Within a month of landing you will find that Germany runs on transfers. Rent leaves your account on the first of the month, your employer wants an IBAN, the broadcasting contribution and the electricity provider ask for a direct debit. Nobody pays rent with a foreign card. Getting a bank account in Germany is straightforward for most EU residents, with one right that is worth knowing about before you walk into a branch.
What do you need to open a bank account in Germany?
At minimum, a valid passport or ID card. German banks have to verify your identity and address under anti-money-laundering law, and the supervisor BaFin says that a passport or ID card is accepted. Many banks also ask for the Meldebescheinigung, the registration certificate you get after your Anmeldung. That is a common practice, not a legal requirement for every account type, so do the Anmeldung first.
The bank must also record your tax ID (Steuer-ID, § 154 of the Fiscal Code). If it has not yet arrived, the bank is allowed to obtain the number itself from the federal tax office within three months of opening the account, so a missing number does not necessarily block you. Our article on the Steuer-ID explains when it arrives.
For a loan, a bank asks for much more: pay slips, an employment contract, bank statements, a tax assessment and your own contribution.
Which kind of bank should you choose?
Germany has four families: large private banks, savings banks (Sparkassen), cooperative banks (Volksbanken) and online banks. The current account is called a Girokonto. It is rarely free without conditions, so compare monthly fees, card costs.
For a newcomer, three practical points matter more than the logo: whether you can open the account online or by video call before you have a registration certificate, whether the account comes with a card accepted abroad, and whether the bank supports English. Some shops, cafés and small businesses still take only cash or a particular debit card, so keep a little cash in your wallet.
What if a bank refuses you? The Basiskonto
If you are a consumer legally resident in the EU and have no payment account in Germany, you are entitled to a Basiskonto (basic account). The bank must offer you the contract within ten working days of a complete application and confirm receipt in writing (§ 31 of the Payment Accounts Act). It covers transfers, direct debits, cash payments and a debit card. The bank may charge only reasonable fees.
Practical points from BaFin:
- The bank must hand you the official application form free of charge.
- For the Basiskonto, a postal address can be enough if you have no fixed home yet.
- A bank may refuse if you already have a payment account in Germany.
- If a bank refuses wrongly or does not respond, you can complain to BaFin at no charge, attaching your application and the refusal. If BaFin sides with you, it can order the account to be opened.
If you are not sure which type of account fits your situation, or you were turned away and cannot tell whether the refusal is justified, Moovy can explain the rules in plain English and help you word the complaint. It does not open accounts or choose a bank for you.
Can you keep your foreign account?
Yes, and EU rules protect you. If you are paid in euros, your home-country euro account still works for transfers and direct debits inside the single euro payments area (SEPA). A German company that accepts direct debits from German accounts cannot refuse an EU IBAN just because it comes from another country. This is called IBAN discrimination, and BaFin treats it as a breach of the SEPA rules. If a bank does it, report it to BaFin. For other businesses, the Wettbewerbszentrale runs a SEPA complaint service.
Outside the euro area the picture changes. Transfers in Swiss francs, pounds or other currencies cost foreign-exchange fees, and the protection covers EU accounts only. If you come from Switzerland or the UK, you will want a euro account in Germany. Euro payments across the EU cost the same as national ones. Instant transfers are now standard in the euro area and banks must check the beneficiary's name before sending.
What is the Schufa and why does everyone mention it?
The Schufa is a private agency that holds credit data. Landlords, phone operators and lenders ask for its report. It is supervised by the data-protection authority of the Land where it is based. You have a right to a copy of your data under Article 15 of the GDPR, normally free of charge, according to the federal data-protection commissioner.
Newcomers often have an empty file. That contains no negative information, but some landlords are wary of it. Prepare other evidence: an employment contract, bank statements, a letter from a previous landlord. Our renting in Germany guide explains what landlords ask for. Negative payment entries are in principle deleted three years after the incident has been settled. Watch your direct debits in the first year, because an unpaid bill can be recorded after reminders and make flat hunting harder.
How do mortgages work for newcomers?
A bank must check that you are likely to repay a property loan (§ 505a of the Civil Code). The law has no special rule for foreigners, but a short job history, a probation period, income in another currency or a small down payment can complicate the file. Practice differs between banks, so ask several for offers. For some loans, including notary-signed ones, you must have at least seven days to reflect before signing or a right of withdrawal. The whole purchase process is in buying property in Germany.
Which mistakes should you avoid?
- Arriving with no registration certificate. Without it, many banks will not open a standard account.
- Opening a Basiskonto when you already have a German account. The bank can refuse.
- Accepting a refusal on your foreign IBAN when the company takes German ones.
- Ignoring the Schufa. Request your copy a few weeks after you arrive and correct any error.
- Relying on a card alone. Keep a little cash for places that do not take cards.
How do you open a bank account in Germany, step by step?
- Pick the type of bank and compare fees, card costs and language support.
- Prepare your papers: passport or ID, registration certificate, tax ID if you have it.
- Apply online, by video call or in a branch. Practice differs between banks; some providers can open the account before you hold a registration certificate, others cannot.
- If the bank refuses or stalls, ask for the basic account with the official form, which the bank must give you free of charge.
- Give your new IBAN to your employer, landlord and the broadcasting contribution service. See our Rundfunkbeitrag guide.
- Ask for your Schufa copy a few weeks later.
Opening a bank account in Germany is usually quicker once you hold the registration certificate, so schedule the registration appointment first.
What protections do you have on payments?
In the euro area, payments within the EU cost the same as national ones: transfers, withdrawals, cards and direct debits. If a direct debit was taken in error, you can usually ask for a refund within eight weeks. For an unauthorised payment, your share of the loss is capped at €50, and at zero if you could not have noticed the loss or theft. Keep your card details safe, and report a loss to your bank at once. These rules come from the EU's consumer information portal, Your Europe.