When coming to Germany, you will be able to open a bank account with a German bank. Having a German bank account will make your life much easier during your stay in Germany and will help you avoid unnecessary banking fees. If you intend to use your home bank account, please make sure that your credit card company or financial institution gives you access to ATMs in Germany. In any case, as all procedures take time, bring enough cash or Traveler Checks to cover the first couple of weeks of your stay in Hamburg.

Regular bank account

We recommend that you open a regular bank account upon your arrival in Hamburg. Because of our special agreement with Deutsche Bank, you can open a bank account at one specific Deutsche Bank branch close to the Bucerius campus right after your arrival, even before you are registered in Hamburg - which is normally a pre-requisite for opening an account. You will receive an EC card (similar to a debit or ATM card), and can also apply for a credit card (Master or Visa) and use online banking. The regular bank accounts are free of charge for students. Once your bank account is open, you or others can transfer money into it. Only in some exceptional cases (if required by the German mission in your home country), the MLB Team may be allowed to open a regular German bank account for you with Deutsche Bank before your arrival; however, you will have to go to the branch immediately upon arrival and sign the opening contract and other document. 

You can find branches of Deutsche Bank and their "cash group" partners (Commerzbank, Hypo Vereinsbank, Postbank, Dresdner Bank) everywhere in Germany and other countries. Having a bank account with Deutsche Bank offers you several advantages: You can withdraw cash (up to € 300/day) with no commission fee when you use the ATMs of the Deutsche Bank or a bank in its cash group. If you are in another German city or abroad, you will be able to get money from any ATM machine with the EC card. You can also use your German EC card to put cash on your student card at Bucerius.

Blocked bank account

In some cases, the German mission requires students from NON-EU countries to open a blocked bank account in their home country before applying for the visa for entry into Germany. Upon request, we can send you all relevant documents for applying for such a blocked bank account or you can contact Deutsche Bank directly by Email: db.student@db.com.

Approval of an application for the blocked bank account takes approx. 10 working days. You will then be asked to transfer € 7,800 (the amount of money the German authorities calculate as the minimum amount necessary to cover living expenses for your 12 months in Germany) to that account. Whatever amount is deposited in the blocked account (from a minimum € 7,800 for 12 months, more if you travel to Germany with a spouse or children), withdrawals are allowed only to the extent that € 650 per month remain for each additional month that you are to spend in Germany.