Do you want the convenience of a mobile bank or the security of a trusted institution? To pay a monthly fee, or to navigate a series of hidden costs? We’d like to hear about your experiences, and frustrations, with banking in Germany.
Setting up and maintaining a German bank account, or at least a European bank account with an IBAN, is generally a must for anyone who intends to work in the country, or live here in the long-term.
It’s among the first things that incoming foreigners are advised to take care of, because most employers will need your IBAN before you start to ensure that they can pay you. Landlords will often want you to have a German bank account as well.
CHECKLIST: The most important paperwork you need to settle in Germany
But choosing from the wide range of German and mobile banks can be a bit of a daunting task, especially for those who have just arrived and don’t yet understand the pros and cons involved.
Foreign residents may also face additional challenges with banking in Germany. For example, United States citizens have been known to be rejected by some German banks due to an Obama-era tax filing requirement that some banks would simply rather not deal with.
Another aspect about banking in Germany that comes as a surprise to many foreigners is that most standard German banks charge a monthly fee to their customers.
This may come as a surprise to people from countries where banks usually offer free checking accounts, instead making their profit from interest earned on account holders’ capital.
And while there are free German bank accounts to be found, customers still need to look out for ATM fees and other hidden costs.
So, to help anyone struggling to decide on the right German bank for them, we’d like to put the question to you: What kind of bank works best for your life in Germany, and what challenges have you faced in banking here?
Have you integrated into German life so well you find it reasonable that banks charge a monthly fee to hold your money, or do you still refuse to pay for a checking account?
Please take a moment to answer the questions in our survey; we may use your answers in a future article. If you can’t see the below survey, click here.
READ ALSO: Sparkonto – Where to find the best high-yield savings accounts in Germany
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: thelocal.de
