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This is exactly what we will explain to our readers at home and abroad in an understandable manner. In Germany, there are banks with branch offices and online banking, as well as so-called direct banks Direktbanken.

These do not have branch offices. Account use and communication takes place only by phone or online. Since many years, the trend remains that people open a free secondary account at a direct bank e. German savings banks are usually owned by the cities and villages. Formerly, each city had its own savings bank. Over the past 20 years, many savings banks have merged due to the competitive situation. Although the savings banks have been losing customers since years, they are still among the best-known banks.

Later, when one has to deal with more finances, then there is often a change to another bank that is more cost-effective or offers better services.

How does Banking in Germany work? | Simple explanation!

This is the next best-known bank organization in Germany. VR-banks — their abbreviation — are cooperative banks Genossenschaftsbanken. They are organized similar to freistelljngsauftrag and are owned by their members.

Members may only purchase very few shares of the bank, so that no single person is enabled to have too much influence on the business of the bank. Just like the savings banks, the Volksbanken have to deal with a loss of customers.

Although they have many branch offices, they can often not keep up with the price and service of the modern direct banks.

In Germany, there are several hundred different VR-banks. The largest and most famous is the Deutsche Bank. The Deutsche Bank is regularly involved in scandals: However, it still has a huge customer base.

What’s a ‘Freistellungsauftrag’? (Exemption order) – Life in Germany – Toytown Germany

Especially immigrants from abroad prefer — presumably because of the name — the Deutsche Bank. The fees at the Deutsche Bank are rather expensive, but it offers, in contrast to the second largest German private bank, the Commerzbankaccount openings in the branch office also in English language and the online banking is also completely bilingual: Moreover, there are quite a lot of medium and small private banks in Germany.

The private banks are owned by its shareholders. One may buy shares of these banks at the stock market and one also gets the deitsche share in the case of success or failure of the bank. On the German market, some foreign banks are actively advertised for customers in German language. In the simplest case, the bank is licensed in another EU-country and serves customers directly via online banking and phone e.


The branch offices were most often purchased in the course of a takeover. So, the Spanish Santander Bank has some in Bxnk. Moreover, some direct banks with their headquarters in Germany are owned by foreigners.

These were formerly German banks that were sold to the abroad. Direct banks can have different ownership structures in Germany. In the intensively observed banks by our editorial, it looks like this:. The current account Girokonto is deusche personal bank account for daily payments. It is common in Germany to receive salary payments Gehaltszahlungen once a month by bank transfer to the current account. A standing order is a transfer, which is executed in the same amount on a regular basis.

This is meaningful, for example, for rental payments! Once set up at the bank, one can save the individual transfer each month. In Germany, debiting called debit orders is popular. With this, one can save the transfer and the supplier receives the money on time. The scheduled transfer differs from the normal transfer only in the point that freistellungsakftrag execution date is set in the future. This is meaningful, if you have a payment period and do not want to pay neither too early nor too late.

This saves interest and nerves. These systems already exist since many years. They have proven themselves to be very efficient. At the direct banks that we present on this portal, all transfers, scheduled transfers, standing orders and debit orders in Euros are free of charge!

Usually, a bank card is linked to a current account. Depending on the card provider, other terms can be used. The current account of Number26 can be managed via computer or via app through the Smartphone.

There is also a free MasterCard and a Maestro Card included. The fee is a maximum of 0. There is also the possibility to obtain credit cards freistellungsauvtrag a current account.

You can find out more here: Credit cards in Germany. Almost every German citizen over 18 years has one or more current accounts. Since there is a variety of free current accounts, it is easy to open such a bank account.

It is statutory that the personal data must be clearly proven at any account opening, for minors in Germany under 18 years also the personal data of the parents. Not all banks offer a current account for minors.

At the Comdirect Bankchildren from the freistelkungsauftrag of 7 can get a free current freishellungsauftrag with Giro Card and Visa Card, as well as online banking. At the Deytschean account opening is possible from birth.

There is a Visa Card, but no online banking freistellungsautrag the child. Online banking is considered very secure in Germany, because the technical systems are very well developed. Most damage is caused by incorrect or careless use by the user.

However, many freistellungsauftdag customers were compensated generously by their banks in the past. You should definitely familiarize yourself with the safety rules of your bank.

Most German citizens use online banking. Only the elderly generation still largely prefers to go to a branch office to submit transfers in a form. This is generally associated with costs due to the processing. Online banking is available at almost all banks only in German language. One of the few exceptions is Number There, the account opening, online banking and customer service Kundenservice is completely available in English, besides German of course.


Additionally, this bank account can be opened particularly easy from abroad.

Tax exemption order

You can find details here: A new era of account openings. Cash Bargeld plays a major role in Germany. Still more than half of all operations are carried out with coins and notes.

One can say that the Germans love cash! Although, there are always discussions in order to limit the cash or even to ban it completely, but it currently looks like that cash will remain active in Germany for a long time. Many people value the variety of options in the selection of a new current account, to withdraw cash free of charge from the account. This is most often only possible free of charge at their own branch offices or at partner banks of branch banks outside of business hours.

The modern direct banks often have requirement models in which cash withdrawals are free of charge using the credit card within Germany and abroad. DKB and Number26 have the most customer-friendly conditions.

How does banking in Germany work?

Combined deposit and withdrawal machine. Following bills are accepted: Depending on the machine or card, Euros to Euros 2, can be withdrawn per day. At this machine, you even can deposit coins. Only few people think of the depositing of cash to the account, because the salary or pension payment Rentenzahlung is normally transferred directly to the current account.

Government welfares are also directly transferred to the bank account. Besides a few deposit machines Einzahlungautomatenone is working on the concept of depositing cash through the cash register systems of supermarkets.

Again, Number26 is the pioneer of this development. All forms of savings accounts savings book, call money account, fixed deposit are especially popular in Germany, because most Germans do not want to take any freistellhngsauftrag with investments.

One can freistellungsaurtrag lose money in a savings account … only purchasing power in relation to inflation, however, that is often mentally hidden. In the yearthe DiBa, was still a German bank at that time, established a modern online savings account. With this, the payments were inhibited, as otherwise with a current account. Finally, such online savings accounts are free of charge and formerly many banks in Germany charged fees for transfers.

Reverse transfers were and still are possible in any amount and every day. Balance in the account received a very good interest.

The call money accounts Tagesgeldkonten are always very popular, although the interest freistellnugsauftrag are low due to the interest rate policy of the European Central Bank ECB. Further details about savings accounts can be found here: