Opening a German bank account
Your Munich bank account: all you need to know
How does a German EC debit card work? Why do you need a local German bank account at all? Which banks are there in Munich, Germany? Are there any special bank account options for expats? What is a SCHUFA rating? Read this page to find your answers to all of these questions.
Safer savings: Get a German bank account.
Are you settling into Munich, Germany? A local bank account is your key to navigating daily life. Here’s why:
From paying rent and receiving your salary to managing utilities and gym memberships, a German bank account streamlines financial transactions.
While cash is still used in some situations, most payments are made electronically. Having a local account ensures you can participate in the digital payment system.
Many administrative tasks, like setting up utilities or receiving tax refunds, often require direct bank transfers. A German account simplifies these processes.
Some transactions might be possible with an international or foreign bank account. However, by opening a local bank account, you can gain financial independence and experience a smoother transition into your new life in Germany. How does this work? Find out more here.
Bank accounts in Germany: a quick guide
Types of banks:
- Privatbanken (private banks): Commercial banks like Deutsche Bank
- Volksbanken (cooperative banks): Member-owned banks, membership often is required - not ideal for most expats
- Sparkassen (savings banks): Public banks often linked to a city, with residency requirements
Types of accounts:
- Girokonto (current account): Used for everyday transactions, including transfers, debit payments, and receiving salary
- Sparkonto (savings account): Ideal for saving money and earning interest
For expats:
- Expat accounts: Offered by many banks, tailored for expats with simpler opening procedures
- Online banks: Offer easy account setup and services accessible anywhere
Next Steps:
Research and compare banks to choose the best account for your needs. You will find a helpful explanatory video here.
Opening a German bank account: expat document check
Valid ID
A copy of your passport or photo ID is essential for verification.
Proof of income/employment
Depending on the account and bank, you may need to provide evidence of your income or employment. Some banks may also have a minimum deposit requirement.
Visa/ Residence Permit
Make sure you have a copy of your valid visa or residence permit, as some banks have residency restrictions.
Proof of enrollment (students)
Students may use their enrollment documents as an alternative to proof of income, potentially allowing them to access special student accounts with lower fees.
Proof of address
Many banks require proof of your German address.
SCHUFA credit rating (if required)
Some banks might request a credit rating report from SCHUFA. It is worth checking if your bank requires it - since it costs around €29.99 and a German address is needed.
Using your EC debit card: important tips
1. Getting started:
Once your account is open, you will receive an EC debit card and a 4-digit PIN. Sign the card and memorize the PIN. Make sure to keep your card and PIN code separate!
2. Withdrawing cash:
Use ATMs of your bank to avoid fees. Enter the correct PIN; after 3 incorrect attempts, the card would in most instances be blocked or even confiscated.
3. Lost or stolen card:
Block your card immediately by calling +49116116 (available 24/7). Provide your sort code and account number when reporting. Request a replacement card from your bank.
4. Do you need help?
For questions about the card, ask your bank or someone familiar with German banking.
You can find additional information here on the Integreat App.
Our Tip
Preparation is key. Having all the necessary documents readily available demonstrates your preparedness and streamlines the application process. Remember, some banks might reject applications if they feel something is unclear. By being organized and well informed, you will increase your chances of a successful application and open the door to managing your finances with ease in Germany.
Do you have any questions?
Do you want to know more?
Do you need help with the application process, or did you get stuck on the application form?
Feel free to ask! Use the contact form below.
