What is a BSB code? How to get one and where to find it.
If you’re making a bank transfer in Australia, you'll need a BSB code. Read on to check where to find one or whether you have the correct one.
Can I keep my German bank account after leaving Germany?
Been living in Germany but are planning to move abroad? Perhaps you’re heading to another EU country for work or business, or it’s time to move back to the UK to be closer to family.
Whatever your plans, you need to tie up loose ends before you move - and this includes getting your finances in order. You might find it useful to keep your German bank account open, especially if you plan to come back one day. But is it possible?
Read on to find out everything you need to know about keeping a German bank account as a non-resident.
And if you’re looking for a cost-effective way to manage your money across borders then check out the Wise account from the money services provider Wise. It’s an international alternative to a bank account that lets you manage your money in currencies including British pounds, euros and more.
Learn more about the Wise account 💰
Can I keep my German bank account after leaving Germany?
Yes, you can keep your German bank account open when moving abroad.¹ In fact, it could be useful to do so in case you have any final bills to pay, or if you’ll be a regular visitor to the country in the future.
However, it may depend on which bank you have an account with.
Many major banks in Germany will allow you to keep your account as a foreign non-resident, but you might want to get in touch to let them know you’re moving.
If you’d rather close the account and have a clean break in your new destination, just make sure to arrange a money transfer for any remaining balance to a new account first.
And if you’re worried about no longer having a way to send and receive euros (EUR), remember that there are alternatives to banks available.
| 💡 Read more: The best UK bank accounts for travelling and travel insurance |
|---|
How to manage your German bank account from abroad
As most banks offer online banking now, you should be able to manage your German account remotely in much the same way as when you were living in the country.
Just make sure you’re registered for online banking and/or download the bank’s mobile banking app (if available) before you leave.
You should also inform the bank of your new overseas address, so that you can receive statements and other important account documents in the post if needed.
There’s also the issue of account fees to consider. Many bank accounts in Germany have monthly fees, and some are only waived if you meet certain conditions. For example, maintaining a minimum balance or paying in a certain amount each month.
If you won’t be using the account much after leaving, it’s likely that you may have to pay these fees - as you won’t meet the criteria to have the fees waived.
So you need to make sure you keep enough balance in the account to cover any fees.
Alternatives to keeping a German bank account
Decided to close your German bank account? You’ll need to research some alternative options, starting perhaps with opening a local bank account in your new country.
But it could also be worth finding out if your German bank has an international presence. It may operate in the country you’re moving to, or be able to switch you to one of its international bank accounts. A prime example is Deutsche Bank, which has a presence in around 57 countries worldwide.²
And there are alternatives too. It could be worth checking out digital banks, money apps and money services providers, such as Wise, Revolut or N26. All are set up to work internationally and let you manage your money on the move using just your smartphone.
Wise account – an alternative to a bank account
If you want a truly international account that works pretty much anywhere, check out the Wise account. It's not a bank account but offers some similar features and your money is always safeguarded.
You can open a Wise account online and start managing your money in multiple major currencies, including GBP, EUR, USD and many more. When sending money internationally or converting currency, you’ll only pay a low, transparent fee* while also getting the mid-market exchange rate every time.
You can also get the Wise card to spend in currencies from the moment you arrive. It works in countries and automatically converts your pounds to the local currency whenever you spend, only adding a tiny, upfront currency conversion fee – or it’s free if you already have the currency in your Wise account.
Here’s an overview of the main benefits for using Wise: |
|---|
|
Sources used:
- Simple Germany - Leaving Germany [Your 11-Step To-Do List]
- Deutsche Bank - Our workforce at a glance
Sources last checked on date: 19-Dec-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
CHAPS, BACS, SWIFT and Faster Payments explained
Read our guide to CHAPS, BACS, SWIFT and Faster Payments, with all the specifics, differences, and other details you need to know.
What is a SWIFT payment? And what does that mean for you?
Wondering what the SWIFT network is and what it has to do with you? You've come to the right place. Read on.
A complete guide to RUT and RUN in Chile.
Anyone spending a considerable amount of time in Chile is going to encounter a couple of important acronyms: RUT and RUN. If you have plans to live or travel...
FIRC: A guide to its meaning and procedure
Sending money to India and looking for a guide to FIRCs? You've come to the right place. Consider this a one-stop-shop to help you on your way.
What is a CPF or a CNPJ? How to get one and what you should know.
Do you want to learn more about CPF and CNPJ in Brazil? Read this article to find out what they are, and what the difference between them is.
