How does an American expat set up a local German bank account?
June 15, 2010 10:19 AM Subscribe
How do I set up a German bank account and transfer my US banking to it?
I am moving from Texas to Germany from for 2-3 years for a job over there, and I would like to set up my finances as quickly as possible once I get there. Generally, is the process:
1) Move to Germany, open account at Deutschbank (or another German bank).
2) International wire transfer over my money from the local credit union in Texas ($50 flat fee for this, ~10K in savings account).
3) Convert all dollars to euros.
4) Put in German account.
?
Issues: Can I open a German bank account with a low amount of starting money that I would get from an ATM? Is converting all of my savings to euros a good idea (there is a favorable exchange rate currently)?
Complication: I am moving to a small town in Northern Germany, so there are no international banks to work with.
Other answers (Hong Kong, Austria, Scotland) seem to be country specific, so this might be the German iteration.
I am moving from Texas to Germany from for 2-3 years for a job over there, and I would like to set up my finances as quickly as possible once I get there. Generally, is the process:
1) Move to Germany, open account at Deutschbank (or another German bank).
2) International wire transfer over my money from the local credit union in Texas ($50 flat fee for this, ~10K in savings account).
3) Convert all dollars to euros.
4) Put in German account.
?
Issues: Can I open a German bank account with a low amount of starting money that I would get from an ATM? Is converting all of my savings to euros a good idea (there is a favorable exchange rate currently)?
Complication: I am moving to a small town in Northern Germany, so there are no international banks to work with.
Other answers (Hong Kong, Austria, Scotland) seem to be country specific, so this might be the German iteration.
Ladybird offers some good advice. I would like to add that the German bank might allow you to deposit a personal check from your US account. A couple hundred in ATM cash would work, as well.
I lived in Germany for a year and a half. I kept my US account open the entire time for ongoing US-based expenses like student loan payments and credit card payments. If you intend to return to the US within three years, it would make more sense to keep your accounts open, as long as you are able to maintain them from abroad.
posted by harlan at 11:55 AM on June 15, 2010
I lived in Germany for a year and a half. I kept my US account open the entire time for ongoing US-based expenses like student loan payments and credit card payments. If you intend to return to the US within three years, it would make more sense to keep your accounts open, as long as you are able to maintain them from abroad.
posted by harlan at 11:55 AM on June 15, 2010
I have recently done the same thing, also in a small town in northern Germany. It's pretty straightforward and might actually be facilitated by your institution - it was for me.
You need to provide them with your passport, and proof of your German address. Therefore you need to register your address first at the Residence Registration Office (Einwohnermeldeamt) which is usually located in the town or city hall. You'll need your passport and visa (I think, I'm EU so don't need a visa) for this too.
After providing this information and documents you are good to go. I received my bank card after about 3 days but had access to the account on the same day. I.e. I could put cash into the account, had the details necessary to transfer money from my old bank etc.
It is not possible to set up the account before you arrive. Also, I would keep your old accounts active if I were you.
Feel free to MeMail me if you need more advice.
posted by jonesor at 11:59 AM on June 15, 2010
You need to provide them with your passport, and proof of your German address. Therefore you need to register your address first at the Residence Registration Office (Einwohnermeldeamt) which is usually located in the town or city hall. You'll need your passport and visa (I think, I'm EU so don't need a visa) for this too.
After providing this information and documents you are good to go. I received my bank card after about 3 days but had access to the account on the same day. I.e. I could put cash into the account, had the details necessary to transfer money from my old bank etc.
It is not possible to set up the account before you arrive. Also, I would keep your old accounts active if I were you.
Feel free to MeMail me if you need more advice.
posted by jonesor at 11:59 AM on June 15, 2010
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posted by ladybird at 10:49 AM on June 15, 2010