certainly interesting to leave most of the payment traffic within Germany, in order to save the sometimes high transfer costs to non-European countries.

It is not necessary to be registered in Germany or to have his residence in Germany to open an account at a German bank. However, banks are required by law to check and verify the identity of the account holder. Some banks want the future account holder to show up for the opening of the account and to identify himself with a passport. For other banks like DKB bank it is sufficient to get the identification from abroad, e.g. by a foreign bank or a notary. Depending on your country of residence it may also be required to provide the identification issued by the German consulate.

The bank charges differ from bank to bank. Some offer free online accounts, as does the DKB bank. Others offer free banking transaction in case of regular money inflow. Some charge a flat rate for a few Euros per month as account maintenance fee.

Most banks offer convenient online banking options that will facilitate the account management from abroad.

Within the EU the banks are forbidden by law to charge higher fees for EU transfers than for domestic transfers. So in case you have an account, which does not charge extra fees for domestic transfers, they must also provide transfers to the rest of Europe for free.

On the payment of the purchase price of a property, most customers prefer to directly transfer the corresponding sum from abroad. Please make absolutely sure, however, that the foreign bank is SEPA compliant, so no fees will be deducted from the amount transferred.

For information on loans and mortgages for foreigners by German banks, please read here...