Bank accounts in Germany

Bank name Account type Account Opening Period Price
Deutsche Bank
Corporate account from 4 weeks 3500 EUR
Corporate account 3-5 weeks 2900 EUR

Germany is a stable EU country that opens lots of opportunities to handle business both locally, in the EU region, and worldwide. This country is also very suitable for immigration, including work-related. In every case, a non-resident should take care of having at disposal one account in a local bank at least. Opening a foreign account in Germany is interrelated with numerous benefits and needs compliance with many requirements at the same time.

Benefits of Foreign Bank Accounts in Germany

Opening a German bank account for non residents is a solution that makes available lots of benefits, comprising these ones:

  • access to the opportunities of a stable and reputable banking system;
  • variety of services: face-to-face banking, online banking, and mobile banking;
  • flexibility and convenience of transacting;
  • 24/7 availability;
  • English-speaking personnel;
  • opportunity to open bank account remote Germany non resident;
  • openness of advanced technologies.

The scope of advantages of a business bank account Germany is strongly determined by a target banking institution. If you are aimed at having a more precise view of the matter, contact Prifinance lawyers for a more precise assessment of available packages.

Having in possession a bank account in Germany banks adds credits to the reputation of an enterprise and also opens new perspectives for an individual owner of a bank account. While realizing this objective, it is crucial to draw attention to the next important points.

Matters to Draw Attention to Open Bank Account Germany for a Non-resident

Those clients who wish to open accounts in foreign banks Germany should draw special attention to these criteria to filter all options available:

  • Availability of accounts for non-residents – German establishments have different policies in this respect. For instance, some banks may be open to considering non-residents from all possible jurisdictions while others may limit the scope of target jurisdictions for consideration. Non-residents from the specific scope of countries may need to pass more precise compliance procedures to confirm their reliability. If an opportunity for account opening is available to a non-resident from a specific state, it may be expected to meet certain compulsory requirements, like having a registered address in this state, for instance. In general, local banks have quite complicated demands to follow. But, that still doesn't mean that opening a bank account in Germany as a non resident is not possible.
  • English-language services – for a foreigner, it is crucial to deal with English-speaking staff, and have access to English digital applications and websites. Large establishments in the jurisdiction render service options in English. If English is not available in this course, transacting independently may appear to be troublesome.
  • Range of products and services – the scope of introduced services should comprise worldwide withdrawals and low-cost international wire transfers. Other offers may also add extra freedom to non-residents in terms of disposing of funds in possession. Overdraft facilities, credit cards, and free widespread ATM use are among the primary considerations.
  • Cost – another important nuance to evaluate while opening a bank account Germany. Many establishments offer standard service options for free. Still, the scope of such offers may be restricted for this reason. Online banks cost usually less, especially when the story comes to money transfers. But, such online banks may be more restricted in terms of the variations of operations allowed to close. In any case, preselecting a Germany bank account nonresident is determined by the objectives of an inquirer and a pricing policy that a target banking establishment has.
  • Ease of access – a newly-opened bank account should be provided for transacting 24/7 without delays or extra approvals requested. Most German banks introduce this feature, including through digital applications.

General Remarks about Banking

There are two most widespread accounts – current accounts and savings accounts. The first variation is designated to receive and send funds. Most financial transactions are closed exactly through this variation of a bank account. The savings account is designated to save funds and gain interest. Both variations are available for locals and foreigners.

There are approximately 200 banking establishments in Germany, both national and abroad banks are functioning. Among the national banks there are private, cooperative, and saving banks. International establishments that have branches in this jurisdiction are ING Bank, BNP Paribas, Citibank, and others.

Mobile and online banks are also present in this country. Such establishments don't have their physical offices in Germany but conduct all activities fully online. These institutions introduce more affordable offers and less bureaucratized procedures for account opening and managing. The considerable disadvantage of this variation is that mobile and online banks may not provide the comprehensive range of offers that are traditionally introduced to the clients.

Steps to Open Bank Account in Germany Non Resident Compliance

It is valuable to place an important starting remark – for EU nationals opening an account with a foreign bank Germany is not a complicated endeavor. Minor bureaucracy demands have to be met in this course. So, if you are an habitant of any of the EU member-states, this is a significant point to start with.

The case is a bit more complicated for non-EU nationals who have to pass stricter compliance demands to open a bank account in German establishments. The straightforward rule applied in this course is that German banking entities are not obliged to start cooperation with any client and open any variations of accounts. That is why it is crucial to treat each application case seriously and adhere to all compliance instructions in full.

The widespread case where difficulties with opening accounts emerge is that the applicants can't show or prove their financial history. It is crucial to certify that money in possession of an inquirer is not related to money laundering and terrorism financing.

The scope of documents required by most establishments comprises these ones:

  • filled application;
  • passport;
  • valid visa or residence permit;
  • confirmation of address;
  • evidence of employment/income;
  • proof that you are a student (for students only);
  • confirmation of the starting deposit payment;
  • SCHUFA credit rating (optionally, it may be requested by specific establishments).

The scope of docs expected by a bank varies and is determined by (1) type of establishment and (2) profile of an applicant. It is a realistic thing that bank officials will request extra docs or particulars during the course of internal examinations. To be on the safe side and reduce the risk of rejection, contact Prifinance lawyers to follow more precise guidance on how to open a bank account Germany.

German Banks to Draw Attention to

A foreigner who is aimed at opening a bank account in Germany may assess these most popular establishments in the first turn:

  • Deutsche Bank is one of the biggest financial institutions in the considered state. It effectively assists its English-speaking clients who have permanent residence in the jurisdiction. The establishment opens current accounts, issues debit and credit cards, and also ensures personal loans. Free cash withdrawals are ensured in certain cases. This bank is a feasible option to secure savings and order insurance. Digital and mobile banking offers are ensured.
  • Commerzbank AG is a reliable banking establishment that suggests a diversified scope of products for individual and corporate clients. It is flexible in terms of support but requires following clear compliance rules to preserve the client’s status. The establishment introduces fast and secure methods of money transfers worldwide. Current and trade accounts, loans, and other banking products are introduced.
  • N26 is a mobile bank that is operating using a smartphone. Individuals may find this option especially convenient. It facilitates tracking incomes and expenses in a real-time mode. It offers several variations of accounts. The procedure of opening accounts is not bureaucratized. Mastercard, Google Pay, Apple Pay, and similar payment methods are available. Insurance can be suggested as well.

How Prifinance Lawyers May Help You

If a current objective is “open a bank account Germany”, Prifinance lawyers are ready to guide you more precisely in this turn. Our lawyers have experience in opening bank accounts in Germany for non-residents and are ready to accomplish, among others, the next actions to realize your present business objective:

  • research and shortlist banking establishments that can be suitable for your current business objectives;
  • handle all negotiations with bank officers about the matter of submission and further account management;
  • collect all necessary particulars and docs to form an application package;
  • pay all necessary fees;
  • consider an option to open German bank account remote;
  • provide extensive support in the course of internal checks carried out by a chosen bank;
  • support all business activities in the course of handling all subsequent transactions using a newly-opened account.

Reach our lawyers to get more precise details and consultations on the matter. We have successful experience in opening accounts in Germany and worldwide.

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