1) How to open a bank account?
The Girokonto –This is the current account, which is mandatory if you get a salary credited to your account. The interest rate is at: 0%. Most financial transactions are completed using this type of account, such as receiving wages or paying rent. In general, a current account allows you to:
- withdraw money from your bank using an EC-card. This is normally free of charge at your own bank’s ATMs, but a fee of several Euros is charged for withdrawing money from other banks’ ATMs
- transfer money to pay bills using transfer forms
- set up regular fixed amount payments (e.g. your rent) paid by standing order (Dauerauftrag)
- set up regular payments (even of variable amounts, e.g. telephone bills and health insurance contributions) to be paid by direct debit.
The following documents are required to open a Girokonto (bank account):
- Passport
- Letter or contract of employment from your employer
- Salary slip
Once you have opened this account, provide following account information to your employer, so that salary will be credited to your account:
- The name of your bank and your IBAN, which is a combination of the so-called Bankleitzahl (unique code of the bank where you have your account) and your Kontonummer (the number of your bank account)
Your bank statements are required for tax return and other purposes in future, so Download your bank statements in pdf. format every month/quarter and keep them safe for future reference.
Below is a list of some banks where you can open your account. On their homepages you can get useful insights about the conditions, and often there is an opportunity to open these accounts for free.
- Deutsche Bank – www.deutschebank.de
- Commerzbank – www.commerzbank.de
- Postbank – www.banking.postbank.de
- LBBW – www.lbbw.de
- HypoVereinsbank – www.hypovereinsbank.de
- Targo Bank – www.targobank.de
- Sparkasse – www.sparkasse.de
Upon opening a German bank account you can manage your money flexibly and securely nationally and internationally while using your IBAN as described above.
2) How to transfer money internationally?
Another question is of course how to transfer Euro to India. There have been various methods like Western union money transfer, German Bank etc. You can have a look on the following services that might be of interest for you.
| Name of bank/ institution | No. of Days | Procedure |
| xendpay | 2 | Very simple procedure. You can also choose how much fee you would like to pay or not to pay. |
| ICICI Bank – Money2 India | 4-5 days | Register on their website and follow the instruction. The tracking number must be specified while transferring money from your German account to their German account. |
| ICICI Bank Europe – Money2 India Europe | 3-4 days | Procedure is same as above |
| Remit2India | 4-5 days | Procedure is same as above |
| HDFC Bank – QuickRemit | 4 days | Register at the above link and follow the procedure. The money can be transferred to their account online from your German account. |