Opening a Bank Account -- Money and Finance

One of the first things you need to do after arriving in Germany is open a Girokonto (current account / checking account). Without a German bank account, you cannot receive your salary, pay rent via bank transfer, set up direct debits for utilities, or do many other essential tasks. Germany is famously a cash-loving country, but the banking system is the backbone of all financial transactions. Your employer will ask for your Kontonummer (account number) and IBAN (International Bank Account Number) before your first paycheck. Your landlord will expect rent to arrive via Überweisung (bank transfer) or Dauerauftrag (standing order). Your health insurance, phone contract, and internet provider will all want a Lastschriftmandat (direct debit authorization). So let us get you set up. There are several types of banks in Germany: Sparkasse -- savings banks owned by municipalities. They have branches everywhere, even in small towns. They are considered very safe and traditional. Many Germans have had a Sparkasse account since childhood. Volksbank / Raiffeisenbank -- cooperative banks, similar to credit unions. Also widespread and traditional. Deutsche Bank, Commerzbank, HypoVereinsbank -- large private commercial banks with nationwide branch networks. Online banks: N26, DKB, ING, comdirect -- these are becoming increasingly popular, especially among younger people and foreigners. They often have lower fees (or no fees at all) and English-language apps and customer service. N26 in particular is popular with foreigners because you can open an account with just your passport and a video identification call (Video-Ident), all from your phone. No Anmeldung (registration) required initially. DKB is a favorite among expats for its free Girokonto and good conditions. To open an account at a traditional bank, you typically need: your Reisepass or Personalausweis, your Meldebescheinigung (proof of address registration), and sometimes your Aufenthaltstitel (residence permit) or visa. Some banks also ask for proof of income or a letter from your employer.