One of the things you want to do when you are relocating to Germany is to open a German bank account. The same could apply to if you are visiting, especially if you will be saying for over a month. Your expenses could increase substantially due to the exchange rate from the currency of the country of the bank you are using to the currency in Germany. However, if you will be earning some income from Germany, it will be best for the money to be paid into a German bank account and where you can spend it with the same currency.
Fortunately, it is not too difficult to open a bank account in Germany and there are different options. This article will discuss the different options to open a bank account in Germany and the requirements. You can always read about the banks in Germany on Erfahrungenscout to know the best bank for you to patronize.
Different types of account you can open in Germany
Just like in most other countries, there is a current and savings account. The current account makes it easy for you to have access to your money at any point in time. It doesn’t provide you with interest and you might have to pay some charges. The savings account, on the other hand, allows you to keep the money for some time on which the bank can provide you with interest. As a young person in Germany, you can open a student account (if you are a student), which will provide you with a current account with no charges.
Types of banks in which you can open an account in Germany
There are many types of banks you can decide to patronize in Germany. There are private banks, public banks and cooperative banks. However, these banks requirements are more including having a registered permanent address in Germany. Without the address, you won’t be able to open a bank in Germany. However, they are the major types of banks in Germany that you should open an account with especially if you are going to be staying in the country for a very long time.
Another option you can opt for is online German banks. Many of these banks run completely online and do not require as many strict requirements as the traditional German banks. However, you should carry out your due diligence by carrying out proper research about the reputation and sustainability of the mobile bank before opening an account. This will help to avoid a situation where you will lose your money.
The easiest option to open a bank in Germany is to open with online banks that operate internationally. An example of such a bank is Transferwise. With this type of bank, you could easily operate an account that you can use in several countries. The account supports several currencies and claims to exchange with the official rate of the country. Hence, you won’t lose money to the exchange rate. When you accept payment through a particular currency, it is also kept in that currency meaning you can spend without any conversion taking place.
Requirements to open a bank account in Germany
If you want to open an account in Germany, especially in a traditional bank, the following will be required of you:
- An application form duly completed.
- Current residence permit in Germany and valid passport.
- Proof of your address/registration.
- Initial deposit (different banks have minimum deposits).
- Proof of employment or source of income
- Proof showing you are a student If you want to open a student account
- Some banks ask for SCHUFA credit rating.