What Is the Process to Open a Bank Account in Frankfurt for Students?

Frankfurt, the most populous city in the German state of Hesse, is an ideal destination that allures international students from around the world. Goethe University and Frankfurt University of Applied Sciences are the two most popular educational institutes in Frankfurt, which host both local and international students. 

After moving to Frankfurt, the major requirement for international students happens to be managing their finances. For this purpose, it is necessary for them to open a bank account in Frankfurt. Here, you will read about a process to open a bank account in Frankfurt for students. 

Select Your Bank in Frankfurt to Open an Account 

The first thing you are required to do is to select the bank to open a bank account. You can know about the banks in Frankfurt, which are the best for international students through online sources. Some online accommodation service providers who also help you find student accommodation Frankfurt may also help you in this regard. 

You need to check some of the things while choosing a bank for opening an account in Frankfurt. 

• Monthly maintenance charges should be low. 

• ATM withdrawal fees should be nil or very low. 

• There should be flexible repayment plans for loans, and the interest rates should also be low. 

• For easy transitions, bank must have net banking facilities. 

• The bank should have manageable balance limitations. It will be good if you find a bank, which does not impart the minimum balance limitations on student bank accounts. 

• Customer service of the bank should also be quick and efficient. To get an unbiased opinion, you can read the reviews about the bank online. 

• Try to open an account in the bank whose branch is near your residence in Frankfurt. 

• There should be low currency conversation rates. 

• Transfer fees should either be zero or very less. 

• Check if there are generous rewards on payments or not. 

What Documents You Need to Open a Bank Account in Frankfurt 

Following are the documents you need to open a student bank account in Frankfurt. 

• Residence proof. 

• Proof of enrollment in Frankfurt. 

• Passport and identification of students. 

• Student visa for identification of students. 

• An additional form of photo ID (driver’s license or student card). 

Ways to Open a Student Bank Account in Frankfurt 

1. Traditional Way

The traditional way is already known by everyone but it is being mentioned here to inform the students who are new to such procedures. The first thing you have to do is to visit a bank account and ask for a form which you need to open a bank account. After that, fill out the form and present it to the counter. Documents should also be submitted in order to complete the procedure. Account details can be obtained by you instantly or by post to your address. 

2. Online Ways

Some online ways are popular today, which are the convenient methods to open a bank account in Frankfurt. In one of the ways, you can visit the website of the bank where you are willing to open an account. You are required to fill out an online form on that website. In some banks, you are required to submit the documents online. In some cases, it is needed to go to the bank in person. 

Another popular way is that you can connect to your online student accommodation service platform. Some online student accommodation service platforms help students in opening a bank account in Frankfurt or any city abroad. 

You can accomplish the online procedure from your home country. If you need to go to the bank in person then you will have to do it after reaching Frankfurt. 

Advantages of Opening a Bank Account in Frankfurt as a Student 

There are many advantages of opening a bank account in Frankfurt as a student.  Here are some of the advantages that you will get after opening a bank account in Frankfurt. 

1. You Can Manage Your Finances Easily

As already stated, managing the finances is one of the major requirements of students while living in Frankfurt. But, it appears to be almost impossible to manage expenses without a bank account. 

By opening a bank account in Frankfurt, you can manage your finances easily. Whatever you save your money in the month that you receive from your parents, from a scholarship or financial aid, or from a part-time job, you can deposit it in your bank account, which can be useful for your future. 

2. You Can Keep Track of Your Money

It is difficult to keep track of your money if you keep all your money in cash. But, if you have a bank account, you can keep track of your money easily. 

3. You Can Make UPI Payments

You can make UPI payments if you have a bank account in Frankfurt.