Open a german Bank account: Make a smart decision!

Welcome back another Wednesday to ReloBerlin!

 

In today's episode, we will check all the steps for you to figure out how to open a bank account!

 

I will review for you the different options to choose your bank account and the different options I suggest to you, thinking of different profiles: students, USA & Canadian citizens (since the law recently changed and made it more difficult for you guys!).

 

And of course, expect a guide with the steps you will need to take to:

• Which bank is better a traditional one or an online one?
• Find your bank with https://www.check24.de 
• When emailing them to get your appointment (in case of traditional bankings) ask them which requirements (aka documents) you will need to bring!

 

The banks mentioned. In the episode, I explain further details such as the cost of opening an account as well as maintain it, the withdrawal limits in quantity and time and some of my points of view from my experience ;)

• DKB (Online Bank, German language required)
  • Offers a free checking account with a Visa debit card.
  • The identification process is done through video identification.
  • No account management fees for the lucky ones under 28 or those with a monthly incoming payment of at least 700 euros.
  • Withdraw cash from ATMs almost anywhere in the world
  • No fees for purchases with their Visa.
  • The overdraft interest is 9.89% per year, with a reduced rate of 9.29% per year for customers with active status.
  • Multiple checking accounts are possible for an additional fee of 2.50 euros per month. 
•  https://bank.dkb.de/privatkunden/girokonto 
  • If you are traveling with your partner or family, or want to make a WG or shared flat, you can also open a shared account https://bank.dkb.de/privatkunden/girokonto/gemeinschaftskonto 

 

• Commerzbank (Traditional  Bank, German language required) https://www.commerzbank.de/konten-zahlungsverkehr/produkte/girokonten/kostenloses-girokonto/ 
  • Girokonto "Basic" offers a lot of benefits, such as: Commerzbank Girocard, mobile payment options with Apple Pay and Google Pay, free cash withdrawals at over 7,000 Cash Group ATMs, and phone consultation available seven days a week.
  • You can open an account online:
    • Verify your identity using the PhotoTan app, and wait a few minutes to gain access to your online and mobile banking.
    • Debit Card (Mastercard) with withdrawals at third-party ATMs worldwide (3,50€/month)
  • Additionally, Commerzbank offers two paid upgrade options for the basic account, called extra "classic" and extra "premium."
    • The extra "classic" (6,90€/month)
      • account offers more flexibility in daily banking 
      • Debit Card (Mastercard) with withdrawals at third-party ATMs worldwide
    • The extra "premium" account includes
      • two premium credit cards (12,90€/month)
      • a travel carefree package for families
      • and free cash 

 

• Deutsche Bank (Traditional Bank, German language is not required in some branches) https://www.deutsche-bank.de/pk/konto-und-karte/konten-im-ueberblick/konten-im-vergleich.html 
• Free for schoolchildren, trainees, students and those doing federal voluntary service up to and including the age of 30 with a registered address in the EU.
• In Germany at all Cash Group ATMs (Deutsche Bank, Commerzbank, HypoVereinsbank and Postbank) and at many Shell petrol stations.
  • Free cash withdrawalI in over 60 countries

 

• Vivid (Online Bank, German language not required) https://vivid.money/r/soniaGGN/  

  • Fees:

    • Vivid Standard is free for active customers (defined as those who have at least one transaction on the card during the month or an account balance of at least €1,000), but there is a €3.90 account management fee for inactive customers.

    • Vivid Prime costs €9.90 per month after the free one-month trial. It's important to consider whether the benefits of the account are worth the monthly fee for you.

  • Cashback: Vivid offers cashback on spending... but to be eligible for the cashback for the next month, customers need to have at least €1,000 account balance or €100 in holding assets on the last day of the previous month. 

  • Cryptocurrency trading: Vivid offers easy-access cryptocurrency investing, but there is a fee for trades after the first free trade per month. 

  • International banking: Vivid offers fee-free payments globally, fee-free money transfers, and fee-free direct debits. 

  • Card options: Vivid offers plastic or personalized cards, as well as a metal card with express delivery. 

  • Deposit guarantee: Vivid offers deposit guarantee up to €100,000 on all accounts. 

• N26 (Online Bank, German language not required) https://n26.com/en-eu/blog/how-to-open-a-bank-account-in-germany 

  • Fees: N26 offers a few different account options, and each one has its own fees and charges. 

  • Features: N26 offers a range of features, such as mobile banking, no foreign transaction fees, and early payday. 

  • Accessibility: N26 is an online-only bank, so you won't be able to visit a physical branch for assistance. 

  • Eligibility: Finally, you should make sure you meet the eligibility requirements for opening an account with N26. These may include being a resident of a certain country, being over a certain age, or having a certain type of identification.

• Revolut (Online Bank, German language not required) https://www.revolut.com/a-radically-better-account/ 

  • Four account options: Standard, Plus, Premium, and Metal. Each account has different features, benefits, and costs. It's important to compare the options to determine which one is best suited to your needs.

  • Fees: Some Revolut accounts charge monthly fees, while others are free. 

  • Cryptocurrency services: Revolut is registered with the FCA to offer cryptocurrency services.

  • Transfer options: Revolut offers money transfer and exchange services to various countries. 

• ING (Online Bank, German language required) I do not go into detail, but feel free to check their website ;) https://www.ing.de/girokonto/eroeffnen/ 

Options for restricted countries (US and Canada with the current law)

• Wise (Online Bank, German language not required) 
  • You do not need Anmeldung https://wise.com/help/articles/2949801/how-does-wise-verify-my-identity 
  • I do not go into detail, but feel free to check their website ;) https://wise.com
• Bunq (Online Bank, German language not required) https://www.bunq.com/
  • 5 IBANs (NL, DE, ES, FR or IE)

  • Bunq offers several account options for personal and business use, ranging from €2.99 to €22.99 per month.

    All accounts come with free ATM withdrawals and the ability to bank in multiple currencies. You can also use Apple/Google Pay, make instant payments, and access bunq Web for managing your money.

    Some additional features included in certain account options are:

    • DigiCards for easy payments
    • Physical cards for more flexibility
    • Invoice scanning for easy bill payments
    • AutoAccept and AutoRequest for automated payment requests
    • bunq.me for a personal payment link
    • True Name for a Mastercard in your chosen name
    • Metal Card for a premium debit card option
    • Switch Service for easy switching to bunq
    • Travel Assistant for travel tips and spending advice
    • Plant Trees for CO2-free banking
    • Joint Accounts for shared banking with friends
    • Bookkeeping Software Integration for easy accounting
    • Director Access for business account management 
      • Compare the plans here: https://assets-global.website-files.com/63b43f001c7774d38d5f3a2d/64108ed63e7270da3040ae52_20230313_consumers_business_pricing_EN.pdf 

 

• Monese (Online Bank, German language not required)
  • You will get a Belgian IBAN, so if you are receiving any social benefits it might not be the best option....
  • But...
  • Easy and fast way to open a digital money account with no proof of address or credit checks required.
  • 19 currencies.
  • Free contactless Mastercard debit card that you can use worldwide with no hidden fees.
  • Advanced features like spending overviews and budgeting tools.
  • Secured by biometric login and authentication protocols
  • https://monese.com/de/en/features/account-opening 

 

In this episode, I wanted to go a step further and tell you the story of the first woman that graduated as a lawyer! 

 

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Stay curious! ;)

 

Until 2 Wednesdays!