Open a German bank account for expats and foreign professionals – even before entering the country
Anyone moving to Germany needs a bank account – preferably before entering the country
+++ The opening of accounts for Russian citizens is currently not possible. The banks exaggerate the rules of the sanction regulations, in particular the EU Regulation 2022/328 and simply reject all Russian customers, because there is no obligation to contract. Status: May 30, 2023 +++
Anyone entering Germany on their work visa as a professional or expat from abroad should register in one of our 100 destinations immediately upon arrival. Another requirement as part of settling-in automatically leads to a bank to open an account. With Anders Consulting and Deutsche Bank this is now possible even before entering Germany. Please note the requirements.
If you can still pay for temporary housing with a foreign credit card after entering the country, it will become uncomfortable at the immigration office without an EC card. And without a German bank account, you usually can’t rent an apartment. Despite diminished trust in banks, practically everyone needs a bank account and online banking. In addition to payment transactions, one then has a contact for all other financial services at all times: Pensions, insurance, investment advice, consumer or car loans, mortgages and property financing and much more. In Germany, EC cards and cash are still more popular than credit cards or other payment methods such as ApplePay.
An account should be opened as soon as possible after entry to Germany, so that salary receipts and payments for rent, rental deposits and utilities can be processed. Actually, the account opening is possible only after a residential registration, because you have to be a resident, otherwise there will be trouble regarding the tax code or the money laundering legislation. For non-EU citizens, clarification of the residence status is additionally very important, e.g. for a long-term residence permit for gainful employment, either in the form of the electronic residence title or as a fictionary certificate.
As part of the service of Anders Consulting in cooperation with Deutsche Bank, all preparations for the account opening are already done in advance. So you already have an IBAN for your employer upon entry and can work with the account immediately after crossing the border. In order to have liquid funds immediately upon entry, you can also transfer a credit balance to the account from abroad. A biometric passport with 5 security features is required. A German (temporary) address, personal e-mail and cell phone number are also required. Some citizenships can only participate in the procedure to a limited extent.
The service list shows how Anders Consulting helps to find the suitable account type and an individual bank as part of the relocation process.
Account opening service list
Deutsche Bank Comfort Account Opening BEFORE ENTRY
Invitation to an online appointment with an account advisor (English or German), presentation of account models, selection of an account model, completion of account opening documents and applications for debit/credit card and online banking, legitimation check, account activation. If legitimation verification is not possible online, an appointment will automatically be made available at the nearest branch in a timely manner after entry. All documents, cards and PINs are sent to the designated address
Fixed price 150,00 Euro plus VAT
Together we find the account scheme and bank that suits you best
“Europeans can actually keep their old account in their home country when moving within the EU thanks to the Single Euro Payments Area (SEPA). But sometimes you do need a local financial institution or advice from a local specialist, for example if you need a rent deposit savings account when looking for an apartment. Online banks don’t even know what that is…
We help you choose the right bank account and find your way through the jungle of account conditions. Who is looking for a free salary account? Who wants an internationally active commercial bank with a correspondent bank in the home country? Who wants foreign language advice and forms during their assignment? Where are the core competencies of commercial banks, private banks, direct or online banks, savings banks or cooperative institutions?
The customers we serve most often want a commercial bank with international contacts, where English communication is a matter of course, and where account management and online banking are free or inexpensive. In this respect, Deutsche Bank and Commerzbank very often win the race. And in cooperation with Deutsche Bank we can even offer you an account opening while you are still abroad and waiting for your visa.
Compare the offers of the banks with our help. Choose at your leisure, whether you choose the Comfort Opening in cooperation with Deutsche Bank or an accompanied opening after entry with a visit to the branch. The following always applies: You’ve got a Friend in Germany!”
Pros and cons of direct or branch banking
Account with a direct bank
Advantages
- Favorable account conditions due to a lean cost structure, no need for expensive branches and employees
- Online and mobile banking for salary account
- No limited opening hours, free 24-hour customer hotline
- Some direct banks also accept paper transfers and checks
Disadvantages
- No personal contact person at a branch
- Direct banks rarely offer cash deposits to the account
- Limited service portfolio
- Some banking products and services are not available, e.g., rental deposit account, banker`s guarantee for rental liabilities
Account with a branch bank
Advantages
- Personal contact person at the bank counter (often the teller speaks English)
- Documentary transfers can be handed in at the branch office
- Cash deposits can be made to the account at the branch office
- Many additional services from the financial sector are available, personal loans, mortgages, asset building, etc.
Disadvantages
- Tendency toward higher prices for payment transactions and fees due to costly branch structure
- Limited opening hours
- Limited accessibility of customer hotlines, which is mostly based on opening hours
- Due to closures of many branches more often access is no longer available in the vicinity
Photo: (c) Anders Consulting using Fotolia Datei: #25995172 | Urheber: Robert Kneschke
