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== Types of German Banks == | == Types of German Banks == | ||
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<loop_title>Sparkassen & Volksbanken (Savings and Cooperative Banks)</loop_title> | |||
Sparkassen & Volksbanken are local banks that focus primarily on smaller businesses and long-term customers. Aiming towards regional economic development, these banks have large branch networks which can be found into city suburbs as well as rural areas. | |||
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<loop_title>Nationwide Banks (Private Banks)</loop_title> | |||
The major banks belonging to this category are Deutsche Bank, Commerzbank, HypoVereinsBank, and Postbank. What these banks have in common is that they are all part of the Cash Group, meaning ATM withdrawals are free if you bank with them and use their ATMs. Basically, these major banks cooperate as the Cash Group and allow free withdrawals from one another’s ATMs. Other ATMs may charge you as much as 5€ per withdrawal. | |||
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<loop_title>Online and Mobile Banks</loop_title> | |||
Online and mobile banks are also becoming pretty common in Germany by the day. They include the likes of DKB Cash, 1822direkt, N26, O2 Banking, and Santander, among others. | |||
The good thing about online banking is that they are usually cheaper than traditional banks, and more convenient with terms of customer service. In order to withdraw cash from these types of banks, the online bank usually teams up with a traditional bank, so customers can use their cash machines. | |||
Additionally, some online banks issue MasterCard or Visa, which in turn allow individuals to use any cash machine that has the MasterCard or Visa logo. | |||
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== Documents required for opening a Bank Account == | == Documents required for opening a Bank Account == |
There are several banks in Germany. To decide which one to choose, you should consider the following aspects:
Sparkassen & Volksbanken are local banks that focus primarily on smaller businesses and long-term customers. Aiming towards regional economic development, these banks have large branch networks which can be found into city suburbs as well as rural areas.
The major banks belonging to this category are Deutsche Bank, Commerzbank, HypoVereinsBank, and Postbank. What these banks have in common is that they are all part of the Cash Group, meaning ATM withdrawals are free if you bank with them and use their ATMs. Basically, these major banks cooperate as the Cash Group and allow free withdrawals from one another’s ATMs. Other ATMs may charge you as much as 5€ per withdrawal.
Online and mobile banks are also becoming pretty common in Germany by the day. They include the likes of DKB Cash, 1822direkt, N26, O2 Banking, and Santander, among others.
The good thing about online banking is that they are usually cheaper than traditional banks, and more convenient with terms of customer service. In order to withdraw cash from these types of banks, the online bank usually teams up with a traditional bank, so customers can use their cash machines.
Additionally, some online banks issue MasterCard or Visa, which in turn allow individuals to use any cash machine that has the MasterCard or Visa logo.
The two main types of bank accounts in Germany are:
Girokonto: This is a current account, which is the standard type of bank account in Germany, used to receive pay-checks as well as pay bills. German banks tend to offer both, general current accounts as well as specialized accounts (for students and youth).
Sparkonto: This is a savings account, which can be opened at the same time you open a Girokonto, and you can use it to save money and earn interest. This type of account can be opened by both, German residents as well as non-residents.
Automated Teller Machine