Opening a Bank Account in Germany

Opening a Bank Account – Private Individuals

To open a bank account in Germany, you generally need a valid identity card or passport, a certificate of residence (in some banks also a payslip), and possibly a residence permit. The account can be opened either in person at a branch or online.

Steps to Open an Account:

1. Choose a bank.

2. Online or in person: Decide whether you want to open the account online or at a branch.

3. Proof of identity: Present your identity card or passport.

4. Certificate of residence: At some banks, a certificate of residence confirming your address in Germany is required.

5. Payslip: Depending on the type of account, a payslip from your employer may be required.

6. Application form: Fill out the application form, either online or together with a bank advisor.

7. Legitimation: The legitimation can be carried out online via video identification or at a branch.

8. Account management: After successfully opening the account, you can use it to transfer, deposit, or withdraw money.

   
   

Important Notes:

• A residence in Germany is generally required to open a bank account.

• For minors, parental consent is required.

• There are also basic accounts that can be opened without a permanent residence (it is sufficient if homeless individuals can provide a postal address, for example, the address of another person or a social welfare organization’s advice center).

• Pay attention to possible account management fees or other costs.

• Check whether you need a tax identification number.

• Inform yourself about the different TAN procedures (e.g., photoTAN) for online banking.

Opening a Bank Account – Companies

Key Points:

• To open an account, you need proof of identity, proof of business registration (except for freelancers), a tax number, and optionally bank statements.

• The opening process includes finding the right account, submitting the application with documents, confirming identity, and setting up banking services.

• An account with digital banks may be ready for use within 48 hours; traditional banks may take longer.

• Opening an account is usually free, but account management fees may apply; selection should be based on cost-benefit considerations.

Requirements for Business Accounts:

To open a business account, a legitimacy check is essential. Corporations are required to maintain such an account, while for freelancers, sole proprietorships, and partnerships (GbRs), separate account management is recommended to clearly distinguish business and personal finances.

The process is similar to that of opening a private account, with digital banks often offering faster processing.

Documents You Need to Open a Business Account:

1. Proof of identity (identity card, passport)

2. Proof of business registration (except for freelance professions)

3. Tax number

4. Bank statements (not mandatory but can be helpful)

   
   

1. Proof of identity

The bank must carefully verify that you are indeed the person you claim to be. Such proof of identity is particularly crucial in digital banking.

An identity card or passport is suitable for this purpose.

2. Proof of business registration

If you are setting up a business account for your company, the bank must recognize that it is genuinely intended for business purposes.

For most types of businesses, this is most easily done by providing proof of business registration. Except for freelance professions, all self-employed persons in Germany are required to register their business. You submit the corresponding proof to your bank.

3. Tax number

Since freelancers do not provide proof of business registration, banks and financial institutions instead require submission of a tax number. This is also obtained from the tax office when starting a self-employed or freelance activity.

If, from the first year of business, higher commercial revenues are recorded and VAT is applied, the VAT identification number can also be an alternative to the standard tax number.

4. Bank statements (optional)

Additional documents for opening a business account are not mandatory but can be useful for self-employed individuals or freelancers. These include bank statements or income statements from recent months.

These statements allow the bank to assess past revenues and the applicant’s creditworthiness. This can be advantageous if you want to set a higher credit line for the checking account or credit cards from the outset.

How Does the Account Opening Process Work?

Opening a business account is a structured process that begins with selecting the right account and ends with setting up online banking.Below, we guide you through the four steps so you know what to expect and how to prepare:

1. Find the right business account

2. Submit application & documents

3. Confirm identity

4. Set up banking

   
   

What Does the Bank Check When Opening an Account?

When opening an account, the bank conducts credit checks, often using a Schufa inquiry, and verifies identity using official identification documents. This serves to confirm your financial reliability and compliance with anti-money laundering regulations.

In certain cases, proof of income may also be required to assess your financial situation - although some banks offer accounts without a Schufa check.

How Long Does It Take to Open an Account?

Typically, your account is ready for use within a few business days. However, the duration may vary depending on the bank and your legal form.

• With digital banks, the process can sometimes be completed within a day, provided all necessary documents are available and the identity check is carried out promptly.

• Traditional banks may take a few days longer, especially if steps like the PostIdent procedure need to be carried out manually.

The exact timeframe also depends on how quickly you provide the required documents and how promptly the bank processes them.

How Much Does It Cost to Open a Bank Account?

Opening a bank account is free at many banks. However, depending on the chosen account model and the bank, monthly account management fees may apply - and these can usually be deducted from taxes.

It is still advisable to carefully compare the various account models and their fee structures.

Can a Bank Refuse to Open an Account?

A bank can refuse to open an account if:

• you do not provide all the required documents,

• the bank has concerns about your creditworthiness, or

• there is suspicion of money laundering.

In Germany, however, everyone has the right to a basic account that enables essential banking services. If a regular checking account is denied, you can therefore apply for such a basic account. Note that identity verification and other legal requirements must also be fulfilled for this.