Moving to Germany is an exciting adventure, and setting up your finances is a key step to starting life here with confidence. With the right knowledge, managing your banking can be straightforward and empowering. This guide covers essential banking terms and how bunq can simplify financial management—so you can focus on enjoying your new life in Germany.

Introduction to the German Banking System for Expats

As an expat, it’s helpful to know the unique terms and services in the German banking system. From setting up accounts to handling international transfers, understanding the basics can help you feel financially at home.

Essential Banking Terms and Definitions

Girokonto

A Girokonto (checking account) is the foundation of everyday banking in Germany, handling transactions like salary deposits and bill payments.

With bunq, you can skip the branch visits and paperwork—set up and manage your account in just 5 minutes, entirely online from your phone.

EC-Karte or Girokarte

Germany’s debit card, the Girokarte, is widely used for payments and cash withdrawals. For added flexibility, a Credit Card can be helpful for international access.

At bunq, every user gets a Digital Credit Card that spends the money in your account, with no annual charges or hidden costs. In Germany, eligible users can also add a Credit Limit to it (only available in the Netherlands, Germany and Spain). Need cash? Depending on your plan, enjoy up to 6 ATM withdrawals per month at no extra cost.

Lastschrift

Lastschrift is Germany’s Direct Debit, commonly used for services like utilities.

Managing Direct Debits with bunq is simple—manage automated payments and set limits with just a few taps on your phone.

Sparbuch

A Sparbuch is a traditional Savings Account.

With a bunq Savings Account, you can earn up to 3.11% interest, paid weekly so you benefit from compound interest and reach your savings goals faster.

Dauerauftrag

A Dauerauftrag, or standing order, is ideal for recurring payments like rent.

Setting up Scheduled Payments with bunq is easy. Just set it up once, and bunq will handle the rest—choose the frequency, limit payments, or set an end date.

Überweisung

Überweisung is the standard for transferring funds between accounts.

With bunq, transferring money to friends or vendors is quick and seamless. Enjoy real-time Instant Payments across Europe so funds hit the recipient’s account as soon as you send them.

Gemeinschaftskonto

A Joint Account is a convenient way to manage shared expenses.

With bunq, a Joint Account gives transparent access and individual cards for up to 10 users, making shared finances simple. Want to save together? Our Joint Savings Account can offer the same 3.11% interest as a regular Savings Account.

Kontoauszug

Your Kontoauszug (bank statement) helps track your spending.

bunq makes it easy to access digital statements, so staying organized is simple.

Kontowechsel-Service

This service transfers recurring payments seamlessly when switching banks, so you’re never interrupted.

General Terms

• IBAN and BIC: Essential for international transactions to ensure funds reach the right place.

• PIN (Persönliche Identifikationsnummer): A must-have for secure banking, protecting your account during ATM and in-store transactions.

Overcoming Expat Banking Challenges with bunq

Here’s where bunq comes in—a modern banking solution designed with expats in mind. Opening a Bank Account takes just 5 minutes, no German language skills required.

• Break Language Barriers: Manage everything in English with bunq, making it easier to access banking services without language hurdles.

• Effortless International Transactions: Simplify transfers with up to 5 Local IBANs and access to 20 Local Currencies, ensuring smooth transactions across borders.

• Local Cards Made Easy: bunq integrates seamlessly with German payment systems, so you can make payments without worries.

• Instant Account Setup: Forget branch visits and paperwork. Open your Bank Account in just 5 minutes and start managing your finances immediately.

Conclusion and Additional Resources

Navigating the German banking system doesn’t have to be daunting. By understanding key terms and using bunq’s modern banking solutions, you’re already set up for financial success in Germany.

* bunq B.V. is a bank with a Dutch banking license and is supervised by the Dutch Central Bank (DNB) and the Authority for the Financial Markets (AFM). 3.11% is the bonus gross annual rate. You earn it on all your EUR savings until your first threshold calculation. Your threshold is your highest savings balance over the previous 6 months, recalculated every January 1 and July 1. After that, the part of your savings up to your threshold earns the base rate: 1.61% on the first €10,000 of that part and 1.51% on the rest. The part above your threshold earns the 3.11% bonus rate. All rates are variable and can change. Find more information on help.bunq.com/articles/whats-massinterest-and-how-does-it-work

Not investment advice.

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