Summary
- A current account is essential in Germany in order to participate in payment transactions and to pay rent, wages, contracts or bills securely and cashlessly.
- Everyone is legally entitled to a so-called basic account, including refugees, asylum seekers and people without a permanent residence - regardless of nationality or residence status.
- Opening a current account is easy at a bank branch or online - with a German identity card, passport or electronic residence permit. A credit-based account is often available even without SCHUFA.
- Having your own bank account in Germany creates security and independence, as you manage your own finances, don't have to carry large amounts of cash and can automate regular payments.
- A current account means digital and social participation in Germany - and is an important step on the way to independence and integration.
What is a current account?
In Germany, it is almost impossible to participate in economic life without a current account. Many everyday things, such as rent or mobile phone contracts, require a current account.
A current account is a bank account that is opened and managed in your name. It enables you to participate in German payment transactions and makes cashless payments possible.
In Germany, there is often talk of a so-called “basic account”, which every citizen is entitled to regardless of nationality or residence status. The basic account is a special type of current account for which the responsible bank is not permitted to terminate the account.
Having a current account is essential for everyone to participate in payment transactions.
Why do I need a current account?
Without a current account, everyday life in Germany is very restricted, as many payments are made purely in cash.
The basic account in Germany is particularly important for payments such as…
- … the receipt of wages or salaries.
- … Transfers from your rent.
- … the conclusion of contracts such as cell phone, Internet, streaming services, etc.
- … Online purchases.
- … paying bills, e.g. for lawyers or other service providers.
Without a current account, many important things in life, such as a rental apartment or salary payments, can often not be realized.
Do I have a right to a current account?
All citizens who are legally resident in the EU are entitled to a current account, known as a “basic account”. People without a permanent residence or asylum seekers or refugees also have this right under the Payment Accounts Act.
It is important that everyone has the opportunity to participate in cashless payment transactions.
What are the advantages of a current account?
There are numerous advantages to having a current account in Germany:
- Security: No risk of losing cash
- Independence: independent management of your finances
- Reliability: Punctual payments of rent, electricity, authorities
- Transparency: overview of inputs and outputs
- Participation: Opportunity to participate in digital and economic life
How do I open a German current account?
You can open a current account either in a bank branch or conveniently online.
To open a German current account, identification is required, a so-called legitimation. This ensures that the account opened can actually be registered in your name.
Legitimization can be carried out in various ways:
- Identification with a German identity card
- Identification with a passport from numerous countries
- Identification with an electronic residence permit for asylum seekers or refugees
Depending on the bank, certain proof must be provided for the opening, such as a SCHUFA statement. Please ask your bank which documents you need to open an account. To make the opening process easier, it can be advantageous to open a current account without SCHUFA on a credit basis.
Conclusion - The current account as an important step towards participation
A German current account or a German basic account is more than just a bank account. It is an important step towards financial independence and participation in everyday life.
It is particularly important for asylum seekers and refugees to know that everyone is entitled to a basic account in Germany and can make use of it – regardless of whether they have a German passport or residence permit and regardless of their financial situation.