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Opening a German Bank Account for International students

Opening a German bank account for international students is essential for managing finances, receiving scholarships, paying for housing, and more. This guide explains the types of accounts available, the documents required, and the steps to open one.

Post Admission and VisaStudent Life in Germany
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Opening a German Bank Account for International students
Created time
Aug 2, 2024 04:16 AM
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Nirag
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German bank account for international students
Reviewer
Pavitthira
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Bank Account, International Students, Deutsche Bank, Commerzbank, N26, Deutsche Kreditbank
Assigned date
Aug 2, 2024
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Completed
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Published
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Opening a bank account in Germany is vital for international students. It not only simplifies managing finances but is often a requirement for visas and residency permits. This guide will walk you through the types of German bank account for international students, the required documents, and the steps to open one.

Why Do International Students Need a German Bank Account?

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Having a German bank account offers several benefits:
  1. Ease of Financial Transactions: Paying rent, tuition fees, and other living expenses becomes straightforward.
  1. Receiving Funds: Scholarships, part-time job salaries, and financial support from family can be directly deposited.
  1. Proof of Financial Stability: The visas require proof of sufficient funds, which is typically provided through a blocked account.

Types of Bank Accounts

There are three main types of German bank account for international students that you might consider:

1. Current Account (Girokonto):

  • Purpose: Everyday transactions such as receiving payments and paying bills.
  • Features: Comes with a debit card (EC-Karte) and online banking services.
  • Fees: Often free for students, but some banks may charge a small monthly fee.

2. Blocked Account (Sperrkonto):

  • Purpose: Required for visa applications to prove financial resources.
  • Features: A specified amount is blocked and released in monthly installments.
  • Fees: Setup and monthly maintenance fees vary by provider.

3. Savings Account (Sparkonto):

  • Purpose: Saving money and earning interest.
  • Features: Limited transaction capabilities; mainly for depositing and withdrawing savings.
  • Fees: Usually free, but interest rates are low.
Several banks in Germany cater specifically to international students, offering services in English and streamlined processes:
  1. Deutsche Bank:
      • Free savings accounts for students.
      • Customer support available in English.
      • Extensive access via internet banking and physical branches.
  1. Commerzbank:
      • Complimentary current accounts for students.
      • No fees for foreign currency transactions.
      • Unlimited ATM withdrawals.
  1. N26:
      • A digital bank with an entirely online setup.
      • Intuitive mobile app available in various languages.
  1. DKB (Deutsche Kreditbank):
      • Free current accounts that include a Visa card.
      • Superior online and mobile banking services.
      • Attractive interest rates on savings accounts.

Required Documents

To open a German bank account as an international student, you typically need to provide the following:
  1. Passport: Your valid identification document.
  1. Visa or Residence Permit: Proof of your legal stay in Germany.
  1. Proof of Address Registration: The registration certificate (Meldebestätigung) obtained from the local registration office.
  1. University Enrollment Certificate: Proof of your student status at a German university.
  1. German Language Proficiency Certificate: Some banks may request this to verify your language skills.
Once you submit these documents, the bank will process your application and usually open your current account within a few days. Your debit card and other account information will be sent to the address listed in your city registration.

Steps to Open a German Bank Account

Opening a bank account involves several steps. Here's a detailed process:
  1. Choose the Right Bank: Research and select a bank that offers student-friendly services and meets your needs.
  1. Prepare Your Documents: Gather all the necessary documents. Make sure everything is up-to-date and complete.
  1. Visit the Bank or Apply Online:
      • In-Person: Visit a local branch of the bank with your documents. An advisor will assist you with the application process.
      • Online: For digital banks like N26, you can complete the application online. Upload scanned copies of your documents and follow the verification process.
  1. Verification Process:
      • In-Person: The bank will verify your documents and process your application.
      • Online: Digital banks will usually conduct a video call to verify your identity.
  1. Receive Your Bank Details: Once your account is approved, you will receive your account details, including the IBAN (International Bank Account Number) and BIC (Bank Identifier Code).
  1. Activate Your Account: Follow the instructions to activate your debit card and set up online banking.

Using Your German Bank Account

Once your account is set up, you can start using it for various transactions:
  1. Deposits: Receive money from scholarships, part-time jobs, or family.
  1. Payments: Pay rent, tuition fees, and other expenses.
  1. Withdrawals: Use your debit card to withdraw cash from ATMs.
  1. Online Banking: Manage your finances, transfer money, and pay bills online.

Managing Your Finances

Proper financial management is essential for a smooth stay in Germany. Here are some tips:
  1. Budgeting: Create a budget to track your income and expenses. Use online tools or apps to monitor your spending.
  1. Saving: Set aside a portion of your income in a savings account. Even small amounts can add up over time.
  1. Avoid Overdrafts: Keep track of your account balance to avoid overdraft fees.
  1. Use Student Discounts: Many banks offer discounts and special offers for students. Take advantage of these to save money.

Troubleshooting Common Issues

  1. Lost Debit Card: Contact your bank immediately to block the card and request a replacement.
  1. Account Issues: Visit your bank branch or contact customer service for assistance with any account-related problems.
  1. Unauthorized Transactions: Report any suspicious or unauthorized transactions to your bank as soon as possible.

Conclusion

Opening a German bank account is essential for international students to manage their finances effectively. By choosing the right bank, preparing the necessary documents, and understanding the process, you can ensure a smooth transition to your new life in Germany. Whether you opt for a traditional bank or a digital one, having a German bank account for international students will make your stay more convenient and financially secure.

Frequently Asked Questions (FAQs)

1. Do I need a German bank account as an international student?
Yes, having a German bank account is essential for managing your finances, paying rent and tuition fees, and receiving scholarships or part-time job salaries. It's also often required for visa and residency permits.
2. Which banks are recommended for international students in Germany?
Popular banks for international students include Deutsche Bank, Commerzbank, N26, and DKB. These banks offer student-friendly services and support in English.
3. What documents are required to open a German bank account for international students?
You typically need the following documents:
  • Passport
  • Visa or residence permit
  • Proof of address registration (Meldebestätigung)
  • University enrollment certificate
  • Some banks may also require a German language proficiency certificate
4. Can I open a bank account online?
Yes, digital banks like N26 allow you to open an account online. You will need to upload scanned copies of your documents and complete a video verification process.
5. Are there any fees associated with opening a bank account?
Many banks offer free current accounts for students, but some may charge a small monthly fee. Blocked accounts usually have setup and monthly maintenance fees, which vary by provider.
6. Can I transfer money from my home country to my German bank account?
Yes, you can transfer money from your home country to your German bank account using international bank transfers. Be sure to check the fees and exchange rates involved.
7. Do I need a German bank account to receive my scholarship or part-time job salary?
Yes, having a German bank account is necessary to receive payments such as scholarships and part-time job salaries directly.
8. What should I do if I encounter issues with my bank account?
Visit your bank branch or contact customer service for assistance with any account-related problems. Most banks offer support in English for international students.

Written by

MS in Germany
MS in Germany

Your trusted consultancy for pursuing higher education in top German Public Universities.

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