Novocastrian

My elder son is going to Berlin to try to make a start there. He has the use of a cousin's apartment for a while and will be job seeking during his initial stay.

The question is, what chance has he of opening a basic account with a bank in Berlin to which he can transfer funds from his Canadian accounts? Are there "newcomer" offers as there are in Canada?

dmu

DD1 chose to open a German internet banking account and can easily transfer from her French A/C if necessary, but we're in Euroland and I've no idea how international transfers work.

Novocastrian

Thanks dmu. Something like ING/Tangerine?

dmu

I can't say off-hand, she's gone out for the moment. The name rings a bell, but maybe due to adverts on the TV! A+

Novocastrian

Hmmm. Adverts. Google suggests DKB and/or N26? Your daughter's input will be welcome. Thanks again.

dmu

She's with Comdirect, but could equally well have chosen DKB. Apparently DD2 still has a German account, although she's moved back to France. We're skyping with her over the weekend and I'll ask what bank she's with...

Novocastrian

Cheers for that. My DS1 who's in France with us at the moment also looked at Comdirect but seems to think that N26 might be a better fit. Don't ask me why.

scot47

I opened an account in Germany while visiting. I needed my passport and some money. Downside in Germany is that all bank accounts cost you. No free banking !

dmu

DD2 is with DKB, but says that nowadays they are more selective than in the past. You need an income, apparently, in order to open an account, they don't accept just anyone (e.g. her, a student, at the time), any more...
Hope all this is of some help!
P.S. DD1, on the spot, has never heard of N26....

Novocastrian

Merci encore. I read of the DKB selectivity and of N26 here https://www.movingto-berlin.com/german-bank-account/

amideislas

I have news for you: banks aren't philanthropic. There is no such thing as "free banking". They just get their money in a more transparent way.

Kind of like that "free" iPhone you get with your mobile contract, where you ultimately pay 20% more than if you bought it at MediaMarkt.

Free? That sounds expensive!

scot47

No free lunches ?

dzabski

most bank accounts are free for 1 year. But after the first year you can move your account to a different bank and enjoy a free banking again

EkatVA

I'd recommend N26 - easier to open than many other German accounts. They also have a really good app and customer service.

Novocastrian

That's what my son did in fact. So far it appears to work fine. I had no problem transferring some money from a UK account to his N26 account.

ETA: Not my money, but an inheritance from his Grandfather's estate.