Opening a bank account in Germany is not a simple matter
"All communication with the bank takes place in German. In case of unforeseen circumstances, you will not be able to contact us, which creates a risk for your money," explains a manager of one of the branches of the German Commerzbank to Deutsche Welle. But this problem can be solved by bringing a friend to the meeting who will act as an interpreter.
When opening an account, the bank requests a standard set of documents: a passport, as well as a document confirming registration of residence obtained from the municipality. Foreigners may be asked for additional documents. "If the identity document is not written in German, a certified translation is required," says Postbank. However, most banks accept a regular foreign passport from foreigners, in which the data is written in Latin script. Foreigners may also be asked for an employment contract and a residence permit.
Detailed checks
German banks pay a lot of attention to verifying the origin of the funds that citizens want to deposit into a new account. "Potential clients must provide information about the sources of funds and, if necessary, additional documents about the financial transaction. We check each account opening request individually and make a decision on a case-by-case basis," said Deutsche Bank.
Documents confirming the legality of income may also include an employment contract, a monthly salary statement, or any other documents proving that the money was obtained legally and that taxes were paid on all income.
"All information about clients must be plausible. This means that it must match the client's economic situation and be confirmed. For example, account statements, transfers from existing credit accounts at other banks, and data on securities owned must be provided," explains Commerzbank.
The bank noted that if there is no evidence of the truthfulness of the information provided or if there is any other uncertainty, the bank is not entitled to conclude a contract with the client or carry out any transactions.
Not every card for everything
Germans, like Ukrainians, most often open current accounts mainly to have their salaries transferred to them. For this, you can choose any bank, not just the one where the employer has an account. From this account, you can receive and send money transfers.
Using the account, depending on the bank and the client's status or income, can be either paid or free. However, the standard bank card for using a current account usually has limited functionality. It can be used to withdraw cash from ATMs and pay in most stores, restaurants, or other establishments, but such a card cannot always be used for instant online payments.
To facilitate online payments, especially abroad, banks offer to additionally open a debit or credit card from major international systems such as Visa or Mastercard, to which you can transfer money from the main account. The conditions for obtaining such a card also vary from bank to bank. For example, Postbank says: "Both will be free. You do not need to pay any interest on the credit card if you meet the grace period." If the account goes into overdraft, you will have to pay interest to the bank. But here too, conditions vary from bank to bank.
To protect online money transfers, depending on the bank, QR codes, confirmation codes sent via SMS to a mobile phone, numbers sent in advance by mail, or other methods are used. "The first option is more reliable, but the second is simpler," says a Commerzbank employee.