Setting Up a Bank Account
Many everyday transactions in Germany are settled cash-free via a bank account. It may be advantageous for you to open a German bank account.
Do I need a German bank aacount?
If you want to withdraw cash in Germany, make cross-border transfers or make cashless payments in shops and you use your foreign bank account, there are usually fees for this. The conditions depend on your foreign bank. In addition, companies or landlords may refuse to collect money from or transfer money to an account in another EU country due to the fees. You can avoid these problems by opening a German bank account.
Banks in Germany
If you're looking to set up a bank account, you can choose between branch-based banks and direct banks. Branch-based banks operate with subsidiaries where customers can approach staff members face-to-face. Direct banks do not have local offices, so your account will be set up and managed online (online account). An overview of numerous Hamburg-based bank institutes can be found in the Hamburg Business Directory (available in German only).
Some banks offer bank accounts that are free of charge under certain conditions, while others demand an account maintenance fee. It is recommended to ask more than one bank institution for their account types and any fees that may be charged, so that you can compare.
In order to use your bank account in everyday life, you will receive an electronic chip card. With this card and the corresponding PIN you can make cashless payments in most shops and restaurants. You can also withdraw money free of charge from your bank’s cash machines (when using cash dispensers from other banks, a withdrawal fee may be charged).
Required documents
Before opening an account, the respective bank will verify your identity. To open a bank account, you will usually need the following documents:
- a valid ID/passport, your residence permit if applicable
- the registration certificate for your current place of residence in Germany and
- for some banks and/or account types: a salary statement from your employer
Please note:
As a rule, a bank account cannot be opened for a third party (exception: legal guardians for minor children).
Problems opening a bank account
Some banks require the electronic residence permit in addition to the documents mentioned above. If you are unable to present this (e.g. because you still have a visa), you may be refused a bank account from the standard range offered by banks. In this case, you have the right to open a basic account.
The basic account
A basic account is a simple bank account transfers, automatic debits and deposits are possible. As a rule, the account may not be overdrawn, so it does not offer the possibility of obtaining a loan. Banks often charge fees for this type of account, but these must be reasonable and may not be too high. As soon as you meet the requirements for another type of bank account with better conditions, you can request a change.
Further information on the basic account can be found in this brochure.
Opening a basic bank account is possible for persons who, instead of an electronic residence permit,
- can present valid official identification (recognized or approved passports, ID cards, or passport or ID replacement papers) or
- a residence permit or
- a certificate of tolerance or
- proof of arrival in accordance with § 63a of the Asylum Act
People with a visa
If you have a valid passport with a valid visa for Germany, you are entitled to open a basic account.
Please note that due to the high volume of work, the Hamburg Welcome Center for Professionals cannot issue earlier appointments for the application of an electronic residence permit. If banks also refuse to open a basic account for you, please note the following information
Problems opening a basic account
If a bank refuses to open a basic account for you, there are various ways to challenge this:
Contact the Federal Financial Supervisory Authority (BaFin).
They will review your application free of charge. You can find an online BaFin form here.
You can also call the BaFin consumer hotline: (+49 (0) 800 2 100 500).
Another option is to contact the relevant arbitration board. This body is there to resolve your dispute with the bank. The bank must provide you with the address of the relevant office.
Theft or loss
In the event of loss or theft, you should have your bank card blocked immediately to prevent misuse by third parties. To do this, you can call the toll-free blocking hotline 116 116 around the clock if necessary (if you are abroad at the time of the call, dial +49 116 116 or +49 (0)30 40 50 40). To block a lost card, please have your account number/IBAN and sort code/BIC (or the name of the bank) ready.