How to Open a Bank Account for Your German Company as a Foreigner
Why a German Bank Account Matters
For any company in Germany — especially UG and GmbH — having a local business bank account is not optional; it’s mandatory for legal and operational reasons.
It’s required for:
- receiving payments and paying suppliers,
- payroll and taxes,
- maintaining accounting compliance,
- verifying company legitimacy.
Without an account, even a ready-made firm cannot start trading.
That’s why choosing the right bank and understanding the process is crucial — especially for international owners.
1. When Do You Need a Business Account
A German company (UG or GmbH) must open a corporate account immediately after registration or transfer.
If you’re buying a ready-made company, it may already have an active account.
However, some banks close accounts automatically if ownership changes — meaning the new director must re-verify.
In this case, the process is much faster, as the company already exists in the banking system.
2. Main Types of Business Accounts in Germany
There are three main types suitable for GmbH and UG:
| Type | Description | Typical Banks |
| Traditional Business Account | Full in-branch service, local IBAN, personal manager. | Sparkasse, Deutsche Bank, Commerzbank |
| Online/Fintech Account | Digital onboarding, faster setup, English support. | N26, Qonto, Revolut Business, Holvi |
| International IBAN Account | For foreign owners, EUR IBAN usable across EU. | Wise Business, Paysera, Intergiro |
💡 Tip: Many international clients start with Qonto or Wise Business for fast activation and later switch to a local German bank.
3. What Documents Are Required
Every bank must comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) laws.
Even if your company is already active, you must provide:
- Commercial Register extract (Handelsregisterauszug)
- Articles of Association (Gesellschaftsvertrag)
- Notarial appointment of director
- Valid passport or residence card
- Proof of address (for director)
- Company’s tax number (Steuernummer)
Some banks also ask for:
- business plan or description of activity,
- expected transaction volume,
- website or invoices (for verification).
4. Common Challenges for Foreign Owners
Opening a bank account for a German company as a non-resident can sometimes be complex.
The most common difficulties include:
- Lack of a German residential address for the director;
- Incomplete KYC documents in English;
- Banks rejecting high-risk industries (crypto, online trading, etc.);
- Limited English support in traditional banks.
However, fintech solutions and online banks have made the process much easier in recent years.
5. Recommended Banks for International Clients
| Bank | Type | Advantages |
| Qonto | Fintech | Fast online setup, English interface, supports GmbH & UG |
| Wise Business | Fintech | International IBAN, low fees, perfect for export/import |
| Deutsche Bank | Traditional | Full credibility, ideal for established businesses |
| Commerzbank | Traditional | Personalized service, multiple account options |
| N26 Business | Fintech | Simple app-based management, instant SEPA payments |
| Holvi | Fintech | Easy setup for digital entrepreneurs |
| Revolut Business | Fintech | Multi-currency IBANs, easy access for non-residents |
✅ For new GmbH or UG, Qonto and Wise are most popular for fast onboarding and remote verification.
6. How the Process Works (Step-by-Step)
1️⃣ Gather documents
Prepare all company papers and identification.
2️⃣ Choose a bank
Compare traditional vs. online banks depending on your needs.
3️⃣ Submit application
Most fintechs allow online submission with video verification.
4️⃣ KYC verification
Director identity and company ownership are verified.
5️⃣ Account activation
Once approved, you’ll receive your German IBAN and access credentials.
6️⃣ Add authorized users
You can grant limited access to accountants or partners if needed.
💡 Average timeline:
Fintech banks — 1–3 days
Traditional banks — 2–4 weeks
7. Bank Account for Ready-Made Companies
If you purchase a ready-made GmbH or UG, in 95% of cases the firm already has an existing bank account.
After transfer, the new owner must:
- complete KYC verification,
- update authorized users,
- confirm activity type with the bank.
This step usually takes only a few days, as the account already exists.
8. Costs and Maintenance
Business account fees in Germany vary:
| Bank Type | Monthly Fee | Setup Fee | Currency Support |
| Traditional Banks | €15–35 | up to €100 | EUR only |
| Fintech (Qonto, Wise) | €9–29 | none | EUR + Multi-currency |
| International IBAN | €0–20 | none | EUR, USD, GBP, etc. |
Banks also charge transaction fees (usually €0.20–€0.50 per transfer).
9. Can a Foreign Director Open the Account Remotely?
Yes.
Many banks — especially Qonto, Wise, and Revolut — allow 100% remote setup with online verification.
For traditional banks, however, you may need a video call or certified passport copy.
If you work with a consulting agency, they can coordinate this process and communicate with the bank on your behalf.
10. After Opening the Account
Once your account is active, you can:
- connect payment systems (Stripe, PayPal, Shopify, marketplaces);
- pay suppliers and receive invoices;
- issue VAT invoices;
- register for online accounting.
Always remember to keep your account transparent — German banks monitor all transactions under AML compliance.
Conclusion
Opening a German business bank account for your UG or GmbH as a foreigner may seem complex, but with the right preparation it’s fast and straightforward.
Fintech banks now make it possible to open and manage accounts fully online, while traditional banks offer higher credibility for long-term operations.
Whether you buy a ready-made company or start from scratch, having a professional consultant handle the process ensures full compliance and smooth onboarding.
📞 Need help opening a bank account for your German company?
Our experts assist international clients in coordinating KYC, documentation, and account setup with trusted banks and fintech platforms.
