Bank account

Bank account

Bills, salary, rent or financial support from the state: you usually need a bank account for all of this. This is because in Germany you usually receive and pay larger sums of money via a bank account. If you have an account with a bank, you can keep money there and have it sent to you. Or you can withdraw money from your bank account. If you want to pay bills or your rent, you don't have to use cash. You can have the amount transferred from your account to the other account.

In this chapter, you will learn how to open a basic account with a bank and what options you have. A basic account is a current account that offers the most important functions of a bank account. These are, for example, withdrawing and depositing cash, making transfers or making cashless payments.

What do I need to know?

Can I get a basic account?

To be able to open a basic account in Germany, you must meet the following requirements:

• You are over 18 years old. Children aged 7 and over can also open their own basic account. However, they need the consent of their parents or guardian.
• You have a valid identity document. This can be a valid passport. Or your residence permit, your Aufenthaltsgestattung or your Duldung. It is important that you can prove your identity. A fictitious certificate is usually not sufficient.
• You can provide an address in Germany to which the bank can send you letters. This does not have to be your home address. If you do not have a permanent address in Germany, you can provide the address of a friend or an advice center. The only important thing is that you can receive letters from the bank at this address.

Where and how do I open a basic account?

You can open a basic account at any bank that accepts private customers. This can be a bank with a branch at your place of residence or a direct bank. A direct bank is a bank that does not have a branch and often does not have its own ATMs. This means that you can only contact the employees of a direct bank by email or telephone. This is different with a branch bank. You can speak to staff in person at the branch. However, please note the bank's opening hours.

Whether at a branch bank or a direct bank, you always apply for a basic account with an application. You can find the application form for a basic account in German on the website of the consumer advice center. If you need help filling out the application, you can contact an advice center. Addresses can be found in the section "Where can I find advice and support?".

I want to open an account at a branch bank:

You can usually open an account at a bank in your place of residence without an appointment. To do this, go to the bank branch. The staff will help you fill out the application for a bank account. Don't forget to take a valid identity document with you. This can be a valid passport. Or your residence permit, your temporary residence permit or your tolerated stay permit. The staff will need to check your identity.

I want to open an account with a direct bank:

You can apply for an account with a direct bank online. To do this, you fill out an application form. You can find the application for a basic account on the bank's website. Or you can send the application for a basic account to the bank. After you have sent the application, you will usually receive confirmation by post or e-mail that the bank has received your application. After 10 days at the latest, you must receive a reply from the bank as to whether it accepts your application. You will usually receive your contract documents in the letter. In order for the bank to verify your identity, it uses the so-called Post-Ident procedure. To do this, you go to the post office branch that your bank names in the letter to you during opening hours. You do not need an appointment. Take a valid identity document with you. This can be a valid passport. Or your residence permit, your Aufenthaltsgestattung or your Duldung. Deutsche Post employees will then check your identity.

At many banks, you can also have your identity confirmed in a video call. Then you don't have to go to the post office. This is the Video-Ident procedure. Employees of a special company will check your identity. You will usually receive the appointment and link by e-mail from your bank. During the call, you will have to hold your ID up to the camera and answer questions about your ID, such as where you were born. You will also receive a text message with a confirmation code during the call. You must enter the code or tell it to the staff to confirm that you are the person in the video call.

Important: If you only speak some German, you can take someone with you to translate. This could be a friend, acquaintance or interpreter. The bank must allow this. It is also not allowed to reject your application because you speak little or no German. This applies to opening an account at a branch bank and at a direct bank.

Please note: It does not matter whether you open an account with a branch bank or a direct bank: The bank has 10 days to let you know whether it accepts your application for a basic account. If your bank takes longer, ask your bank why. If your bank rejects your application, you can lodge a complaint. You can find out more about this in the section "My application for a basic account was rejected or the bank is charging excessive fees. Where can I complain?".

Once the bank has accepted your application, you will receive your current card. You can use it to pay cash into your account, withdraw money from your account and make cashless purchases.

Do I have to pay for a basic account?

Yes, you have to pay for a basic account. The exact costs for a basic account vary from bank to bank. This is because the exact cost of a basic account is not specified by law. However, the costs for a basic account may not be higher than for other accounts. And a bank may not charge much more for a basic account than other banks. As a rule, a basic account costs between 50 euros and just over 150 euros per year. The costs for the basic account arise because the bank charges fees for managing your money. This fee is called the "account management fee" or "basic fee". In addition, you sometimes have to pay for certain services provided by your bank. For example, when you make a transfer at the bank or print out an account statement at the bank. You can usually find detailed information on this in the "Price List" and in the bank's General Terms and Conditions (GTC). You will receive these from the bank before opening an account.

Important: You can often carry out many banking transactions, such as bank transfers, online. This will save you money, as many online banking services are free of charge. Before opening your account, ask the bank whether online banking is also possible with your basic account.

Can the bank reject my application for a basic account?

The bank can only reject your application for a basic account if:

• You have an account with another bank in Germany and can use it.
• you had a basic account with this bank and have not paid your fees.
• You had a basic account with this bank and have committed a criminal offense, such as money laundering.
• The bank is breaking the law by giving you an account.

Important: If the bank rejects your application, you can take action against it. You can find out exactly what you can do in the section "My application for a basic account was rejected or the bank is charging excessive fees. Where can I complain?".

My application for a basic account has been rejected or the bank is charging excessive fees. Where can I complain?

If a bank rejects your application for a basic account, you can contact the "Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin)" (Federal Financial Supervisory Authority). To do so, complete the online application for administrative proceedings in German. In doing so, you are requesting that Bafin review the rejection of your application. If you need help filling out the application, you can contact an advice center. You can find addresses in the section "Where can I find advice and support?".

If you believe that your fees are too high, you can also contact Bafin. To do so, fill out the complaint form in German. Print out the form and send it to the Bafin address. You will find the address at the bottom of the penultimate page of the form. Bafin will then check whether the fees are too high. If the fees are too high, Bafin can demand that your bank reduces the fees.

You can also simply change your bank. You can find out more about this in the section "How can I change my bank?".

How can I get cash from my account?

You can get cash from an ATM. You will need your giro card and your personal identification number (PIN). You will receive your giro card from your bank once you have opened an account. You will also receive a PIN with your card. Remember your PIN very well. Because only you know your PIN. Make sure that no one else knows or sees your PIN. If you have forgotten your PIN, ask your bank for a new PIN.

You can set the language to English at many ATMs. Some machines offer other languages. To withdraw cash, insert your debit card into the machine and select "Withdraw money" from the menu. Enter the amount you wish to withdraw. Then enter your PIN. Then select "Confirm". A gray compartment will then open below the screen. Your money is there.

Important: Always withdraw money from an ATM at your bank. If you withdraw money from another bank's ATM, you will have to pay a fee. This can be up to 6 euros. You can find out whether you have to pay at the ATM. A message will appear there when you insert your card.

In Germany, the savings banks and the cooperative banks have the most ATMs. Other banks have fewer. To ensure that customers of these banks have enough ATMs to withdraw money, they can use the ATMs of certain banks free of charge. As a customer of Commerzbank, Postbank, Deutsche Bank and HypoVereinsbank, for example, you can use the ATMs of the other banks. You can find an ATM near you at www.cashgroup.de. If you are a customer of another bank, you can check at www.cashpool.de to see if your bank is part of the "Cashpool" network. If so, you can withdraw money free of charge from all ATMs listed there.

You can also withdraw cash at some supermarket checkouts. However, you must make a purchase in the supermarket for a certain amount.

How do I know how much money is in my account?

You should regularly check how much money you have in your account. This will help you keep track of your income and expenditure.

• If you use online banking, you can check your account balance online at any time. Your bank will also regularly send your account statement to your online mailbox. An account statement is an up-to-date overview of when money was debited from your account or transferred to your account. And who did this.
• If you don't have online banking, you can get an account statement at the bank. There are machines at the entrance where you can print out your account statement or view the overview. You will need your current card and possibly your PIN.

Please note: Some banks charge fees if you print your account statements in the branch. However, this only applies if you use online banking. If you do not do this, your current account statements must be free of charge.

Important: If there are incorrect entries on your account, contact your bank immediately.

I can no longer find my debit card or my account has been hacked. What do I do now?

If you can no longer find your current card, you should have it blocked immediately. This will prevent someone from stealing your money. You can have your card blocked around the clock. To do this, call +49 116 166. The call is free of charge. The staff speak German and English. You can reach most banks on this number. You can find out exactly which ones at sperr-notruf.de. Alternatively, you can also call your bank directly.

If your account has been hacked and unauthorized persons are debiting money, you should have your account blocked immediately. To do this, call the telephone number mentioned above. You should also contact your bank directly. The bank may try to reverse the incorrect debits. Also make a note of the thieves' IBAN (International Bank Account Number) and the name of their bank. Also report the theft to the thieves' bank.

If your debit card has been stolen or someone has stolen money from your account, you can file a report with the police in addition to blocking your card or account. Theft is a criminal offense.

Please note: If you can no longer find your current card or it has been stolen, you will receive a new card and a new PIN from your bank. The bank must do both free of charge.

What is a bank transfer?

With a transfer, you instruct your bank to send money from your account to another account. Within Germany, this often happens on the same day. For transfers within Europe, it usually takes between 1 and 2 days. Transfers to other countries can take longer. You can find out more about international transfers in the section "I would like to transfer money to a bank account outside Europe. What do I need to consider?".

Transfers are not free of charge at every bank. With some banks, only a certain number of transfers are free, with others you pay per transfer. You can find the conditions in the "Price list" or in the bank's "General terms and conditions". You can also ask the bank staff about this.

How do I transfer money to another account?

That depends on whether you do your banking online or at your bank branch.

How to transfer money at a bank branch:

You can make a transfer using a form at your bank branch. The form is called a "transfer form". You can get it free of charge at your bank branch. It is usually available in the entrance area of the bank. Make sure that the bank staff can read your details clearly.

Enter this information in the appropriate boxes on the transfer form:

• The full name of the recipient
• The International Bank Account Number (IBAN) of the recipient.
• The BIC of the recipient's bank
• The amount you wish to transfer.
• A subject for which your payment is for. This could be your invoice number or customer number for an invoice. Or for your rent, it could be your name and the word "rent".
• Your IBAN. You can find it on your debit card.
• The date on which you complete the transfer form.
• Your signature

Post the transfer form at your bank branch. Most banks have a separate letterbox for this purpose. It is located in the entrance area of the bank. You can also hand in the transfer at the counter.

Important: If you are a customer of a Sparkasse or Volks- und Raiffeisenbank, you can only post your transfer form at your branch. This means that you cannot post a transfer at a branch in Cologne if your bank is in Dresden.

How to transfer money via online banking:

In online banking, you need to fill out a digital transfer form. You can usually find this in the menu under "Transfer". Click on it and it will be displayed. Fill in the individual fields. You will need this information:

• The full name of the recipient
• The International Bank Account Number (IBAN) of the recipient.
• The amount you want to transfer.
• A subject for which your payment is for. For an invoice, this could be your invoice number or customer number. Or if you want to pay your rent, your name and the word "Rent".
• For transfers within the SEPA area, the BIC is automatically filled in when you enter the IBAN of the recipient. You can find out which countries are in the SEPA area on the Sparkasse website.

For security reasons, you must enter a uniquely generated code for each online transfer. This is the so-called transaction number (TAN). It is your digital signature. This lets your bank know that you have actually ordered the transfer yourself. Most banks offer different TAN procedures:

• smsTAN: You receive the TAN as a text message on your cell phone.
• PushTAN or AppTAN: You receive the TAN in your bank's app.
• eTAN or ChipTAN or PhotoTAN or QR-TAN: You create the TAN yourself using a TAN generator. A TAN generator is a small device on which you generate a TAN using your debit card. You can buy a TAN generator online or in electronics stores.

Please note: The Federal Ministry for Information Security recommends using a TAN generator for the TAN procedure. An app also offers good protection. Many banks have now abolished the SMS procedure. This is because it is not as secure as the other two methods.

I would like to transfer my rent or other regular payments on time. How can I do this?

If you regularly have to pay the same amount of money for something, you have two options: A "standing order" or a "SEPA Direct Debit".

Standing order

If you need to transfer the same amount of money regularly, you can set up a "standingorder" for your account. The bank will then automatically debit the amount from your account at the time of your choice. This can be every month or just once or twice a year. This way, you won't forget to pay your rent, for example. You can set up a standing order in your online banking. Or at your bank over the counter.

To set up a standing order, you need these details:

• Name of the recipient
• The IBAN of the recipient
• The amount you want to transfer.
• The date of the transfer. Here you must specify the day, month and year and the time interval. In other words, daily, monthly, weekly or annually.
• If you are transferring money to an account in another European country, you will need the BIC or sort code of the recipient's bank.

You can change or delete a standing order at any time. You can do this directly at your bank or in your online banking.

Important: Make sure you ask your bank whether you have to pay for a standing order. Branch banks often charge money for this. In online banking, standing orders are usually free of charge.

SEPA direct debit procedure

Another option for making regular payments is the SEPA Direct Debit Scheme. You authorize a person or company to debit money from your account. This could be your sports club or your mobile phone provider, for example. You will usually receive a form from the person or company for a SEPA Direct Debit scheme. This is the "SEPA Direct Debit Mandate". With this, you authorize the person or company to debit money from your account. Before the money is debited, the recipient must inform you and your bank when the amount will be debited and how much the amount is.

Important: You can withdraw your authorization for a SEPA direct debit mandate within 8 weeks. Your bank will then return the money to your account that has been transferred up to that point. It must do this free of charge. Even if you discover that the wrong amount has been debited, the bank can reverse the debit. You have 13 weeks to report this to your bank.

You can cancel a SEPA direct debit mandate at any time. You do this in writing. Send the person or company a letter stating that you are canceling the SEPA direct debit mandate. You do not have to give a reason for your termination. Be sure to state your customer number or contract number. This will let the person or company know who has canceled. Sign the letter and send it to the relevant address, preferably by registered letter with acknowledgement of receipt. This way you will receive confirmation from Deutsche Post that your letter has arrived. Please note: By canceling the SEPA direct debit mandate, you have only canceled the automatic direct debit, but not your contract with the person or company.

I would like to transfer money to a bank account outside Europe. What do I need to bear in mind?

Most banks will charge you extra for a transfer to an account outside Europe. This can often be expensive. Ask your bank exactly how much a transfer costs. Outside Europe, a transfer usually takes several days. You should therefore allow enough time.

For a transfer to an account outside Europe, you will need

• The amount and the currency in which you want to transfer the money.
• The name of the recipient
• The IBAN of the recipient
• The BIC of the recipient's bank

You may also need a SWIFT code. This is an international bank sort code. It is issued by the organization "Society for Worldwide Interbank Financial Telecommunication" (SWIFT).

Please note: If you want to transfer or receive more than 12,500 euros, you must report this to the Deutsche Bundesbank. If you do not do this, you could face a fine. You can report the exact amount to the Bundesbank by telephone. The number is: +49 800 1234 111 and can be reached from Monday to Friday from 9 am to 3 pm. The staff usually only speak German. The call is free of charge.

Who can see my account balance or withdraw money from my account?

As a rule, nobody but you can access your bank account. Your bank is not allowed to tell anyone your account balance or how much money is transferred to your account or how much money you withdraw without your consent. This also applies to public authorities, such as the job center or social welfare office. This is regulated by the so-called "banking secrecy".

If you want someone else to have access to your account, you must issue the person with a so-called "power of attorney". With a power of attorney, you can regulate that this person can see your account balance. Or withdraw money from your account.

How can I change my bank?

You can change your bank at any time. By law, your old bank and your new bank must work together to help you switch. This assistance is called "account switching assistance". However, the law only applies to banks in Germany. Account switching assistance is usually free of charge.

If you want to change your bank, first open an account with another bank. Then apply for account switching assistance at your new bank. You do this using a form. The form is often available on the bank's website. Important: Although there is no statutory notice period for a bank account, the banks themselves can specify a notice period. You can usually find this notice period in the bank's General Terms and Conditions (GTCs).

Please note: To ensure that you can access your money during your account change, you should only cancel your old account once your new account has been fully set up. Therefore, cancel your old account after about 2 months. This will allow you to check whether money is still coming into your old account or being debited from it.

You can find a sample letter on how to cancel your bank account on the website of the consumer advice center in German. Enclose your bank cards with your letter. Cut up the cards before you put them in the envelope.

What is a credit card?

A credit card is a cash card. Unlike a debit card, you can use it to make payments and withdraw money worldwide. Sometimes you also need a credit card if you want to shop online. Most banks charge a fee for a credit card. Ask your bank how much a credit card costs.

Please note: A basic account is not usually sufficient for a credit card. It is best to ask your bank what type of account you need.

There are different types of credit cards:

• With a so-called "credit card" or "revolving card", your credit card provider will only debit a fixed amount from your account at the end of the month. However, they do not debit the full amount that you have spent. If you have spent more than the fixed amount with your credit card or revolving card in a month, you will have to pay interest on the difference. This is often very high.
• With a so-called "charge card", this interest does not accrue. Your provider debits your entire expenditure for the month from your account.
• There is also no interest with adebit card. Here, the provider debits your expenses individually and directly from your account.
• This also applies to the "prepaid credit card". You can only spend as much money as you have in your account. Here too, the provider debits the amount immediately.

In addition to banks, other providers also offer credit cards, for example airlines. However, their conditions are often different from those of banks. You should therefore find out exactly what type of credit card is offered and how high the interest or fees are.

Important: There are also many fake credit cards that can incur high costs. Seek advice before you sign a contract for a credit card. You can find out more about this in the section "Where can I find advice and support?".

I have spent more money than I have in my account. What happens now?

If you have a basic account, you cannot usually spend more money than you have. This is only the case if you have agreed with your bank that this is possible. The bank will then give you a so-called overdraft facility. This allows you to spend more money than you have in your account. The exact amount is determined by your bank. It is usually based on how much money comes into your account each month. Please note: An overdraft facility is a very expensive loan. This is because you usually have to pay high fees to pay it back to the bank.

If you have problems paying your debts, you can get help. You can find out more about this in the section "Where can I find advice and support?".

Where can I find advice and support?

If you don't know where to open an account or have difficulties with a bank, you can get advice in German from the consumer advice center. The staff at the consumer advice center are very knowledgeable about banks and contracts.

If you need help filling out applications and forms or have debts, you can contact the migration advice centers or the youth migration service. The staff there speak different languages. The Youth Migration Service is for people up to the age of 27. The migration advice centers are for everyone aged 18 and over.

If you have been discriminated against by a bank or its employees, you can contact the Federal Anti-Discrimination Agency. The staff there are available on Mondays from 1 pm to 3 pm and on Wednesdays and Fridays from 9 am to 12 noon on +49 30 - 18555 1855. You can also send an email to [email protected]. The staff speak German, English and Arabic.

Important

On verbraucherzentrale-brandenburg.de you will find two checklists with important information on opening and managing an account in Arabic, English, Russian and Persian.

The bank will send the confirmation of your basic account application to your provided address within 10 days. If you open a basic account with a direct bank, you'll need to verify your identity using the Post-Ident procedure or the Video-Ident procedure. After your basic account is approved, you can use your current card to withdraw cash from your account or make cashless purchases.

Source: handbookgermany.de