{"id":215347,"date":"2019-03-25T12:25:33","date_gmt":"2019-03-25T11:25:33","guid":{"rendered":"http:\/\/berlinstartupjobs.com\/?page_id=215347"},"modified":"2022-04-26T09:38:47","modified_gmt":"2022-04-26T07:38:47","slug":"guide-banks-berlin","status":"publish","type":"page","link":"https:\/\/berlinstartupjobs.com\/de\/moving-to-berlin\/guide-banks-berlin\/","title":{"rendered":"Banking in Berlin"},"content":{"rendered":"

Now that you\u2019ve made the move to Berlin you\u2019re going to want to start earning those cold hard Euros. You\u2019re also going to have to start paying rent, internet, phone bill and the rest of life\u2019s expenses. That all means you\u2019re going to need a bank account.<\/p>\n

Depending on where you\u2019re arriving from, Germany\u2019s banks and how they function can be quite different.<\/p>\n

Here are some important things to know and think about before you get started.<\/h3>\n

Payment methods<\/strong><\/h3>\n

First up, newcomers to the city are often shocked by how cash-based Berlin can be, with a surprising amount of businesses abiding by a \u2018cash only\u2019 policy. If they do accept card payment it will often only be EC Karte<\/em> (German debit cards) \u2013 not credit cards.<\/p>\n

ATM Charges<\/strong><\/h3>\n

With that in mind there are also not a huge number of ATMs around the city (we don\u2019t get it either), and a lot of banks will charge you to withdraw cash from an ATM that is not their own, as much as \u20ac6, so choosing a bank with a decent amount of or at least conveniently located cash machines makes a big difference.<\/p>\n

Account Charges<\/strong><\/h3>\n

Traditional German banks like to charge you for a lot of your day to day usage. Aside from the ATM fees, there can also be monthly charges just for the pleasure of having an account, yearly EC card charges even though you get the card automatically with your account and even higher charges if you want a credit card.<\/p>\n

Credit Cards<\/strong><\/h3>\n

Not all banks will offer a credit card free of charge; in fact, most will charge you an additional fee which can be around \u20ac30 or more. Whilst that may not seem like the end of the world it is also important to note that the EC card you are issued with is not like a regular debit card. You can use it in ATMs and most German businesses accept it for card payments; however it cannot be used to make online payments as it doesn\u2019t have the 16 digit card number and security code that other debit and credit cards have.<\/p>\n

All these seemingly small charges add up and could mean the difference of \u20ac100 or more each year so taking your time to compare and contrast banks is definitely a good idea.<\/p>\n

Customer Service<\/strong><\/h3>\n

If you are a brand new Berliner(in) then the likelihood is that you aren\u2019t exactly fluent in German. In that case, it may be a good idea to look for a bank which offers its website or app or even a customer service telephone number in English.<\/p>\n

Requirements to open a bank account<\/strong><\/h3>\n

In order to open an account, most traditional banks will require that you are a German resident, meaning that you have completed the Anmeldung<\/em> process and have your Meldebescheinigung<\/em> to prove it. There are some newer online banking options which allow you to open an account without the Meldebescheinigung<\/em> and therefore could be a good option if you have just arrived or want to open an account before you arrive.<\/p>\n

<\/h2>\n

Banking Options in Berlin<\/h2>\n

There is a notable difference between more traditional banks, like BerlinerSparkasse or Commerzbank, and newer kids on the block, the online banks like N26, when it comes to the above-mentioned factors. The more institutional banks tend to have more charges and can be less likely to offer services in English whereas new online options can be quite the opposite.<\/p>\n

Traditional Banks in Berlin<\/h3>\n

A Girokonto<\/em> is a current account used day to day for your salary and bill paying etc so that is most likely the account you\u2019ll want to look at initially when comparing different banks.<\/p>\n

Here is a comparison of the Girokontos<\/em> at a few of the banks available.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
<\/td>Postbank<\/a><\/th>Berliner Sparkasse<\/a><\/th>Commerzbank<\/a><\/th>Deutsche Bank<\/a><\/th>\n<\/tr>\n<\/thead>\n
Account Charge<\/strong><\/td>\u20ac3.90 \/ month<\/td>\u20ac3 \/ month<\/td>\u20ac0 for paperless account
\n<\/td>		\u20ac5.90 \/ month<\/td>\n<\/tr>\n
Debit Card<\/strong><\/td>Yes
\nEC card<\/td>		Yes
\nEC card
\n\u20ac8.50 \/ year<\/td>		Yes
\nEC card<\/td>		Yes
\nMaestro card<\/td>\n<\/tr>\n
Credit Card<\/strong><\/td>Optional.
\n1st year free then \u20ac29
\n\/ year<\/td>		Optional.
\n\u20ac39 \/ year<\/td>		Yes<\/td>Optional.
\n\u20ac39 \/ year<\/td>\n<\/tr>\n
ATM Charge<\/strong><\/td>\u20ac0 at Cash Group<\/em> ATMs<\/td>\u20ac0 at own ATM,
\n\u20ac4.95 otherwise
\n<\/td>		\u20ac0 at Cash Group<\/em> ATMs, \u20ac6 otherwise<\/td>\u20ac0 at Cash Group<\/em> ATMs, \u20ac6 otherwise<\/td>\n<\/tr>\n
Anmeldung<\/em> Required?<\/strong><\/td>Yes<\/td>Yes<\/td>Yes<\/td>Yes<\/td>\n<\/tr>\n
Open Account Online?<\/strong><\/td>No<\/td>Yes, only with German ID card<\/td>Yes<\/td>No<\/td>\n<\/tr>\n
English Customer Service?<\/strong><\/td>No<\/td>Partial. Limited English version website and app.<\/td>Partial. Limited English version website and app.<\/td>Partial. Limited English version website and app.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

It\u2019s important to remember that even when a bank offers some aspects of their online services in English a lot of the official correspondence, including your contract, may still be in German. You may be lucky and have some staff at your local branch who can speak English but again it isn\u2019t a guarantee.<\/p>\n

Online Banks in Berlin<\/h3>\n

With the emergence in the last number of years of a host of banks that operate solely online, the banking options for expats moving to Berlin have expanded greatly. They can be a great route to take if you want to get set up before arriving as they allow you open accounts online, without any need to go into a branch here in Berlin and facing the often daunting process of opening an account in German. They often don\u2019t require proof of your Anmeldung, have fewer charges than traditional banks, and can be entirely in English.<\/p>\n

Here is a comparison of a few available online banks operating in Berlin.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
<\/td>DKB<\/a><\/th>N26<\/a><\/th>Revolut<\/a><\/th>Consorsbank<\/a><\/th>ING-DiBa<\/a><\/th>\n<\/tr>\n<\/thead>\n
Account Charge<\/strong><\/td>\u20ac0<\/td>\u20ac0<\/td>\u20ac0<\/td>\u20ac0<\/td>\u20ac0<\/td>\n<\/tr>\n
Debit Card<\/strong><\/td>Yes
\nMaestro card<\/td>		Yes
\nEC card
\n\u20ac8.50 \/ year<\/td>		Yes
\nVisa or Mastercard (depending on your location)<\/td>		Yes
\nEC card & Visa Debit<\/td>		Yes
\nEC card<\/td>\n<\/tr>\n
Credit Card<\/strong><\/td>Yes
\n\u20ac0<\/td>		Yes
\n\u20ac0<\/td>		No<\/td>On request
\n\u20ac60 \/year<\/td>		Yes
\n\u20ac0<\/td>\n<\/tr>\n
ATM Charge<\/strong><\/td>\u20ac0 in DE & abroad<\/td>\u20ac0 in DE & abroad<\/td>\u20ac0 up to \u20ac200 per month, 2% charge thereafter<\/td>\u20ac1.95 for less than \u20ac50,
\n\u20ac0 for \u20ac50+ in EEA.
\nCharges for foreign currency.<\/td>		\u20ac0<\/td>\n<\/tr>\n
Anmeldung<\/em> Required?<\/strong><\/td>Yes<\/td>No<\/td>No<\/td>No<\/td>No<\/td>\n<\/tr>\n
Open Account Online?<\/strong><\/td>Yes<\/td>Yes<\/td>Yes<\/td>Yes<\/td>Yes<\/td>\n<\/tr>\n
English Customer Service?<\/strong><\/td>No<\/td>Yes<\/td>Yes<\/td>No<\/td>No<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Generally speaking, the process of opening an account at an online bank is a lot less arduous than in a physical bank. You just need a computer and a passport and taaadaaa, you\u2019re an account holder. Most accounts are free to open and don\u2019t charge any account management fee, plus you are automatically provided with a Visa or Mastercard. On top of that you can withdraw cash for free so don\u2019t have to worry about wasting time wandering around looking for a specific ATM.<\/p>\n

So which bank to chose?<\/h3>\n

If you are a newcomer that does not speak German, why not just make things simple for yourself and chose an online bank that works in English. You will save yourself money (yay!) on charges as they are either are significantly less or none at all. You will save yourself time, as absolutely everything can be done from the comfort of your home (read phone). And perhaps most importantly, you will save yourself a heck of a lot of anxiety and stress trying to struggle through a maze of German banking language.<\/p>\n

That being said, it is important to remember that opening a traditional bank account without speaking German is still an option. Plenty of people before you have braved the bank, even without the aid of Google Translate (gasp), and there\u2019s no reason you can\u2019t too. It\u2019s just whether you want to try or not.<\/p>\n

Of course we\u2019re not making the assumption that every newcomer to Berlin can\u2019t speak German. If you know your du<\/em> from your Sie<\/em> and the language barrier isn\u2019t an issue then your choices are much more varied. Any of the above accounts would work for you. If you\u2019re all about that app life you can stick to an online bank. If you\u2019d rather talk to an actual human being in person when there\u2019s a problem or you need help then a more traditional bank is best.<\/p>\n

When it comes down to it, the choice is really about what you find important, and what you can afford in fees! Good luck cashing those cheques!<\/p>\n","protected":false},"excerpt":{"rendered":"

Now that you\u2019ve made the move to Berlin you\u2019re going to want to start earning those cold hard Euros. You\u2019re also going to have to start paying rent, internet, phone bill and the rest of life\u2019s expenses. That all means you\u2019re going to need a bank account. Depending on where you\u2019re arriving from, Germany\u2019s banks…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":131149,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-215347","page","type-page","status-publish","hentry"],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"de","enabled_languages":["en","de"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"\nBanking in Berlin (2022) - Berlin Startup Jobs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/berlinstartupjobs.com\/moving-to-berlin\/guide-banks-berlin\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking in Berlin - 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