A simple step-by-step guide on how to open a bank account in Germany. Open an online Germany bank account and documents required to open a German Bank accountRead More
DKB Euro bank account : A Complete guide for opening a non resident bank account in Germany
Check other German Bank accounts for non-residents for a more updated information about other banks which offer opening a bank account in Germany for non residents
Update Apr’15 : DKB only accepts residents of Germany, Austria or Switzerland. German citizens living in any country can still apply.
Due to large number of unsuccessful attempt by readers and requests, I have researched on other possible options for opening bank account for non-residents. So check the link (German Bank account for non-residents) for a more updated information about other banks which offer opening a bank account in Germany for non residents.
Update Mar’15: For good order, please note there have been reports that DKB is now refusing applicants from outside German speaking countries (Germany, Austria, Switzerland). DKB has always been very selective in accepting clients, and this change is possibly be due to sudden rise of applicants due to Euro crisis. However, there is no official statement and DKB website still mentions legitimization from outside Germany is possible, therefore, you may still qualify for an account with DKB.
Wanted to open a Euro bank account from outside Europe? You do not have to be a German resident or even a European resident to open a DKB Bank account in Germany. DKB bank allows you to open a non resident bank account from outside Germany. In fact DKB bank encourages and provides a simplified process of opening a German bank account as a non-resident.
DKB bank offers customers a free checking bank account for non residents in Euro currency with a free VISA credit card to allow free cash withdrawal from anywhere in the world. It also is among one of the best banks to provide good interest rate for deposits. So if you are looking for a best German Bank account for foreigners to use it on your travel to Europe, or looking to park your money in a safe country earning you a decent interest income, you can consider opening a DKB bank account.
Advantages of non-resident German Euro Bank account
Frequent Travelers – Free VISA Card with worldwide
Are you a frequent flyer and want a VISA card with free cash withdrawals? Are you tired frequent currency conversion during your travel to Europe? DKB – Deutsche Kredit Bank provides a European bank account for non residents in the Euro currency. You can withdraw cash from any ATM free of charge from one of the 1 million VISA supported ATM’s. Globetrotting either in Europe, Asia or South America, you can be sure that you will be able to find a cash machine and withdraw free of charge. The services offered by DKB is also well recommended in many frequent flyer forums.
Free Euro currency bank account
DKB bank offers always free checking account for non-residents in Germany. This no condition account it is a free account, that is , you can still maintain the bank account irrespective of how much balance is left or how often you make a transaction. Since the VISA card allows free withdrawals, you can also use the DKB current account as an online bank account for non residents in Germany. Therefore, if you want to maintain a bank account for transactions in Europe, bank account for non residents by DKB bank is recommended.
German Regulation – Bank assurance
Germany is most stable economy in Europe, therefore a perfect place to park your money. Whats more, regulated by the German government, an deposit insurance of upto €100,000 per person is provided by the German government.
Germany is also well evolved in terms of alternate currency transaction such as Bitcoin. Therefore, if you are considering using a bank account for legal use of internet currency trading in Europe, you can consider opening a EU bank account for non residents.
Tax-free – High interest rate
Ever considered opening an offshore bank account in Germany? The interest and income earned is tax free for a non-resident. You will have to fill appropriate forms stating you are non-resident and asking that no tax be deducted from your account. However, your local tax laws of the country you reside applies.
DKB bank provides 0.90% interest on your VISA account. This is one of the best interest rate offered on an Euro bank account in Germany.
Why should you open a DKB bank account in Germany for non residents?
- Free Euro currency bank account in Europe for non-residents
- Free Euro Credit card for making purchases in Euro or for your travel in Europe
- Free worldwide cash withdrawals – Possibility to withdraw cash in your home country from your DKB bank account
- Tax free in Germany (On completing necessary forms. Home country tax law applicable)
- Deposit guarantee by the German Government
- Decent interest rate on your deposit – If you want to park your funds in a foreign currency
- For more advantages of DKB bank click here.
The only disadvantage is that all the forms will be in German, however this can be easily overcome by using Google translator. You can also find the English translation of the DKB Account opening application form here or in detail below.
How to open a DKB bank account for non-residents in Germany
If you wish to open a DKB bank account online for a non resident from outside Germany, then follow the below steps.
Complete the Online Application
Step 1 : Open the Online Application
In order to open a DKB bank account, you need to fill up the online application form at the website. CLICK HERE TO OPEN DKB ACCOUNT OPENING FORM
To open a DKB German bank account from USA, click here to go to the DKB USA landing Page
Click on the button at the bottom of the page which reads “Jetzt DKB-Cash eröffnen” (Open DKB-cash Now) to open the online application form. Fill the application form online.
You will require details as required below. Provide your correct details as it will be printed on the form and you cannot change it at a later date. If you had moved address in the last 2 years then your previous address is also required.
Step 2 : Enter your details
In case you have not resided in the present address for more than 3 years, you will have to provide your previous address.
Step 3 : Provide Employment Details
Enter the details such as Occupation, net monthly salary (after taxes), employed since, Industry
Click “weiter” to continue.
Agree to the terms and conditions for DKB-Club policy.
Click “weiter” to continue.
Step 5 : Confirm and Submit
Check if the details entered are correct. If not, click “andern” to change the details.
If the details are correct, then download the filled up application form.
Once the application form is generated, the next option is activated. Confirm that you need to open a DKB-Cash account by checking the box. Now click on “eröffnen” to securely submit the application online.
You will then get the last page confirming that the application was submitted.
You will now receive an email with the instruction how to proceed further.
Identification / legitimization
Step 6 : Identification process
You can either open the bank account from outside Germany or during your travel to Germany. Unfortunately, residents of certain countries cannot complete the Identification process without visiting Germany. If you reside in one of the countries provided on the list here, you still open the bank account online, however you will have to visit Germany (see Option 2 below).
Option 1 : Legalizing the documents from outside Germany
If you are resident of a country not on the list , you can open the DKB bank from outside Germany. After completing the application for online, you will receive an confirmation email with the forms. Take the below documents to a lawyer or to a local bank in your local country of residence:
Document required to open a DKB Euro Bank account from abroad:
- Print out of the account application form that was filled and submitted online. You will obtain a copy of this form by email
- A personalized identification form will be sent to you by email (may take couple of days). Make sure to wait for the form as it will have the appropriate reference numbers. In case you do not recieve the form, or in a hurry, you can download the form here.
- a valid identity card or a passport
- a recent proof of residence (less than 12 months old) (such as as, water, electricity bill, bank statement or Address registration at Town hall)
Provide the above documents to a lawyer or employee of a bank for identification. The lawyer or bank employee fills out the form for you depending on the identity card or Passport you provided (Make sure you enter the correct details when you applied online). Review the information in the identification form and the document provided by you, and in the presence of the employee or lawyer sign the document. The Employee or Lawyer then signs the form and the completed form shall send directly to DKB Bank by the lawyer or the bank .
The completed DKB application form should be send to the below address:DKB AG DKB-Cash/ International 10909 Berlin Germany
In case this incurs a costs, DKB will refund up to a maximum of €20 on providing evidence of such expenses.
Option 2 : Legalizing the documents when traveling to Germany
In case you are travelling to Germany you can also simplify the process of opening a bank account in Germany for non resident during your travel. Moreover, residents of some countries cannot open a DKB bank account from outside Germany, a list of countries from which you cannot open a DKB account without visiting Germany is provided here.
Take the above documents to the nearest German post office (Deutsche Post AG) in person. Note that you need to apply online before you can go to the Post Office
Document required to open a DKB Bank account when visiting Germany:
- A PostIdent form which you will receive by email after filling up the online form (sometimes takes couple of days). The sample PostIdent DKB form – !SAMPLE (Do not use)!. You will receive an email with this based on your details.
- A valid passport (original) for verification at the German Postoffice for the PostIdent
- A recent proof of residence (less than 12 months old) (such as as, water, electricity bill, bank statement or Address registration at Town hall)
The employee at the post office will verify if you are the person as mentioned in the PostIdent form and on your passport. Once the documents are checked by the clerk at the postoffice, you have to sign the document at the necessary place in front of the clerk. This signature is verified with your signature in your identity documents.
After verification, the documents and signature, the forms are then put in an envelope by the Postoffice and sent to the DKB headquarters free of charge on your behalf. You will receive an acknowledgement copy in hand.
Step 7 : Confirm on the Phone
You will receive an email if further information is required. In some cases you will get a call from a representative asking you the purpose of opening the account. An ideal situation would be moving to Germany in the near future or lot of business travel to Germany etc. It may not be sufficient if you say that you just wanted to park your money in other currency denomination.
Then you will receive a decision by email if your account is opened or not. If you were successful in opening a DKB bank account, further documents will be sent to you by post in the following days.
If your application has been accepted and a DKB bank account opened, further documents will be sent to you by post in the following days.
Step 8: Tax Information
If you are a non-resident in Germany, then the interest earned on the capital in the DKB bank account is not taxed. For this you will have to complete a form after opening the bank account. The tax exemption form is available here. Fill the form and send it by email or fax to DKB-bank.
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