Introduction
German banks and banking law are regulated by the German Banking Act that was annunciated on 5th of December, 1934. It also created by the Office of the Banking Commissioner after the German economic crisis. Any german bank must be prepared to or be in a position to make the required organisational arrangements for the orderly operation of the businesses for which the licence has been applied for (33 Para 1 Clause 1 No. 7 of the German Banking Law).
Private and Public banking in Germany
No matter what kind of banking services you are looking for there is nowhere you will find them as simple as in German Banks and Banking Law. Germany’s banking services are quite easy to use and clear while at the same time incorporating the latest banking technologies. Everything from over the counter services, automated teller machine banking to online banking is straight forward and you can be sure to perform your banking duties without a lot of complications.
German banks consist of several major banks with regional branches all over the country that perform under German banks and banking law. They can be divided into two categories namely private banks and cooperative or public banks. Banking technologies make it possible for clients to conduct online transactions and use ATMs for their banking. The adaptation of an open plan by some banks makes it easier for cardholders to access banking services even from banks that are different from theirs. It is more common to find people using their debit cards with ATMs as most will not charge any fees for this service. Credit cards will however attract a fee with ATMs.
requirements for banking in Germany
With national registration and the right documentation opening an account with German banks and banking law is quite easy. You are required to have proof of German registration which is only available for residents of EU member states with residence permits. You also need to have a German address which is indicated on the registration form and done under the guidelines of German banks and banking law. Additional documentation includes proof of identification for example a passport or student ID. With the right documentation you will be served with several forms for you to fill. You are then issued with a welcome package and have your bank card and account details sent to you by post.
When dealing with German banks and banking law it is important to understand how the various services offered operate. All banks offer a current account which involves being issued with an account number. An IBAN number and a swift code are also issued to facilitate international bank transfers. For online banking services there are TAN codes that enable online money transfers to be made securely. Most banks will also offer an EC card for transactions with retail outlets. This card usually requires one to have a PIN number to be able to use it.
Other facts about German banks and banking law
German banks and banking law also provide savings account services and will send bank statement to an account holder once a month or even print them out for clients on request at bank terminals. In addition German banks offer money transfer services under German banks and banking laws. The cost and duration of completing a transfer will depend on whether it is to or from the same bank or a different one. Making a transfer usually requires several details to be provided. These details include account name, number, sort code, bank name, swift code and transaction purpose. It is possible to make transfers online, from bank clerks or from banking terminals.
Banking in Germany could after all be what you need. While they are highly leveraged, German banks and banking law is the best banking experience you ever had.
