Opening a Bank Account in Germany: What South Africans Need to Know

Moving to Germany comes with its fair share of paperwork and protocol — and right near the top of your to-do list should be opening a local bank account. Whether you’re here to study, work, or start fresh, having a German bank account is essential for renting a flat, receiving a salary, or setting up mobile and utility contracts.

But let’s be honest — if you’re coming from South Africa, where online banking is slick, instant, and intuitive (thanks, Capitec and FNB), the German system might feel… a little vintage. So let’s dive in.

What You’ll Need to Open a Bank Account

Most banks will ask for the following:

Valid passport
Visa or residence permit
Proof of address (Anmeldung – your registration certificate from the local Bürgeramt. Do this as soon as possible after arriving in Germany, see link below)
Proof of income or employment (work contract or university enrollment letter)
Sometimes: Schufa credit report (for full-service accounts, especially with traditional banks)

Pro tip: If you’re new to Germany and haven’t completed your Anmeldung yet, online banks like N26 or Wise may allow you to open an account using just your passport and a selfie video call. A small win in the paperwork jungle.

Applying for residence

A visa allows you to enter Germany. If you want to stay longer than 3 months you will need to apply for a residence permit (Aufenthaltserlaubnis) at

Registering at the Local Town Office

If you plan to stay in Germany for longer than 3 months, you will need to register at your local Bürgeramt (Town office).This is called

Monthly Account Fees – German banks often charge a fee just to keep the account open. Free accounts are becoming rarer.
Language Barrier – Not all bank staff speak English. Online-only banks are often more expat-friendly.
Debit ≠ Credit – Most German “credit” cards are actually debit cards. Real credit cards are harder to get as a newcomer.
SEPA vs. SWIFT Transfers – Sending money outside the EU is expensive through traditional banks. You’ll want a smart workaround for remittances to South Africa.
South Africa is still Greylisted (May 2025), which can slow down or complicate international money transfers. You must provide extra documentation or face longer processing times. Some institutions no longer allow transfers between South Africa and Germany
Cards and PINS – These will usually be sent by post in two separate letters to your registered address.

Major Banks in Germany

Traditional Banks (with physical branches)

Online Banks (good for expats)

Types of Bank Accounts in Germany

Girokonto (Current account)

This is your everyday account — for receiving your salary, paying rent, groceries, insurance, etc. It usually comes with a debit card (EC-Karte) and online banking access. Think of it as your main financial hub.
➤ What it's for: Daily transactions, direct debits, SEPA payments.
➤ English equivalent: Checking account / Current account.

Tagesgeldkonto

This account earns interest and lets you withdraw anytime, with no fixed term. It’s usually managed online and offers more flexibility than a Sparkonto.
➤ What it's for: Short-term savings with better interest than a Girokonto.
➤ English equivalent: High-interest savings account.

P-Konto

A special type of Girokonto that protects part of your balance from being seized by creditors. It’s used by people in debt or facing legal claims.
➤ What it's for: Financial protection when under garnishment or debt recovery.
➤ English equivalent: Protected or garnishment-free account.

Sparkonto (Savings Account)

A basic savings account — often with lower interest rates, but very safe. It's usually linked to your Girokonto and might limit how often you can withdraw.
➤ What it's for: Putting aside money you don’t plan to use right away.
➤ English equivalent: Savings account.

Festgeldkonto (Fixed Deposit Account)

You lock in a sum of money for a fixed period (e.g. 6 months, 1 year, etc.) at a set interest rate. Early withdrawal isn’t allowed or comes with penalties.
➤ What it's for: Long-term savings with higher, fixed interest.
➤ English equivalent: Fixed deposit / Certificate of deposit.

Blocked Account (Sperrkonto)

A special account for foreign students coming to Germany. It's required by the German government to prove that the student has enough financial resources to support themselves while studying.
➤ A set amount of money is locked in the account until the student arrives.
➤ English equivalent: Blocked account for foreign students.

Sending Money between Germany and South Africa

If you’re looking for detailed info on sending money between Germany and South Africa, be sure to check out our two dedicated pages on forex and international transfers. They cover everything from legal limits and SARS declarations to the best services for low fees and fast transfers. It’s your go-to guide for moving money across borders without the headache.

Foreign Exchange- EUR to ZAR

We are not financial advisors and therefore cannot give financial advice. The information here should not be seen as financial advice in any way.Always make

Foreign Exchange- ZAR to EUR

We are not financial advisors and therefore cannot give financial advice. The information here should not be seen as financial advice in any way.Always make

Financial Advisors

We have Financial Advisors listed on our Website. They have a South African Background and now operate in Germany. They can also assist you in opening a Bank account in Germany.

Chad Joubert – Wealth Advisor

At Allfinanz, we do online meetings with you before you come over and can help with setting up a Bank account for you with Deutsche Bank.

The Website and App can be viewed in English, and I would be your Banker, essentially, so need to worry about speaking to someone in German. You just reach out to me (Chad Joubert) and I will help you with whatever you need.

The account has no monthly fee.

You can open up an investment account and view your investment on the same App.

We can also provide Credit cards, private financing and mortgages for you.

Feedback from our Community

N26 has been a breeze to deal with as a foreigner. Their basic plan is also free an it has been accepted everywhere I go so far. I have also been able to send money to SA directly from the app.

Mary-Ann Goldswain

Know the lingo

German	English	Description
IBAN	International Bank Account Number	A unique identifier for a bank account, used for international payments within Europe.
SEPA	Single Euro Payments Area	A system that allows for easy and efficient euro transfers across European countries.
EC-Karte	Debit Card	A debit card used for making payments or withdrawing cash from ATMs. It’s directly linked to your Girokonto (current account).
BIC	SWIFT Code	A unique identifier for banks used in international transactions. It is often paired with the IBAN for cross-border payments.
Zahlungsverkehr	Payment Transactions	The system of managing transfers, payments, and all financial transactions in an account, often referring to SEPA or SWIFT transfers.
Überweisung	Bank Transfer	A direct transfer of money from one bank account to another, often used for paying bills, salaries, or transferring funds within Germany.
Lastschrift	Direct Debit	A payment method where funds are automatically withdrawn from your account, often for recurring payments like utilities or subscriptions.

Final Thoughts

Germany’s banking world might feel a bit “old school,” but with a bit of planning, you can set yourself up for smooth sailing. Start with an expat-friendly account to get going, then branch out once you’re settled. And don’t forget to keep those FICA docs handy for when you need to move money across continents — bureaucracy, like winter, always arrives eventually.

Medical

Health Insurance in Germany: A Guide for South Africans In Germany, everyone must have health insurance. This means when you move to Germany, this is

Income Tax / Lohnsteuer

We receive a lot of questions about income tax declarations and where to get help, especially getting help in English.First I have to state that

Pension

Homepage of the Deutsche Rentenversicherung Pensions in Germany The German state pension scheme provides valuable resources and services to help you navigate retirement planning. Foreign

Health Insurance in Germany: A Guide for South Africans

In Germany, everyone must have health insurance. This means when you move to Germany, this is one the first things you need to sort our

When you earn less than the Versicherungspflichtgrenze, you will most likely need to take out Public Health insurance. When you earn over that amount (€69.300 per year from 2024) you can choose between public health insurance (gesetzliche Krankenversicherung, GKV) and private health insurance (private Krankenversicherung, PKV). The right choice depends on your income, employment status, and personal circumstances.

It is essential to thoroughly review and understand the details of your health insurance plan, whether public (GKV) or private (PKV), to ensure you know exactly what is covered. Each plan has its own set of benefits, exclusions, and limitations, which can vary widely depending on your provider and plan type. For example, while public insurance covers basic healthcare needs, it may not fully cover all dental treatments or certain specialized services, whereas private insurance may offer more comprehensive coverage but can come with higher premiums or additional out-of-pocket costs. Always verify the specifics of your plan, including coverage for services like dental care, specialist treatments, and hospital stays, to avoid unexpected expenses and ensure that you are fully protected.

Public Health Insurance (GKV)

Public health insurance is the most common option for residents in Germany. Your contributions are linked to your income.

Affordable premiums

Your contributions are based on your income (up to a certain limit), making it more affordable for those with lower incomes.
While the system is fair, the more you earn, the more you pay (up to a maximum threshold).

Comprehensive coverage

Public health insurance typically covers most basic medical treatments, hospital visits, and prescription medications. Basic dental coverage is generally included.

Family coverage

If your spouse and children do not have their own income or are low earners, they can be included in your insurance at no additional cost.

Network of doctors and hospitals

Most doctors and medical facilities in Germany accept public health insurance, giving you broad access to healthcare.

Longer waiting times

Public health insurance may come with longer waiting times for non-urgent treatments.

Limited choice of treatments

Some treatments or services may not be covered, or you may have to pay extra for more luxurious treatments or private rooms in hospitals.

Private Health Insurance (PKV)

Private health insurance offers a more tailored approach to healthcare. Instead of contributions being based on income, private insurance premiums depend on your age, health, and the level of coverage you choose.

Faster access to treatment

In many cases, private insurance offers shorter waiting times for appointments and treatments.

Enhanced coverage

You can choose additional benefits, such as private hospital rooms, more specialists, or alternative treatments.

Flexibility

You can choose from a range of plans that suit your needs, allowing for a more personalized healthcare experience.

Potential savings for younger, healthy individuals

If you’re young and healthy, private insurance can sometimes be more affordable than public insurance.

Higher premiums

Private health insurance can be more expensive, especially as you age or if you have pre-existing health conditions.

Family coverage costs extra

Unlike public insurance, private insurance does not offer free family coverage for low-income earners, meaning you must pay additional premiums for each family member.

Premiums can increase with age

While the premiums are often lower when you’re younger, they tend to increase as you get older, which can make it expensive in the long run.

Limited coverage if you leave

If you decide to leave private insurance or return to public insurance, it can be difficult to re-enter, especially if you are over 55.

Good to know

01

Switching from private to public insurance can be challenging while transitioning from public to private insurance is relatively straightforward.

02

Public insurance contributions are based on your salary, while private insurance premiums are determined by your risk profile, which includes factors like age and health. As you age, private insurance premiums tend to increase.

03

With private insurance, you usually pay upfront for medical expenses and then claim reimbursement. In contrast, with public insurance, your claims are automatically submitted and paid directly by the insurance provider.

04

Private health insurance is only available to certain groups, such as civil servants, self-employed individuals, students, and employees whose salary exceeds the annual income threshold (Beitragsbemessungsgrenze). In 2024, this threshold is €69.300 gross per year.

05

Many people with GKV choose to purchase supplementary dental insurance to cover the extra costs for things like higher-quality materials (e.g., ceramic crowns) or more extensive treatments like orthodontics.

Resources on the web

An article from “How to Germany” about the different health insurance options
“Just Landed,” wrote an article about health insurance in Germany

Top up medical cover

You can top up your medical cover for example Dentist cover.
You can read more about it on the How To Germany Site. There is also a good article (German) from Focus about Zusatzversicherung

Tourist or Temporary Health Cover

Tourist needs travel and medical insurance before they can apply for their visas.
Some of the options are your medical aid or a company like TIC.
Please be aware of the requirements from the Embassy, not all credit card cover is accepted.
When you need cover for 6 to 12 months, you can look at Klemmer.

Cover for freelancers

At the time of writing, the following companies offer medical aid for freelancers in Germany.
Except for publicists and people working in the arts, all freelancers and self-employed should be privately health insured.

Cover for students and Au Pairs

You will need medical insurance to cover the whole period that you are in Germany. Good options are Klemmer or Dr Walter

Comparative websites

The following websites offer a comparison of medical insurance. Please always read the fine print before signing up through comparative sites

Medical insurance companies

Krankenkassse has a list of private and public health insurance companies.
PKV lists members of the Private Krankenversicherung (PKV)

Advisors listed on this site

If you are in need of assistance with your health insurance application, here is a list of competent and reliable professionals who are equipped to provide you with top-notch support throughout the entire process. You can rest easy knowing that these individuals are well-versed in all aspects of healthcare and have ample experience helping clients navigate the often confusing world of German health insurance. Don’t hesitate to reach out to any of the exceptional individuals on our list- they are more than happy to help you apply for the healthcare coverage you need!

Chad Joubert – Wealth Advisor

DIE GUTE WAHL – THE GOOD CHOICE – Agency for Allfinanz Deutsche Vermögensberatung. We are here for you, we provide you with professional support in your planning for the future: With the right concept, you are fully protected and build your wealth step by step. Ask for an individual (no fee) consultation. We advise you competently and reliably, via online meetings. Click the link to get access to our Bookings page: Financial advice as comprehensive

Can double taxation occur?

The following is quoted from the SARS Website and was valid at the time of publishing- “Yes, if an individual earns employment income in excess of R1.25 million and the double tax agreement between South Africa and the foreign country, if any, does not provide a sole taxing right to one country, both countries will have a right to tax the income. The portion of the income in excess of R1.25 million may end up being double taxed.

Generally, under the provisions of the relevant double tax agreement, if an employee renders services in a foreign country exceeding 183 days, both countries enjoy the right to tax the income. The country of source enjoys the first right to tax the employment income and the country of residence, in our case South Africa, will provide double tax relief in the form of a foreign tax credit to the extent that tax was paid in both countries, subject to limitations.” – More information on the SARS Website

Relief from double tax?

Keep in mind that depending on your situation, if you are over the R1.25 million threshold, you still can claim tax credits for the taxes paid in Germany. The best thing to do is to speak to your tax consultant.

The following was quoted from the SARS website and was valid at the time of publishing. “Section 6quat is the mechanism under South Africa’s domestic law to claim relief from double tax where the amount received for services rendered outside South Africa is subject to tax in South Africa and in the foreign country. This credit may be claimed on assessment through an individual’s income tax return, provided certain requirements are met.

An employer may at his or her discretion, under paragraph 10 of the Fourth Schedule, apply for a directive from SARS to take into account the potential section 6quat credit on a monthly basis to determine the employees’ tax liability. This will have to be done through a dedicated channel at SARS that will be made available to the public.

See the information on Directives under paragraph 10 of the Fourth Schedule.

Tax Residence in South Africa

Information from SARS on who is regarded as a non-resident

Who is a tax resident in South Africa – Reference SARS

An individual is a resident for tax purposes in South Africa either by way of ordinarily residence or by way of physical presence. The concept of “ordinarily residence” is not clearly defined and the determination of whether or not an individual is an ordinarily resident for tax purposes must be done on a case-by-case basis. A number of factors must be taken into account to make such a determination. Interpretation Note 3 (Issue 2): Resident: Definition in relation to a natural person – ordinarily resident sets out the list of factors that will be taken into account to determine whether an individual is ordinarily resident for tax purposes in South Africa.

An individual can also become a tax resident by way of physical presence. For more details in this regard, refer to Interpretation Note 4 (Issue 5): Resident: Definition in relation to a natural person – physical presence test.

An individual who is deemed to be exclusively a resident of another country for purposes of a tax treaty is excluded from the definition of “resident”. It follows that while an individual may qualify as a resident under the ordinarily resident or physical presence tests, that individual will not be regarded as a resident for South African tax purposes if that person is a resident of another country when applying for a tax treaty.

Cease to be a Resident
Do I need to submit a tax return, even if I work outside of South Africa

Procedure to cease tax residency with SARS

Disclaimer:We are not tax consultants, always refer to a professional Tax consultant concerning your taxes. The Term Financial immigration is not being used anymore. The

South African Inheritance

When you are a South African citizen, living outside of South Africa, there are special rules when inheriting from a South African Estate.
Important is whether you still have a SA ID document, whether you are still a Tax resident and how much the inheritance will be. Sable International shared the following article to help you understand better