ALL YOU NEED FOR A LOCAL GERMAN BANK ACCOUNT IS YOUR US PASSPORT AND MILITARY ID, I JUST OPENED AN ACCOUNT MYSELF YESTERDAY AT KREISSPARKASSE. IT WAS SUPER EASY AS I DONT LIKE THE ON-POST OPTIONS. ANY BANK AFFILIATED WITH BOA IS NOT MY CUP OF TEA.

It was very simple setting up a bank account off base on the local german economy. Passport is required and knowledge of physical address and phone number. I set up a checking account with Sparkasse yesterday, There is a 8 euro/year deposit/fee for the atm card which will arrive in two weeks with a fixed pin. The account is free if there is a monthly deposit/ direct deposit, they say "salary". otherwise its a 3.50 euro charge a month. i didnt have to put anything into the account to start. also you have to print your monthly statements for free at a local branch otherwise they mail it to you and they charge a postal fee, different than in the states.

 

Regarding the IBAN and BIC codes, its seems that USAA uses an ABA Number in its place. you can search the number, for some reason i cant post it here

 

hope this helps.

I need to know what the IBAN number i also.  How can I get this? 

Hi Starbie,

International Bank Account Numbers (IBAN) are account number standards primarily used in Europe which help streamline cross border payments. USAA does not have an IBAN.

 

We do have an ABA number. You can find more about that here.

 

What is USAA Federal Savings Bank's ABA/Transit Routing Number?

USAA Federal Savings Bank's ABA number is 314074269. Unique ABA numbers are assigned to each financial institution by the U.S. Federal Reserve. Used to move funds electronically from one financial institution to another, they are sometimes called Bank Transit Routing numbers.

 

Thank you!

 

So I guess the big questions here, is with a large number of service members and USAA account holders moving overseas, will USAA make any attempt to get and IBAN or persue in any way a methoud for account holders to conduct banking transactions with international financial instutions?

Everyone I know that uses USAA love it, and we hate to find other banks and ways of doing business when we don't have to.

Setting up a local German bank account is to set up. Herkpilot78 is absolutely correct about the out of pocket expenses from Services Credit Union. On top of the poor conversion rates (I expected better from a credit union), they charge $2.00 per EFT if done at a bank, $1.00 per EFT if done online (this includes recurring transactions). Once you have a German bank account established, you can get with your finance office and set up a direct deposit to your German bank account via International Treasury Service (ITS). It costs $30/month, but you get the market rate for dollars to euros, and euros are deposited in to your German bank account (the German bank accounts don't charge a fee for EFTs).

Perhaps one of the nicest features of having a German bank account is the debit card that comes with it. A lot of stores only accept cash or debit card, and the stores that accept debit cards won't accept American debit cards or the debit cards from Services or Community Bank. Having an alternate method to pay for things when you're at a store similar to Target is very helpful!

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Hello, IBAN is US94IRVTUS3N and your account number.

Swift/BIC is: IRVTUS3N.

 

U.S. banks don't use this but euro banks will send it this way and it will arrive at your account with no issues.

For  a bank that boasts of its specialized help for military families I have been 

dissapointed over and over again (mostly through our many over seas tours)

how the services just do not help those of us in this active duty over seas positions.

There is so much more they could do to actualy be focused on the struggles of

military families and thier banking.

 

Thank you for sharing your concerns in our community, @r-Lena. This is not the experience we want you to have. If there is anything we can do to assist you, please let us know. You can rest assured that we're taking your feedback seriously and I will be sharing your feedback with our team in efforts to make improvements in this area. Tricia