Germany is a popular destination for expats, thanks to its robust economy and vibrant culture. One of the first things you’ll need to do upon arrival is open a bank account. Having a local account is essential for receiving your salary, paying rent, and managing day-to-day expenses. Here’s how to open a bank account in Germany as an expat.
Types of Bank Accounts in Germany
- Girokonto (Current Account): Used for daily transactions, including receiving wages and paying bills.
- Sparbuch (Savings Account): Ideal for saving money with modest interest.
- Business Accounts: Tailored for freelancers and business owners.
For most expats, a Girokonto is the first choice.
Step 1: Gather the Required Documents
To open a bank account in Germany, you’ll typically need:
- Valid Passport or ID: A non-EU citizen may also need a visa or residence permit.
- Proof of Address (Meldebescheinigung): You’ll need to register your residence at the local Bürgeramt.
- Proof of Income: Required by some banks, especially if you’re applying for an overdraft or credit account.
Step 2: Choose the Right Bank
Germany offers a mix of traditional and digital banks.
- Traditional Banks: Deutsche Bank, Commerzbank, and Sparkasse offer reliable in-branch services.
- Digital Banks: N26 and Revolut are great options for expats who prefer app-based banking.
Tip: Digital banks often allow you to open an account without speaking German or visiting a branch.
Step 3: Visit the Bank or Apply Online
- Traditional Banks: Schedule an appointment and bring your documents. Many banks offer services in English.
- Digital Banks: Simply download their app, upload your documents, and verify your identity via video call.
Step 4: Activate Your Account
Once your application is approved, you’ll receive your account details, debit card, and online banking credentials. Ensure you activate your card and set up online banking to start using your account.
Additional Tips for Expats
- Language Barrier: If you’re unfamiliar with German, bring a friend or choose a bank that offers English support.
- Bank Fees: Check for monthly maintenance fees and hidden charges. Some banks waive fees if you meet minimum deposit requirements.
- Tax ID: Once you start earning, you’ll need a Steuer-ID to associate with your account for tax purposes.
By following these steps, opening a bank account in Germany as an expat can be a straightforward process.