Germany is an ideal country for international students, offering not only quality education but also the opportunity to combine studies and work. A current account (Girokonto) is indispensable today. It can be opened immediately after receiving the registration certificate at a traditional bank or an online bank.

What does a current account offer, where is it used, and what benefits does it have for students? We explain this in our article. You will also learn where you can open an account and what documents are required.

Use of the Current Account

A current account is necessary for students for:

  • Receiving scholarships and salaries, insurance benefits;
  • Paying rent, health insurance, language courses, internet, and mobile phone bills;
  • Money transfers and purchases in stores;
  • Withdrawals from a blocked account that serves as financial security for the duration of the stay in Germany. A certain amount can be withdrawn from this account as soon as it is available.

Without a bank card, it is challenging to extend a visa, re-register a residence, etc. Authorities in Germany accept payments only from account to account.

Benefits of a Student Account

Many German banks offer special accounts for students (Studentenkonto) with better conditions than a standard current account. Benefits of a student account include:

  • Free provision of a debit and credit card;
  • Use of loans at favorable conditions, as well as opening a savings account and earning interest;
  • No fees for account management, money transfers, withdrawals at ATMs of the issuing bank, and sometimes even at partner banks;
  • Opening the account within a few days after submitting the documents.

Online banking services are free for all students today. Additionally, customers can use the bank’s service for regular automatic payments, such as rent. Many banks offer bonuses and promotions for new customers.

What International Students Need to Open an Account in Germany

To open a current account, the customer must present the following documents:

  • Passport or travel document;
  • Visa or residence permit;
  • Documents confirming registration of residence in the country and enrollment at a university.

In some cases, proof of language skills, proof of income, or a tax number may also be required.

The bank processes the application within a few days after submitting the documents. The debit card (sometimes together with the credit card) is sent to the customer’s official registered address.

Banks Offering Current Accounts for Students

A student account can be opened at the following banks:

  • Deutsche Bank;
  • Volksbank;
  • Sparkasse.

Alternatively, there are accounts at online banks like ING Student, Wise, and 1822 direkt. With this option, a branch visit is not required. The documents are submitted electronically. Note, however, that you must be physically present in Germany to open an online account.

To conduct financial transactions, purchase goods, and pay for services in Germany, you should open a current account immediately after your arrival and residence registration. It is recommended to bring about 1000 euros in cash for the first two weeks.

Do you have questions about opening an account or studying in Germany? Contact the experts at the IISC Institute – we offer comprehensive support for visa issuance and application to the university of your choice.

Also, you have opportunity to join our intensive German course for different levels:

21-06-2024

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