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Finance and Banking in Germany
A quick note on the history of banking in Germany
Germany has a long banking tradition, from the merchant bankers of the 16th century to 19th-century industrial financiers. Not known for flashy marketing or risky products, Germany's banks tend to be divided into savings banks, regional banks, cooperative banks, and multinational private banks.
The sector is proud of its sensible approach, and consumer-focused services, but which banks and financial institutions should new German residents choose?
Banking System in Germany
Germany's banking system includes four major types of institutions, and there are some important distinctions between them
Firstly, there are private commercial banks. These banks control almost half of all German assets and finance most of Germany's international trade. And within that sector, Deutsche Bank reigns supreme, being the 8th biggest bank in Europe.
However, private banks don't dominate the retail banking sector. The three largest private banks control 15% of the retail sector, but they are rivaled by public sector and cooperative banks - not to mention so-called "free" banks.
The public banks are divided into Sparkassen (local savings banks, don’t confuse with the name of big German bank Sparkasse!) and Landesbanken (regional banks). Seven Landesbanks operate in German regions, while smaller Sparkassen tend to operate in particular cities or urban areas.
Also known as Raiffeisenbanken, cooperative institutions are the final major group, and there are around 1,000 across Germany.
Both coops and public banks tend to cater for local communities and aren't usually focused on international visitors. But they are seen as more reliable and less risky, and some are moving toward more outward-looking strategies.
How many banks are there in Germany?
According to national statistics, there are c. 1,400 banks in Germany.
However, while bank numbers are high, they have been declining in recent years. The rise of mobile banking and the internet have accelerated branch closures, albeit from a much higher level.
Types of bank accounts in Germany
Banks in Germany offer a range of different accounts for expatriates, and there are numerous types of bank to choose from as well. We can't cover them all here, but it helps to provide a short introduction.
Most arrivals will want to create what is known as a Girokonto. This is essentially a checking account or current account, and can be provided by various forms of bank. There are big international banks that offer Girokonto, or current accounts, for foreign residents.
Applicants must be sure to check the Kontoführungsgebühren (account fees) when making a decision, as they can bump up the cost of banking quite a lot in some cases.
Can I have two bank accounts in Germany?
Germans aren't restricted to a single bank account. While it's advisable to set up a Girokonto to handle income and savings, this account often functions alongside a Sperrkonto (blocked account). That way, students can receive their monthly payments and add them to work income or payments from abroad.
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