10 of the Best Bank Accounts for English Speakers in Germany (2023)

FAQs

Which bank is best in Germany for English speakers? ›

Commerzbank: The #1 rated bank in Germany year after year (has physical branch locations & a mobile app) Revolut: The best bank for budget-friendly English speakers who love analytics and cryptocurrencies.

If you speak German, look at DKB and ING. People often recommend them. If no banks accept your passport, try Deutsche Bank. Online banks like bunq, Monese, Revolut and Wise also accept more passport types.

Commerzbank

For the third year in a row, it was voted the best branch bank in 2020. It is a private bank and part of the Cash Group (Commerzbank, Deutsche Bank, HypoVereinsbank & Postbank). In the past years, Commerzbank has invested heavily to keep up with current trends and to also appeal to foreigners.

Yes, foreigners can open German bank accounts. However, you'll often be asked for a German proof of address, or at the very least an address from another Eurozone or EEA country. If you're still based in the US a flexible multi-currency account from a specialist provider like Wise or Revolut may be a better option.

J.P. Morgan has operated in Europe for nearly 200 years and has a sophisticated local market presence across Europe, the Middle East and Africa (EMEA).

us bank Frankfurt, Hessen, Germany.

The best bank in Europe is KfW in Germany, which was voted number one in the list of the 50 safest banks in Europe 2023.

You typically need to have a permanent address in Germany to open an account. Many online-only and mobile-only German banks also offer accounts to those living overseas. These are useful for those planning to move to Germany or those who work in Germany.

Which German banks don't require residence permit? ›

Those who're looking to save money; For those without proof of residence in Germany, we recommend banks like N26, Bunq, or Monese, which don't require it for registration.

Open an online account in just 8 minutes—all you'll need is your smartphone, a valid address in Germany, and a valid photo ID. You'll get an official German IBAN, so you can pay and be paid like a local.

#1.

As per the last report of 2021, Deutsche Bank has acquired total assets of €1.324 trillion. The headquarters of Deutsche Bank is in Frankfurt. It was established in 1869, almost 152 years ago, and has employed around 82,969 employees (2021).

Following are the largest banks in Germany ranked by total assets, in billions of euros. The biggest four banks are Deutsche Bank, Commerzbank, KfW and DZ Bank.

Yes. Cards issued by U.S. Bank can be used in most foreign countries for transactions.

Debit cards from any major US bank will work in any standard European bank's ATM (ideally, use a debit card with a Visa or MasterCard logo). As for credit cards, Visa and MasterCard are universal, American Express is less common, and Discover is unknown in Europe.

And, while it is absolutely legal to own a foreign bank account, there are some additional reporting and tax requirements that US persons should be aware of so that they can remain in IRS tax and reporting compliance and avoid unnecessary fines and penalties.

Germany uses the popular euro, so your travel money will stay super simple.

Deutsche Bank scored higher in 7 areas: Overall Rating, Culture & Values, Work-life balance, Senior Management, CEO Approval, Recommend to a friend and Positive Business Outlook. Bank of America scored higher in 1 area: Compensation & Benefits. Both tied in 2 areas: Diversity & Inclusion and Career Opportunities.

Does Chase bank operate in Germany? ›

JPMorgan Chase is planning to launch a digital bank in Germany in late 2024 or early 2025, Bloomberg reported Wednesday, citing people familiar with the plans.

Here are our favorite banks for international travel. Charles Schwab Bank: Best for using ATMs. Capital One 360: Best on foreign transaction fees. HSBC Bank: Best for expats with high balances.

We were the first foreign bank to open a branch in Frankfurt, so we're heavily involved in this financial hub. Our teams support a variety of businesses, from Investment Banking to Asset Management. Find the team that's right for you.

Money can be deposited to any German bank account including Deutsche Bank, Postbank, Commerzbank, and Sparkassen. Most money transfers are deposited within two business days. A recent example, using Xoom's online calculator: Transfer $1200 from a US bank to a German bank for a total cost of $1204.99.

In September 2008, as investors were scrambling to get their funds out of Lehman Brothers, KfW accidentally wired €320 million ($426 million) to Lehman; Germany's largest circulation newspaper, Bild, called KfW "Germany's Dumbest Bank" at the time. The bank subsequently fired two board members over the transfer.

With a score of 3.9 stars out of 5, German American Bancorp should be near the middle of the pack in your search for a bank.

However, current accounts in Germany can range from none to 5€ per month. Although debit cards are typically free, credit cards can go up to 100€ per year. The cost of using ATMs depends on the bank your account belongs to. Typically, using an ATM is free.

The e-$MART Checking account is a no-frills account that has no monthly maintenance fee when you enroll the account in eStatements.

simple interest rate of 7.50% p.a.

Choose a bank with low fees

It's usually around 10€ per month. Some banks also charge you a fee when you use another bank's ATM. There are many banks with no monthly fees, and no ATM fees. N26, ING and DKB are the most popular ones, but there are many other options.

How many bank accounts should I have Germany? ›

Three current accounts at three different banks is the basic requirement for a business person in Germany. As an entrepreneur you should open the following accounts: A business current account/Girokonto at a Sparkasse, A second business Girokonto at a second bank.

To open a bank account, you usually require the following documents: a valid passport, a residence permit, a certificate of registration, and a wage statement (depending on the type of account).

To apply for a bank account in Germany, you need the following documents: Your ID card or passport. Proof of address registration or Meldebescheinigung (a registration certificate you must get within 14 days of living at your new address in Germany) German tax ID number.

Tax on savings and investments

Savings and investments are subject to tax in Germany. Income from dividends and interest are taxed at a flat rate of 25%, plus a 5.5% solidarity surcharge. In total, this comes to 26.5%. Single taxpayers have an annual investor's allowance of €1,000.

To start the bank account opening procedure, you'll require the following documents: Europe ID card or passport. Official registered address in Germany. German Tax ID number (Steuer-ID)

Citizens from some countries (including the USA, Canada, Australia, Japan, Israel, New Zealand and Switzerland) are allowed entry into Germany without a visa and may apply for a residence permit while in the country.

Completed job description form—also known as the Stellenbeschreibung. €50 to €110 application fee, depending on the complexity of your case.

A residence visa is required if you intend to stay in Germany for more than 90 days for work or study or if you intend to move to Germany permanently.

A money sending bureaux

A money sending bureau is another service that will enable you to transfer money to Germany. They can be an ideal alternative to transferring money through a bank as they often provide online services which make this a fast and easy way to transfer money to Germany.

What is the minimum balance in Deutsche Bank? ›

Easy balance requirement

With Value-Plus Savings Account you have the freedom to either maintain a minimum Average Quarterly Balance (AQB*) of Rs. 1 lakh in Savings Account or a minimum Assets Under Management (AUM**) of Rs. 1.5 lakh enjoy the various privileges of a Value-Plus Savings Account.

We recommend Revolut if you're looking for a smart digital alternative to traditional banks since it's probably the most complete online bank in Germany. If you sign up with our link below, you'll get a €10 top-up for free!

All of them are headquartered in Frankfurt. Deutsche Bank is the largest bank in the country, totaling over 1.32 trillion euros in assets.

HSBC had 563 more reviews than Deutsche Bank that mentioned "Good working environment" as a Pro. HSBC had 258 more reviews than Deutsche Bank that mentioned "Long working hours" as a Con. Extremely well structured in terms of business deliverable, projected strategy implementation and improvements.

While EU nationals will have no problem opening a simple bank account with a German bank, non-EU nationals have to prove their registration in Germany along with a German work permit. Banks are not obliged to open a bank account for you. You may face difficulties if you cannot show a financial history.

Debit cards from any major US bank will work in any standard European bank's ATM (ideally, use a debit card with a Visa or MasterCard logo). As for credit cards, Visa and MasterCard are universal, American Express is less common, and Discover is unknown in Europe.

Documents You'll Need To Open A German Bank Account

German residence visa; The completed account application form; An Anmeldung (proof of address); Proof of employment or income.