Opening a bank account is an important step for those arriving in Germany, making it much easier to manage everyday life. Having an account simplifies paying rent, bills, insurance, utilities, internet, and many other expenses. Since many employers in Germany transfer salaries exclusively to a German account, opening one is often also a prerequisite for receiving pay.
In most cases, opening an account is straightforward. Options include private and public banks, savings banks (Sparkassen), cooperative banks, and a wide range of online and mobile banks. International banks are also represented.

Opening a new account

Most banks offer both free and fee-based accounts with different features depending on individual needs. To open a new account, banks generally require a passport, a registration certificate confirming the home address, and a German tax identification number. Depending on the bank, proof of income or a residence permit may also be required. Further information on the tax identification number can be found here.

Restrictions

Some banks have specific requirements for opening an account that can vary depending on nationality or residence status. Many banks also check the Schufa score. The Schufa (Schutzgemeinschaft für allgemeine Kreditsicherung) is a German credit agency that collects information on the creditworthiness of individuals. A negative entry can result, for example, from unpaid bills or debts and this can make opening an account more difficult. Those who are new to Germany generally have no Schufa record yet. This does not mean that opening an account will be straightforward at every bank. At certain banks such as DKB, difficulties can still arise. Many banks also offer their customer service primarily in German, which can be an additional challenge. Online banks such as Revolut offer more flexible alternatives, often with fewer requirements and services available in multiple languages.

Basic account

Anyone who is initially unable to open a regular account at a bank has a legal right in Germany to what is known as a basic account (Basiskonto). This right applies to all persons legally residing in the EU, regardless of Schufa record, residence status, or nationality.
The basic account works like a regular current account: cash can be deposited and withdrawn, transfers can be made, direct debits can be set up, and payments can be made with a debit card. There is no overdraft facility and no credit card, and account management fees may be higher than with a regular account. The basic account is therefore best seen as a transitional solution until a regular account can be opened.

Tips for choosing an account

When choosing a bank, it is worth thinking about the type of account needed – for example a current account for everyday use, a savings account, a student account, or a basic account to start with. The services on offer also matter, such as online banking, mobile apps, free account management, or the option of a credit card. Fees for transfers, cash withdrawals, and ATM use are equally important to consider.
Before opening an account, it is advisable to read the terms and conditions carefully and look out for any additional charges. It is also worth staying alert to fraudulent emails or calls posing as bank communications.
Banks offering account opening for newcomers to Germany:

• Revolut
• ING
• Deutsche Bank
• HypoVereinsbank
• Commerzbank
• Postbank
• Volksbank
• Sparkasse
• N26
• C24 Bank
• BBBank