Banking and moving money to Germany

Opening an account

Many people start with an online account in the first days, then open an account at a local bank for salary and rent. Some landlords and employers ask for a German IBAN (starting with DE).

• Anyone lawfully resident in the EU has the right to a basic account (Basiskonto), and the bank must offer it within ten business days of the request.
• The bank must identify you under anti-money-laundering law. It usually asks for a passport and your address registration.
• Traditional banks: Deutsche Bank, Commerzbank, the savings banks (Sparkasse) and the cooperative banks (Volksbank). Online options: ING, DKB, N26.
• Before opening, you can check in the database of BaFin, the financial regulator, that the company is licensed.

Source: Zahlungskontengesetz § 31 (Basiskonto) · Geldwäschegesetz § 10 · BaFin

Moving money from Israel without surprises

• Prepare proof of where the money comes from: a flat sale, savings, inheritance or salaries. Banks in both countries must monitor transactions, and for large transfers they will ask where the money comes from.
• Use a bank or a licensed transfer service. In Germany: the BaFin database. In Israel: the Bank of Israel.
• For a large transfer, tell the receiving bank in advance and send the documents. That prevents a freeze during the check.

Source: Geldwäschegesetz § 10 · Israel Money Laundering Prohibition Authority · BaFin · Bank of Israel