Bank account

The bank account or the current account is probably the most popular and widely used financial product in Germany. Most payment transactions are handled electronically. These include direct debit payments, in particular for the rent, electricity or telephone as well as incoming payments such as social benefits or salary credit.  A bank account is absolutely necessary when entering into an employment relationship. 

Both branch banks and direct banks offer a range of current accounts. Thus, cashless money transfer can be performed either over the counter at the bank or online.  Many branch banks offer their customers the possibility of online banking in addition to their in-house services.

Current accounts vary from bank to bank with regard to fees and conditions. For example, some banks do not charge account management fees if the current account is used as a salary account or other monthly incoming payments. The fees for cash withdrawals or the associated credit card often differ greatly. In some cases, banks are paying interest rates on a positive current account balance or connect the account to a free depot or a call deposit account.

During your stay in Munich, it makes sense for you to open a bank account in Munich.  It is absolutely essential that you have a local bank account and use it e.g. for the monthly payment of your salary. Usually, the employer performs the payment of the monthly salary cashlessly by remitting the amount due to the employee’s current account.

List of some banks:

•    Commerzbank
•    Deutsche Bank
•    Münchner Bank
•    Postbank
•    Sparda Bank
•    Stadtsparkasse München
•    Uni Credit
•    Volksbank

Further information about banks in your area can be found at: