Choosing a bank and opening an account
You can choose between online banks (Direktbanken) and local banks with accessible offices.
Note: You will first need to accomplish the residence registration. You can only open a bank account afterwards!
- You can open an account online. However, the bank will use an online identification process that might not be possible with all types of passports.
- In case of any issues, there is online or hotline support only.
- The options for withdrawing cash free of charge may be quite limited. Remember that cash is used frequently in Germany!
- Examples:
- You may need an appointment to open an account in person, or you can open the account online anytime.
- Identification is possible in person with all types of passports.
- In case of any issues, you can visit the bank in person and get immediate support.
- You can withdraw cash without charge 24/7 from any of your banks or affiliated ATMs.
- Examples:
- BW-Bank (Sparkassen-Gruppe)
- Commerzbank
- Deutsche Bank
- Postbank
- Volksbank-Raiffeisenbank
SEPA accounts from other EU countries
Even if you already have an IBAN account from another EU country, we recommend that you open a German bank account:
- Using the direct debit system is only possible with a German IBAN. This method is mandatory for dormitory rent and public health insurance.
- Transactions from one country to another take more time. Late transactions might lead to additional fees.
- Depending on the regulations of your bank, standing orders to Germany may not be possible or might involve fees.
- Cash withdrawals in Germany might involve fees.
Only if you definitely do not need the direct debit procedure or a residence permit, and are only staying in Germany for a short time, it may not be necessary to open a German bank account.
Students with a blocked account
Some students need a blocked account for their visa application. The German diplomatic mission handling your visa application will inform you about the requirements and the available banks.
Once in Germany, you will only have limited access to the funds on your blocked account. A German current account (Girokonto) is required to access your money. We recommend that you transfer a monthly amount from your blocked account to your regular current account by standing order. You can then use this account to make transfers and use direct debit procedures (mandatory for dormitory rent and statutory health insurance).
Payment methods in Germany
One-off payments
Cash is frequently used, especially for smaller amounts. Make sure to bring some cash and especially smaller amounts in Euros for when you arrive in Germany, since e.g. the ticket machines for public transport and trains do not accept all bank notes. Furthermore, check beforehand if you can pay with a card e.g. when ordering at a restaurant.
Card payments are usually made with a direct debit card towards a Girokonto. Credit cards are well-established but far less common. You may not be able to use a credit card in all shops or restaurants.
Digital payment systems e.g. via your smartphone or smartwatch, are becoming common but still play a relatively minor role. Do not count on being able to pay digitally everywhere.
Online transactions can be made individually via the online banking system/ app of your German bank account.
Online stores usually offer various payment options.
Regularly recurring payments
Direct debit authorization: The money is automatically transferred from your account to the recipient at the right time. A signed authorization is needed from your side (SEPA-Lastschriftmandat). This option is the most common option to pay for health insurance and rent of a dormitory room.
Standing/permanent order: Your bank will repeat a transaction at a certain interval. You can set up and manage standing orders yourself via your online banking portal/app. This option is recommended e.g. for paying the rent for a private apartment.
International Office
- Profile page
- +49 711 685 68566
- Write e-mail
- Office hours (online): Mon & Wed 10 a.m. to noon; Office hours (on site): Mon & Wed, 2 p.m. to 4 p.m. , Tue & Thur, 10 a.m. to noon