German commercial banks offer one-stop financial services for individuals, investors and business-owners. Small commercial banks in Germany specialize in a single area such as investments or mortgages. The European Central Bank (Bundesbank), located in Frankfurt, sets Germany's interest rates. German public banks include HSH Nordbank and Bayern LB; these banks are regulated by the government.

Banks in Germany are based on the Euro. Eurocheques (comparable to debit cards) are used widely. German checking accounts transfer money from account to account, using account numbers not names. Online business banking is available in most German post offices. ATMs are widely available. To get the most out of your choice of banking services in Germany keep these points in mind:

1. The web has much information about banking in Germany, European banking authorities, and up-to-date, worldwide financial information.

2. You can save time and money by opening up accounts in the U.S. branches of German commercial banks.

3. Fees differ from bank to bank; this includes fees for loans, mortgages, currency conversions and interest rates.

4. Call German banks that interest you and get first-hand experience doing business with them.

Action Steps
The best contacts and resources to help you get it done

Use these resources to develop a commercial banking action plan

Understand commercial banking in Germany. Do you want a mortgage? Do you want to start a business? Do you want to use a private bank or a German public bank? An overview of banking in Germany is necessary before you begin looking for the right bank for your needs.

I recommend: Begin your banking in Germany by deciding what kind of account you wish to set up. Go to the European Commission website; German banks operate under its rules and regulations. The Association of German Banks has information on commercial banks, including "big banks" and Banks with Special Functions.

Compare products and services offered by German commercial banks

German commercial banking products include loan programs, ATM use, savings and checking accounts, and money transfers. Berenberg Bank works with corporate and individual clients and is Germany's oldest private bank. International banking in Germany includes non-German banks such as Citibank conducting commercial banking business in Germany. Deutsche Bank offers services such as foreign investment, loans and life insurance.

I recommend: Expatica Germany has an article with information on the rates for products and services offered by German banks, including charges for maintaining bank accounts, ATM usage, or other services you wish to use. Consider using online banking; it is usually less expensive. Use a currency conversion calculator before banking fees are tacked on--you want to get the best conversion rates possible.

Choose a German commercial bank that will support your needs

Commercial and regional banks in Germany will work with you as a business owner, property owner, or investor. Many services can be set up online.

I recommend: Open a bank account online at Doing Business. German taxation and loan requirements are applicable; you can get all the information you need on German taxes from Invest in Germany. Get information from IMOINVEST on real estate investment banking; you could use a regional bank with lower costs.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Keep abreast of financial news on German banking in newspapers and media. You want to know which banks are financially solid, making money and offering the best interest rates.