Banking

Steps

1. Choose your bank (online bank, Sparkasse savings bank, Volksbank cooperative bank, major bank). Compare fees: a current account (Girokonto) is rarely free without conditions.
2. Prepare your ID. The bank must verify your identity and address (§ 154 para. 2 AO and the anti-money-laundering law). A valid passport or identity card is accepted (BaFin). Many banks also ask for the Meldebescheinigung (certificate of residence after the Anmeldung, see DE-SEJOUR-TOUS-001): a common practice, but for the Basiskonto, a postal address is enough if you do not yet have a fixed home (BaFin).
3. Give your tax number (Steuer-ID, see DE-NIF-TOUS-001). The bank must record it (§ 154 para. 2a AO). If you do not have it yet, the bank must request it itself from the Bundeszentralamt für Steuern before the end of the third month after the account is opened (§ 154 para. 2b AO): not having it therefore does not necessarily block the opening.
4. If a bank refuses or drags its feet, apply for a Basiskonto using the official form (Annex 3 of the ZKG), which the bank must give you free of charge (§ 33 ZKG). It must offer you the contract within ten working days at the latest after a complete application and confirm receipt in writing (§ 31 ZKG).
5. If the refusal is unjustified, contact BaFin (the federal financial supervisory authority): the procedure is free, with a copy of your application and of the refusal. If BaFin rules in your favour, it orders the account to be opened (BaFin).
6. Think about transfers: in the euro area, banks must be able to send and receive instant transfers, at the same price as a standard transfer, and check the beneficiary's name before sending (Regulation (EU) 2024/886, in force for sending since 9 October 2025).
7. Request your Schufa copy a few weeks after you arrive: it is in principle free (Article 15 of the GDPR) and lets you correct any error (BfDI).

Documents

• Valid passport or identity card.
• Meldebescheinigung (often requested; not compulsory for the Basiskonto).
• Steuer-ID (if you already have it).
• For a loan: payslips, employment contract, bank statements, tax assessment notices, personal contribution.

Costs and timelines

• Basiskonto: the bank may only charge "reasonable" fees (§ 41 ZKG, according to BaFin). Timeline: ten working days after the complete application.
• Euro payments within the EU: same price as a domestic payment (transfers, withdrawals, cards, direct debits) (Your Europe).
• Disputed direct debit: refund possible within 8 weeks (Your Europe).
• Fraud: in the event of an unauthorised payment, your liability is capped at €50, and at zero if you could not have noticed the loss or theft (Your Europe).
• Schufa data: negative payment information is in principle deleted three years, to the day, after the incident is settled (the agencies' code of conduct, cited by the BfDI).
• Mortgage: the bank must check that you are likely to repay (§ 505a BGB). You then have a right of withdrawal or, in some cases (notably a loan signed at the notary), a cooling-off period of at least seven days before signing (§ 495 BGB).

Common pitfalls

• Having your foreign IBAN refused. For a SEPA transfer or direct debit, your counterparty cannot demand a German account if it accepts domestic accounts. Complain to the competent authority of the counterparty's country (Your Europe). In Germany, BaFin says so: it is IBAN-Diskriminierung, contrary to the SEPA regulation. If it is a bank, report it to BaFin; for any other company, contact the SEPA complaints service of the Wettbewerbszentrale (centre for combating unfair competition).
• Opening a Basiskonto when you already have a German account. The bank may refuse in that case (BaFin).
• Ignoring your Schufa file. An unpaid bill can be entered there, under conditions (for example after two written reminders, according to the BfDI), and get in the way of your search for a home. Keep an eye on your direct debits, especially during your first year.
• Borrowing to buy as soon as you arrive. The law has no specific rule for foreigners on mortgages, but the bank judges your creditworthiness: a recent employment contract still in its probationary period, income in a foreign currency or a small deposit can complicate the application (banking practice: criteria vary from one bank to another, compare several offers).
• Cash. Many shops and private individuals still prefer it (see DE-VIE-TOUS-001): keep a compatible withdrawal card.

What changes by country of origin

• EU residents (all nationalities): right to the Basiskonto (§ 31 ZKG). Swiss and British citizens who are legally resident in Germany are entitled to it too, since the criterion is legal residence in the EU, not nationality.
• Euro-area countries: you can keep your home-country account to receive your salary and pay your bills in euros (ban on IBAN discrimination).
• Outside the euro area (Switzerland, United Kingdom, EU countries without the euro): transfers in francs, pounds or another currency incur exchange fees; a euro account in Germany is in practice indispensable.