank, Raiffeisenbank | Regional, member-owned |
| Online/mobile banks | N26, DKB, ING | No branches, often free |
| International banks | HSBC, Citibank | Multi-currency options |
The standard account for daily banking:
| Feature | Details |
|---|---|
| Used for | Salary, bills, rent, transfers |
| Debit card | Usually included (Girocard and/or Visa/Mastercard) |
| Monthly fees | €0–€15 depending on bank |
For setting money aside:
| Type | Features |
|---|---|
| Instant access | Withdraw anytime, lower interest |
| Fixed-term (Festgeld) | Higher interest, money locked for set period |
Fully online banking:
| Features | Details |
|---|---|
| No physical branches | All banking via app |
| Quick setup | Often same-day approval |
| Multi-currency | Sometimes available |
| Examples | N26, Revolut, Wise |
| Document | Purpose |
|---|---|
| Valid passport | Identity verification |
| Visa/residence permit | Proof of legal residency |
| German address | Registration (Anmeldung) confirmation |
| Proof of income | Some banks require this |
| Document | When Needed |
|---|---|
| SCHUFA credit report | Traditional banks may check |
| Student enrollment | For student accounts |
| Initial deposit | Varies by bank |
Not all banks require all documents. Online banks typically have fewer requirements.
1. Choose your bank — Research options and fees
2. Gather documents — Bring all required paperwork
3. Visit the branch — Some banks offer English service
4. Complete identity verification — Usually on-site
5. Receive your cards — Typically mailed within 1–2 weeks
1. Choose a digital bank — N26, DKB, ING, etc.
2. Start online application — Fill in personal details
3. Verify identity — Via video call (VideoIdent) or PostIdent at a post office
4. Receive confirmation — Often within 24–48 hours
5. Cards mailed — Or use virtual card immediately
SCHUFA (Schutzgemeinschaft für allgemeine Kreditsicherung) is Germany's main credit scoring agency.
| Factor | Impact |
|---|---|
| New in Germany? | No SCHUFA history—some banks may hesitate |
| Digital banks | Often don't require SCHUFA check |
| Building credit | Regular payments and responsible banking improve score |
If you're new to Germany with no SCHUFA history, consider starting with:
| Factor | Questions to Ask |
|---|---|
| Language | Is English customer service available? |
| Fees | Monthly account fees? ATM withdrawal fees? |
| ATM access | How extensive is the ATM network? |
| Online banking | Is the app user-friendly? |
| International transfers | What are the fees for sending money abroad? |
| Card options | Girocard? Visa? Mastercard? |
Online banks like N26 or DKB often:
Maintain your existing bank account while you establish in Germany. Useful for:
If you'll transfer money internationally, consider banks with multi-currency features (Wise, Revolut) to reduce fees.
Complete your Anmeldung (address registration) before applying for a bank account—most banks require this.
| Challenge | Solution |
|---|---|
| No SCHUFA history | Try online banks like N26 |
| Language barrier | Choose banks with English service |
| No permanent address | Some banks accept hotel addresses temporarily |
| Slow approval | Online banks are faster than traditional |
Opening a German bank account is a key step in settling into life here. With the right preparation and choice of bank, the process can be quick and painless.
At Stay, we help international residents navigate the practical aspects of life in Germany—including banking. If you'd like guidance, we're here to help.