How to open a bank account in Germany
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 account
Read MoreEnglish Information about Banking in Germany
SEPA stands for “Single Euro Payment Area” and is the desired mode of payment or transfer within Europe. Introduced in 2008, SEPA allows you can make any cross-border transfer to a bank account for the same cost and time as a local transfer.
Since SEPA allows bank customers to make a national or cross-border transfer European payments (including Iceland, Switzerland, Norway and Liechtenstein) the same way. So any EU-wide SEPA transfer is processed within three working days.
In short, using the SEPA Transfer, all transfers within the EU will be the same as a domestic transfer.
SEPA is made up of the Eurozone, countries within the EU and a few other countries which also support EUR bank transfers.
You can either do this using online transfer or using physical forms at the bank.
Details necessary for SEPA transfer: To make a SEPA transfer, you need the following details of the beneficiary (person to whom you are making the transfer):
International Bank Account Number (IBAN) and Bank Identifier Code (BIC) have now more or less replaced the old account number (Kontonummer) and Bank code (BLZ). It is very important to enter the IBAN number correctly.
The structure of IBAN and BIC follows very clear rules. Here’s a quick overview:
2. Name of the Benificiary
Name of the person to whom you are transferring. This is normally not checked
3. Reference
The reference (sometimes called SEPA Reference) is for the recipient to identify the transfer. So, if you are paying a bill, the reference number is normally mentioned on the invoice (mostly invoice number). The reference can be a combination of numbers or text.
This will also be listed on your account statement, so if you are transferring to family or friends, you are free to enter a text which you can use to identify the purpose (e.g., dinner, rent etc.).
You can also use the bank form for such transfer. A SEPA transfer form translated into English is provided below for reference.
Note: It normally costs to transfer using a physical bank transfer form.
You can make a SEPA transfer to any European countries, including Eurozone countries and other EU member states, including the EEA (Switzerland, Norway, UK). You can find the complete list of SEPA countries here.
SEPA transfer should take the same time as a domestic transfer within your country, normally 1 to 2 days, and a maximum of 3 working days.
As per regulation, the banks should charge the same for a SEPA transfer as for a domestic transfer.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Valid till March 31, 2016- open a free Commerzbank account and get upto €175 euro as cash bonus and 11,000 award miles from Miles and More till March 31, 2016
Now open to residents of Greece, Spain, Slovakia, France and Ireland. Open a free German bank account with free MasterCard.
Valid on weekends till further notice- open a free Commerzbank account and get €100 euro as cash bonus and 7,000 award miles from Miles and More till December 31, 2015
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 account
Read MoreApplying for a student Visa, au pair or Jobseekers Visa? You need a blocked account. Guide with a comparison between Fintiba, X-patrio or Deutsche Bank blocked account and process what is a blocked account and how to open a student blocked account from your home country.
Read MoreList of credit card providers with free credit cards in Germany. Advantages of each free credit cards and compare the charges and information about the free credit card in Germany.
Free Credit CardsThe Advanzia bank Free Mastercard Gold credit card offers a lifetime free Credit card with free foreign usage without any transaction charges, Mastercard Gold benefits including free travel insurance, and best option for students and expat new in Germany.
Read more!Special Offer, only for our readers: Apply before 30.Nov.2020 and get joining bonus of €25. Free Credit Card with travel insurance, also for international students.
Apply for Free credit card before 19 April 2015 and get joining bonus of €30. Free Credit Card with Instant online approval, transfer to bank account from credit card and cash back offers.
Apply by Sept 30, 2014 and get €25 joining bonus. Lifetime Free Credit Card with joining bonus.
Copyright © 2014 Banks GermanyTheme created by PWT. Powered by WordPress.org
Please a need help !
I Have a blocked account with a german bank (fintiba) a month ago i applied for a student room in a hostel in Germany and now the hostel manager asked give my sepa information which i don’t clearly understand what he is asking for . Can someone please help me ? Bitte
Hi Dennis,
He is asking for your bank account information (IBAN and BIC) so that he can set up a SEPA direct debit (https://banks-germany.com/transfer-money/direct-debit) for your room rent.
However, you won’t have that since Fintiba does not provide a current account (Girokonto), but only blocked account service (https://banks-germany.com/blocked-account-germany). You will have to open a normal bank account (Girokonto) when you arrive in Germany to make regular payments to your hostel. So you will have to tell him that you don’t have a bank account yet, and have to open one when you arrive in Germany. Normally, the manager at the Studentenwerk (Student Union) who takes care of the hostels would understand that foreign students won’t have a bank account. So don’t worry.
Good luck!
Very good info .. thanks