Germany has over 2,500 commercial banking institutions which offer many banking options which make it hard for expats to know where to begin.
The system of banking and taxes in Germany is quite straight forward and once expats have obtained their residency card the process of opening an account will be east.
The major banks in Germany include Deutsche Bank, Landesbank, Westdeutsche and many more. Most international banks also have branches in the country where expats can continue their overseas account.
Opening a bank account
Expats who want to open an account in Germany can do this online or in person, this will require an appointment to be made.
If you need to open an account immediately, you will need to take a sum of money but funds can be transferred from overseas which can take a few weeks.
The documentation required to open an account includes:
- Proof of ID
- Proof of address
- Proof of earnings
- Money for a deposit
German Currency
The official currency in Germany is the Euro (EUR) with 1 EUR divided into 100 cents
Coins: 1, 2, 5, 10 and 20 cents, and 1 and 2 EUR
Notes: 5, 10, 20, 50, 100, 200 and 500 EUR
Debit cards and credit cards are accepted in Germany and ATM’s are found everywhere offering good exchange rates.