How to Open a Business Bank Account in Germany: A Complete Guide for US Businesses

Expanding your business into Germany is an exciting step, but it comes with a unique set of administrative tasks. One of the first is setting up your finances. This guide will walk you through how to open a business bank account in Germany, specifically for American entrepreneurs and U.S.-based companies.

We’ll cover why you need a German business bank account, the necessary documents, and answer key questions to help you navigate the process smoothly.

Why You Need a German Business Bank Account

For US businesses incorporating in Germany, a local bank account is a necessity. Legal structures like a limited liability company (GmbH) mandate that you open a business account and deposit the initial share capital to complete the official business registration process.¹

It also provides a clear separation between your private and business payments, which is essential for accurate accounting and tax reporting.¹

Now that you have an understanding of why you might want one, let’s examine the key requirements for how to open a business bank account in Germany.

Key Requirements for Opening a Business Bank Account in Germany

While the exact requirements can vary between banks, you’ll generally need to provide a standard set of documents to prove your identity and the legal status of your business. As a U.S. citizen, you can open a Euro bank account, but be prepared with the following documentation.

The documents required depend heavily on your company’s legal form:¹

Sole Proprietorships & Freelancers: The process is simplest for these structures. You will typically only need proof of identity, such as your passport. Some banks may also ask for your trade license once it's issued.¹

Partnerships: In addition to passports for all partners, you’ll need to provide the partnership agreement.¹

Corporations (GmbH, UG, AG): This is the most document-intensive process. Founders must submit passports, the articles of association, a list of shareholders, and notarized certificates of incorporation.¹

To finalize your company's entry in the Commercial Register, you must prove that the share capital has been deposited. This happens after the notary appointment: you open an account, deposit the funds, and give the bank's confirmation back to your notary.¹

With your documents prepared, you're ready to choose a banking partner. Your experience will differ depending on whether you opt for a traditional bank or a modern digital provider.

Wise Business Could Help Your Company Save on Global Payments

The Process: Traditional Banks vs. Digital Alternatives

German banking offers two main pathways: established branch banks and modern digital-first providers.

Traditional Branch Banks

Major institutions like Deutsche Bank, Commerzbank and Postbank have a long-standing presence in Germany.² They offer the advantage of in-person service, which can help navigate complex applications or for businesses that handle a lot of cash.³

The process usually involves scheduling an appointment. The CEO of the company must be present to sign documents and verify their identity.¹ While reliable, this path can be slower and more bureaucratic, often requiring a registered German address.¹

Digital Banks and Online Providers

The rise of fintech has introduced a host of online-only options, including N26, Penta and Holvi.² A key advantage for U.S. entrepreneurs is the remote setup. The account opening process is often faster, sometimes completed in under 48 hours and uses digital verification methods.¹

VideoIdent is particularly convenient for those not physically in Germany, as it allows you to verify your identity over a video call with your passport.¹ A digital business bank account in Germany can be a more flexible and cost-effective option, especially if your business operates primarily online.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

Final Thoughts

The required documents for opening a German business bank account depend heavily on your company's legal structure, ranging from a simple passport for freelancers to extensive corporate paperwork for a GmbH.

You face a key choice between traditional banks, which offer in-person service but can be slow and require a German address, and modern digital providers. Digital banks and fintech services are often faster, more flexible and allow for remote account opening without German residency.

Frequently Asked Questions

Can a foreigner open a bank account in Germany?

Yes, a foreigner can open a bank account in Germany. For a personal account, you’ll typically need your passport, a registered German address, and a German tax ID number.² For a business account, you will also need all the relevant company formation documents mentioned earlier.

Can a non-resident start a business in Germany?

Yes, it is possible for a non-resident to start a business in Germany. However, non-EU citizens, including Americans, often need to apply for a specific residence permit for self-employment. The requirements can be complex and usually involve submitting a comprehensive business plan.⁴ It's highly recommended to seek legal counsel to navigate this process.

Can I have a bank account in Germany if I don't live there?

This can be a challenge with traditional banks, as many require a registered German address. However, it is becoming more common. Many digital business bank account in Germany providers and international financial services like Wise are designed for global businesses and do not require German residency, making them an excellent option for U.S.-based entrepreneurs.

Can a U.S. citizen open a Euro bank account?

Yes. While opening an account with a traditional European bank can be difficult without local residency, modern financial platforms make it simple. For example, a Wise Business account allows a U.S. citizen to get dedicated European bank details, including an IBAN, to hold, send and receive Euros like a local.

How do I send money to a business account in Germany?

A traditional bank wire via the SWIFT network is common but can be slow and expensive. A more efficient alternative is using an international money transfer service. With a provider like Wise, you can send funds directly from your U.S. account at the mid-market exchange rate with a small fee.

Sources:

1. Opening a Business Bank Account: Comparison and FAQs. | Firma.de
2. How to Open a Bank Account in Germany | B2B Pay
3. Everything You Need to Know about a Business Bank Account in Germany | Pliant
4. Starting a Business in Germany - Existenzgründung Sportal