OPENING A BANK ACCOUNT IN GERMANY

Opening a bank account is one of the important steps you need to take in order to fully settle in Germany. The German banking sector, which may seem complex at first glance, is quite complex and efficient. Opening a bank account in Germany is not a problem if you have the necessary documents.

Documents submitted for opening an account by an individual:

• Identity document (passport);
• Individual tax number;
• Visa or residence permit;
• Document from the place of work or employment permit.

For legal entities:

• Documents certifying the identity of the founders and managers of the legal entity;
• Article of assosiation;
• Extract from the Trade Register, if the company is registered;
• A document confirming the authority of the applicant.

Identity verification procedure

In Germany, identity verification is required due to money laundering laws. At the bank branch, authentication takes place directly on the spot. If the bank allows the possibility of opening an account online, there are several options for identity verification:

• Post-Ident procedure. Take your account application and passport to a Deutsche Post branch, where a staff member will verify your identity free of charge and send the documents to the bank for you. The PostIdent procedure is free, the commission is paid by the bank.
• Video-Ident procedure. After you have sent scans of your registration documents online to your bank, you will be asked to make a video call to your bank using your mobile phone, tablet or computer. During this call, you will be asked to hold your ID in front of the camera. You will then be sent a TAN number via SMS or email, which you must enter online. This relatively new procedure, based on the new provision of Section 6 of the Money Laundering Act (GwG), is currently very popular and only takes a few minutes.

The most popular banks in Germany

• Deutsche Bank is one of the leading banks in Germany. The key advantages of this bank are resistance to crisis phenomena of the world economy, as well as a high level of confidentiality. An innovation of this bank is the possibility of providing a personal consultation of a specialist at the client’s home.
• HRW Bank. The main activities of this bank are the financing of public authorities, as well as servicing of corporate accounts. Individuals can be interested in this bank through its permanent participation in housing programs.
• Commerzbank AG. This bank serves about 15 million clients from more than 50 countries of the world, and also ranks 4th in Germany in terms of assets. Provides a wide range of classic and innovative financial services.
• Comdirect. In this bank, non-residents can open an account free of charge. This institution is characterized by a loyal attitude towards customers, service at low prices.
• Landeskreditbank. In addition to favorable tariffs, a loyal attitude towards customers, which is manifested in the possibility of granting loans even to newly created business entities, this bank was the first to adopt the WIN Charter, which is based on the obligation to constantly improve the environmental indicators of organizations and enterprises.
• DKB – German Credit Bank. It has significant advantages compared to other competitors, as it provides the opportunity to open a current account for free and withdraw cash without interest anywhere in the world.
• Postbank. Leading positions in the rating of the best banks are also occupied by Postbank. Its customers join the Cash Group network and withdraw money for free, and regular card users are given various incentives.

Assistance in opening a bank account in Germany includes consulting a lawyer on the availability of appropriate documents for opening an account, conditions for opening an account, bank tariffs, escorting to the bank, assistance in filling out bank documents and other services in the banking sector.

Opening and maintaining an account in a German bank is one of the main activities of our lawyers and economists. Sign up for a consultation and see for yourself the professionalism of our specialists.