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Expert in financial and international corporate law. Extensive experience advising FinTech and licensed companies across the EU, UAE, US, and East Asia. Focused on AML/KYC compliance, M&A transactions, company registration and licensing, and regulatory and banking interactions.
Opening a bank account in Germany
A bank account in Germany may be needed to receive a salary, pay for housing, cover everyday expenses and handle company settlements. However, a foreigner who has moved to the country, an applicant residing abroad and a German company with foreign owners require different application procedures.
Prikhodko & Partners helps determine the available service options, review the bank’s requirements and prepare the documents. Account selection begins with the applicant’s status and future payments: personal expenses, entrepreneurial activities or international business transactions.
How can a non-resident open an account in Germany?
The possibility of opening an account depends on the place of residence, documents and rules of the selected product. Foreign citizenship does not mean that a person is not resident in Germany. Citizenship, actual address and tax residence should be stated separately in the application.
For example, the standard Girokonto offered by Commerzbank is intended for adults who reside in Germany and have unlimited tax liability there. An applicant who permanently resides in Ukraine should not rely on this product without separately confirming whether servicing is available. Commerzbank terms.
For preliminary preparation, the following may be required:
- an international passport or another acceptable identification document;
- address details and proof of address, including a Meldebescheinigung — certificate of residence registration — if required by the bank;
- a document confirming the right to stay, if required for the selected procedure;
- tax identification numbers and information about tax residence;
- an explanation of the purpose of the account and documents confirming income or source of funds at the bank’s request.
There is also a separate Basiskonto — basic payment account. According to BaFin guidance, as a general rule, consumers who are legally resident in the EU and do not have a payment account in Germany are entitled to one. This right is subject to statutory conditions and grounds for refusal. It does not mean that a bank is required to open any selected tariff or a corporate account. BaFin guidance on the Basiskonto.
Can an account be opened online in Germany?
Yes, if the applicant meets the bank’s requirements and can complete remote identification. The country of residence, type of document and available verification method are important.
For example, N26 provides for account opening through its app for adults residing in supported countries who have a compatible smartphone and an acceptable document. Ukraine is not included in the published list of supported countries of residence. At the same time, a Ukrainian citizen residing in Germany or another supported country can check whether they meet the remaining requirements. N26 list of supported countries.
N26 also explains that document acceptance depends on the combination of citizenship and country of residence. Therefore, having an international passport alone does not guarantee successful online verification. N26 identification requirements.
Remote applications are also possible for businesses: Deutsche Bank offers online applications, including for GmbH, UG and a number of other business forms. However, the availability of an application form does not confirm that a particular company with foreign participants will complete the process without additional documents or a branch visit. Deutsche Bank business accounts.
Which bank is best for opening an account in Germany?
The choice should be based on the purpose of the account, availability of identification and the cost of planned transactions. For personal use, card access and cash are important; for a company, payments, accounting statements and user authorities are relevant.
| Bank | What can be considered | What to check before applying |
|---|---|---|
| Commerzbank | Personal Girokonto; separate business products for entrepreneurs | Residence and tax status requirements, tariff and documents |
| Deutsche Bank | Account for an entrepreneur, GmbH, UG and other supported business forms | Availability of online application, identification of representatives and the corporate package |
| N26 | Personal account managed through a smartphone | Country of residence, supported documents and terms of the selected plan |
The overall costs should be compared: account maintenance, cards, cash withdrawals and deposits, international transfers and additional services. A low monthly fee does not always mean the most cost-effective option for active use.
Account in Germany for an individual
For everyday payments, a Girokonto — current account — is used. When choosing an account, it is advisable to check whether it can receive regular incoming payments, be used to pay rent, set up standing orders and arrange direct debits under agreements.
It is important to clarify which card is included in the package and where cash can be withdrawn without an additional fee. The servicing conditions after a change of address or relocation to another country should also be assessed separately.
If a Basiskonto is required, its functionality is sufficient for basic payment transactions: depositing and withdrawing funds, transfers, direct debits and debit card payments. The bank is not required to provide an overdraft or credit card.
Account in Germany for a business or company
The required document package depends on the form of activity. A Freiberufler — member of a liberal profession — a sole proprietor and a GmbH go through different application procedures. It is also necessary to distinguish between a German company with a foreign owner and a legal entity registered outside Germany.
Depending on the business structure, the following are prepared:
- documents of the entrepreneur, managers and authorised representatives;
- Gewerbeanmeldung — notification of business registration, where applicable;
- an extract from the Handelsregister — commercial register — if the company is registered there;
- constitutional documents, list of shareholders and evidence of authority;
- tax information, details of ultimate beneficial owners and a description of the activities.
Commerzbank, for example, separately specifies documents for entrepreneurs, GbR, GmbH and other business forms. This confirms that there is no universal corporate document package.
For a company in the process of incorporation, it is advisable to agree in advance whether an account can be opened before entry in the commercial register and how contributions should be evidenced. For an international business, it is advisable to prepare explanations regarding counterparties, expected turnover and sources of financing.
A personal account should not automatically be used for business activities: in particular, the terms of the standard Commerzbank Girokonto expressly exclude business use. For company operations, a separate business account should be considered together with the requirements associated with business registration in Germany.
Foreign currency account in Germany
For payments in euros, a euro account is usually selected. If it is necessary to receive and hold dollars, pounds or Swiss francs without automatic conversion, the availability of a separate foreign currency product should be checked.
For example, Commerzbank offers businesses a Fremdwährungskonto in more than 25 currencies, including USD, GBP and CHF. A business account with the bank is required to open it. This is a separate service rather than a standard feature of any personal Girokonto. Commerzbank foreign currency account.
When comparing offers, it is advisable to consider account maintenance fees, exchange rates, transfer fees and correspondent bank charges. The ability to pay for a purchase in dollars using a card does not mean that the account allows a USD balance to be held.
What is included in legal support?
Prikhodko & Partners helps prepare the application in accordance with the applicant’s status and the institution’s requirements. Support may include:
- analysis of the client’s needs and selection of service options;
- review of personal or corporate documents;
- assistance with completing questionnaires and disclosing the ownership structure;
- preparation of explanations regarding business activities and source of funds;
- handling additional requests and clarification of translation requirements.
The lawyers’ task is to identify discrepancies before submission and help provide the bank with consistent, documented information. The scope of work is determined individually.
How we support the opening of an account in Germany
- We clarify the objective. We determine the type of account, the applicant’s status, currencies and planned payments.
- We review the options. We clarify the banks’ requirements and available identification methods.
- We prepare the documents. We review the completeness of the package, questionnaires and explanations.
- We support the review. We help respond to additional requests until a decision is received.
Timeframes depend on the institution and the complexity of the review. The cost of legal support is agreed separately from bank fees, translations and document certification.
Advantages of legal support
- The requirements applicable to the applicant are clarified before the application is submitted.
- Documents are reviewed for completeness and consistency.
- The account is selected taking into account future transactions.
- The client receives assistance with questionnaires and bank requests.
Are you planning to open a personal or corporate account in Germany? Contact Prikhodko & Partners to determine the available application procedure, required documents and scope of legal support.
Calculate the cost of services
1 question
Do you live outside Germany?
2 question
Do you need to open an account without visiting the bank in person?
3 question
Do you need an account for entrepreneurial activities or a company?
4 question
Have you previously been refused an account by a German bank?
Does legal support guarantee the opening of an account in Germany?
No. Lawyers help prepare the documents and guide the application process. The decision is made by the bank taking into account the results of its review and applicable legal requirements.
Are funds held in a German bank account protected?
As a general rule, the statutory deposit guarantee system protects eligible deposits up to €100,000 per depositor, per bank. The limit applies to the aggregate amount of eligible funds rather than separately to each account. The protection conditions should be checked for the specific institution and product.
Do all documents need to be translated into German?
There is no single rule for all banks and documents. Before ordering translations, it is advisable to agree with the institution on the language, list of documents and whether certification is required. This helps avoid unnecessary costs and repeated preparation of the package.
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