Bank account in Germany: keep your account or open a new one

First check the account you already have

Whether you need a new account depends on what your current account can do.

• •Does your account have an IBAN?
• •Can you receive and send euro SEPA transfers?
• •Are SEPA direct debits possible, for example for rent or insurance?
• •What fees apply when you use it in Germany?
• •If your existing account can do all of this, you may not need a new German account.

What to do now

1. 1First check which SEPA functions your existing account supports.
2. 2Check the fees when you use it in Germany.
3. 3If the account is not suitable, compare suitable current accounts afterwards.

What should you compare?

What matters is not the name of the bank, but what the account costs and what it can do.

• •monthly account maintenance fee
• •cost of the debit or bank card
• •cost of cash withdrawals
• •cost of cash deposits, if that matters to you
• •conditions such as a regular incoming payment
• •online and app banking
• •overdraft interest, if an overdraft is offered
• •An account with a €0 basic fee is not automatically free overall.

What should you have ready?

Which documents are needed exactly depends on the provider and your situation. Often relevant:

• •valid identity document
• •address and contact details
• •details about your tax residence
• •a residence title or further proof, where applicable
• •for some account types, proof of study, training or employment
• •When in doubt, ask the provider in advance which documents are accepted.

How does identity verification work?

When you open an account, the bank has to verify your identity. Depending on the provider this can happen:

• •in a branch
• •by video or online identification
• •through another approved procedure
• •Not every procedure works with every foreign document.

If a normal current account does not work

A basic account (Basiskonto) is a payment account with basic functions. In particular it lets you:

• •deposit and withdraw money
• •make transfers
• •use direct debits
• •pay with a debit card
• •An overdraft or a credit card are not part of it and do not have to be offered.

Who can get a basic account?

If you are lawfully resident in the EU and meet the legal requirements, you can in principle have a right to a basic account.

• •For a normal current account, a bank can in principle decide itself whether to open it.
• •For a basic account, a legal entitlement can exist under the conditions of the Payment Accounts Act.
• •If a rejection may be unjustified, you can contact BaFin.

What can it cost?

Account fees differ a lot. Some accounts have no monthly basic fee, but other services may cost money.

• •basic fee
• •cards
• •cash
• •additional services
• •conditions for free account management
• •A basic account is not automatically free either; reasonable fees are allowed.
• •In the BaFin account comparison you can compare the actual fees of different accounts.

An account in another EU country

With an account in another EU country, a reachable IBAN generally may not be refused for SEPA transfers and direct debits simply because it is not German. This is often called IBAN discrimination.

• •You can read more in the note “Your IBAN does not have to start with DE”.

Opened a bank account – now what?

Cards, transfer, standing order, direct debit, online banking and bank statement – what's what is explained in the guide „Paying & transferring money“.

Stay safe

Only open an account directly with a reputable provider and never share your login details, PIN or TAN with other people.

Checklist: switching bank accounts

Remember every payment partner – from salary to subscriptions.