When I first used an actual bank account in Germany I found it extremly confusing. The German bank accounts run much different than any US bank account I’ve ever opened.
After you first open your German bank account you will be giving a few different things 1) a Tan list full of codes and numbers 2) Up to three different pin numbers, 1 for your card, 1 for the phone, and 1 for your internet account 3) a banking card that works like a debit card and for the atm.
Things to expect
1. Most of the services you will use will be in German only, except the ATM. At least that is the case I’ve had with my German bank account with the Sparkasse.
2. Unless you are a student you will have to pay a monthly free for even having a bank account.
3. Anything like printing out papers or speaking with someone is not always free.
Don’t be discouraged when you first open your first German bank account. Most of the workers probably do speak English and don’t be afraid to ask them as many questions as you need.
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There are actually a large number of free checking accounts available in Germany — whether you’re a student or otherwise — particularly for accounts managed online and/or ones with regular deposits from personal income. It’s important, however, to take a close look at your personal situation and requirements. For example, many accounts with monthly fees pay interest on the average balance or provide free credit cards so that they end up being a better deal for some people. Here’s an online calculator to aid evaluating account offers: http://girokonto.focus.de/rechner/focus/index_5.aspx
A few additional things I would mention:
1) The term for what Americans think of as a checking account is “Girokonto” in German. However, the debit card (EC-Karte) long ago replaced paper checks, which practically no one uses anymore.
2) Savings accounts with greater interest but with less transaction flexibility are either a “Tagesgeldkonto” or “Sparbuchkonto.”
3) An important consideration when deciding upon a Girokonto is the number and locations of cash machines which can be used for free withdrawals. Make sure there are appropriate machines in areas where you frequent.
4) The Tan or iTan system is a common and fairly effective security system, but if you want additional protection against unauthorized withdrawals due to keylogging software and other online threats, some banks offer HBCI, which requires a separate card reader connected to the computer.
5) Despite the initial unfamiliarity, after getting acquainted with the German banking system, you’ll probably soon realize that it’s lightyears ahead of the American banking system. For example, automatized income deposits and bill payment have been standard for decades.