Opening a German bank account can be tedious and stressful, and it’s even harder if you’re an expat who doesn’t speak the language. Traditionally there’s slow bureaucracy, folders of paperwork, unfamiliar terms and the uneasy feeling that you don’t know exactly what you’re getting. We’ve all been there before. We’ve also asked ourselves why it takes a week to open an account, why a PIN has to be sent by paper mail and why some representatives speak English, but aren’t allowed to speak to you in English. We’re confident that there’s a better way, so let’s go over everything you need to know, point by point.
What to look for in a German bank account
Accounts
First, you have to know what you’re looking for. German banks offer the following types of accounts:
- Girokonto — otherwise known as a current account or checking account, depending on where you’re from
- Tagesgeldkonto — instant access savings account
- Sparkonto — limited access savings account
- Depot — securities account
For the purpose of this article, let’s assume that you’re looking for a Girokonto. That means you can get an International Bank Account Number (IBAN), you can transfer money in and out, and you can get a bank card to make purchases and withdraw cash from ATMs.
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Cards
There are also several types of cards, which can be confusing:
- Electronic Cash (EC) Card / Girocard — a debit card that’s linked to your account that you can use for direct payments and ATM withdrawals, but doesn’t have a 16-digit number for other payments like online shopping.
- “Kreditkarte” Visa or Mastercard — a debit card that’s linked to your account that does have a 16-digit number that you can use for all payments and withdrawals.
- “Kreditkarte” Credit Card — an actual credit card with a credit limit that usually gets billed automatically from your account once a month by SEPA direct debit (SEPA-Lastschrift), so your entire balance gets paid. Some German banks also allow you to carry debt from one month to another, but it’s uncommon.
- Maestro Card — a debit card like Visa or Mastercard that’s linked to your account that does have a 16-digit number that you can use for all payments and withdrawals.
Banks
Now that you know which account and card you want, it’s time to find the right bank that offers them in an affordable and convenient way. There are generally three different kinds of banks in Germany:
Cash Group — a network of the four biggest national banks with brick-and-mortar locations that allow you to withdraw cash for free at any of their bank ATMs.
- Deutsche Bank
- Commerzbank
- HypoVereinsbank
- Postbank
Sparkassen — local or municipal banks with brick-and-mortar locations that allow you to withdraw cash for free at any Sparkasse bank ATM across the country.
- Berliner Sparkasse
- Frankfurter Sparkasse
- Hamburger Sparkasse
- Stadtsparkasse München
- And so on…
Direct Banks — any bank that doesn’t have a physical location, so you can do everything you need through online banking and make withdrawals from any ATMs, though sometimes with fees.
- DKB
- Comdirect
- ING-DiBa
- N26
There are obviously advantages and disadvantages to every bank, but most of them share a signup process that requires a working knowledge of German and a great deal of patience.
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International transfers with your N26 account are easy, fast and reliable.
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What the bank account opening process typically looks like
Depending on your choice of bank, you can complete an online application or walk into a branch location to speak with a representative.
Applying online
- Find the Girokonto registration form on the bank website
- Print it out and fill in your information
- Take the form to your local Deutsche Post location along with the “PostIdent” form, your passport or national ID card, and a copy of your German address registration, or Meldebescheinigung, to verify your identity
- Send the signed ID verification and application form to your chosen bank
- Wait until they send you a confirmation by paper mail
If you have questions about step 3, you’re not alone. This method isn’t possible if you’re a non-resident, a temporary student resident or a foreigner trying to create an account from abroad. You already need a registered German address, which is a big step all on its own.
Applying at a bank branch
- Make an appointment in advance or walk in and stand in line
- Ask to open a Girokonto and complete the application form
- Verify your ID with your passport or national ID card, and a copy of your German address registration (Meldebescheinigung)
- Wait until they send you a confirmation by paper mail
If you want to open an overdraft (Dispokredit), the bank will have to check your Schufa score or a similar external credit bureau score, an assessment of your creditworthiness, so you won’t be able to get one right away because you won’t have a pre-existing financial history in Germany. By the way, all of the above will most likely happen in German. We know anecdotally, at least, that banks rarely offer the required level of English customer service, and contracts are often only available in German because of the sensitive nature of financial services. You’ll also not be able to use your bank account right away — on the same day — after either process described above.
What the bank account opening process could look like
By now you may be thinking this whole thing is unnecessarily difficult, and we agree. That’s why we’ve made it possible to open a bank account in Germany without any paperwork or bureaucracy, or speaking any German.
N26 offers a free Bank Account and Mastercard debit card in Germany, along with an optional Maestro card for worldwide card acceptance. It’s completely mobile, so you can create your account and do all of your banking directly from the N26 mobile app.
First, you need the following documents:
- Your passport or national ID
That’s it.
Here’s everything you have to do to open a bank account in Germany with N26:
- Download the N26 app in the App Store or Play Store
- Enter your email address so we can send you a confirmation message
- Enter some basic personal details
- Verify your ID instantly over video call using your passport or national ID
- Pair your account to your smartphone
At the end of this 10 minute process, you’ll have an IBAN so you can use your account immediately. You can do this from abroad if you have an address in Germany, and if you need to transfer money from your foreign account outside the Euro zone, you can make an international transfer using our partner service TransferWise, which is built directly into the app. All you have to do is select Transfer from the + menu and select your currencies. Card delivery time is just 3–5 business days, so you can make withdrawals and card purchases within the week.
The basic N26 bank account it’s as safe as an account from any major German bank because it’s protected by the same Compensation Scheme of German Banks (Entschädigungseinrichtung deutscher Banken) for up to €100.000 by law.
Here’s our favorite part: you can make instant transfers to any other N26 user with just your confirmation PIN, so you’ll never have to deal with transaction authentication number (TAN) lists like at other banks. You’ll get a push notification after every transaction so you’re up to date at all times.
The N26 bank account may be one of the easiest accounts to open, and one of the most powerful too. We took out all the stress of paperwork, bureaucracy and not knowing the language so you can finally have an enjoyable personal banking experience.
If you found this article helpful, check out our other expat how-to guides for moving to Germany, where we explain how to do your Anmeldung, how to get your residence permit, and more.
At N26, we’ve taken the red tape out of opening a bank account in Germany. 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. Plus, there are no hidden fees and you’ll always have access to English-speaking customer service, so you can focus on settling in to your new home.
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FAQs
Can a US citizen have a German bank account? ›
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.
Can I open bank account in Germany without address? ›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.
What is the best bank for foreigners in Germany? ›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.
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.
Do German banks accept US checks? ›Avoid Trying to Cash a US Personal Check in Germany
Even though written personal checks are becoming increasingly rare in the US, if you want to cash one at a German bank, it can be almost impossible. The German banking system is simply not geared to deal with a check drawn on a US 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).
Can a US citizen open a bank account in Europe? ›It's possible to open a bank account in Europe for many US citizens. However, providers, such as Wise offer multi-currency accounts in several different European currencies. You can also get a card that lets you spend like a local in over 170 countries.
Which bank can I open online in Germany? ›Open a bank account online
Some banks like bunq, Comdirect, DKB, ING, Monese, N26, Revolut and Wise let you open an account with their app. You can do it at home. They start a video call, and they ask you to show both sides of your ID or passport.
us bank Frankfurt, Hessen, Germany.
Does Bank of America have a partner bank in Germany? ›...
Bank of America account holders.
| Coverage Area | Global ATM Alliance Bank |
|---|---|
| France | BNP Paribas |
| Italy | BNL d'Italia |
| Luxembourg | BGL BNP Paribas |
| Germany, Spain | Deutsche Bank |
Is German American a good bank? ›
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. German American Bancorp offers a variety of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards.
Can foreigners get credit card in Germany? ›There are different credit cards that are available in Germany for everyone. It doesn't matter if you are a German, a foreigner, or a student studying in Germany. Credit cards company offers bonuses and benefits to their card holder.
Can I open a bank account in Germany without tax ID? ›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.
Which is the safest bank in 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.
Can the IRS see my foreign bank account? ›Since foreign accounts are taxable, the IRS and U.S. Treasury have a very rigid process for declaring overseas assets. Any American citizen with foreign bank accounts totaling more than $10,000 in aggregate, or at any time during the calendar year, is required to report such accounts to the Treasury Department.
What countries don t report to IRS? ›Bermuda, Monaco, the Bahamas, and the United Arab Emirates (UAE) are four countries that do not have personal income taxes. If you renounce your U.S. citizenship, you may end up paying a tax penalty called an expatriation tax.
Do I need to report foreign bank account to IRS? ›Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts.
Is Zelle available in Germany? ›No, Zelle® can only be used to send funds to someone who has a bank account in the United States.
What states have German American banks? ›German American is a very strong financial services provider in southern Indiana and Kentucky, specializing in banking, insurance, investments and wealth management for business and retail customers.
Does Germany take us debit cards? ›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. Check your cards' expiration dates.
Is it illegal to open an overseas bank account? ›
Is it legal to have an offshore bank account? There is nothing criminal about opening an offshore bank account. However, it is a crime to use an offshore account to avoid paying taxes or to attempt to shield funds from the U.S. government. Offshore banking should not be used for those purposes.
How can I open a bank account in Europe without residency? ›As a rule, anyone 18 or over with a valid passport or other form of national ID is eligible to open a European bank account. Residents of a certain country can usually apply with just their passport and proof of address. Slovenia, for example, even lets tourists open a bank account without having official residency.
Can I open a bank account in Europe if I don't live there? ›In most cases you won't be able to open a bank account with a regular bank in Europe with a tourist visa. You'll need a local proof of address, plus a valid residence permit to show legal status.
Which US banks are international? ›- Citibank. ...
- HSBC. ...
- Capital One. ...
- Charles Schwab Bank. ...
- First Republic Bank. ...
- Bank of America. ...
- Citibank. ...
- HSBC.
Switzerland
While privacy is fully guaranteed in Swiss bank accounts, these are also generally considered the safest possible investment due to the financially stable economic system.
- Georgia: This country is one of the easiest jurisdictions for an American to open an offshore account. ...
- Singapore: This is one of my favorite banking locations in the world. ...
- Vanuatu: This less-known option offers both privacy and is FATCA-compliant.
You can even open an online account before arriving in Germany, although you'll need to verify your address before receiving your debit card.
Which bank is free in Germany? ›N26 is probably the first option and best bank account for Germany newbies. The account comes without any monthly fees. It offers the most comprehensive multi-language interface and support (German, English, French, Spanish, Italian) and does not conduct rigid credit checks.
Which country is easiest to open a bank account online? ›Generally, Belize is considered one of the easiest countries to have a bank account. The reason behind the popularity of Belize is its stability. To begin with, Belize's offshore banking system is among the most stable in the world based on its liquidity rates.
Is there a Chase branch in Germany? ›JPMorgan Chase Bank, N.A., Frankfurt Branch (Germany) - Bank Profile.
What banks in Europe are affiliated with Bank of America? ›
- Barclays United Kingdom (England, Scotland, Wales, Northern Ireland, Jersey, Guernsey and the Channel Islands)
- BNP Paribas (France)
- BNL D'Italia (Italy)
- Deutsche Bank (Germany and Spain)
- UkrSibbank (Ukraine)
- TEB (Turkey)
- An identification document (ID card or passport)
- If necessary, a document which shows the current address.
- If an application for a credit card or a checking account with overdraft will be made, then salary slips are needed.
Your cash withdrawal limit varies from bank to bank. Most ATM withdrawal limits are between €200–€300 a day. Always be aware of your bank's withdrawal limit, especially if the money you need exceeds that amount. For N26 customers, the maximum withdrawal limit from an ATM is €1000 for most countries.
Is Wells Fargo Bank in Europe? ›In Europe, banking services are provided through Wells Fargo Bank International (WFBI), directly regulated by the Central Bank of Ireland, and Wells Fargo Bank, N.A. London Branch, authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
Can I withdraw money from ATM in Germany? ›Most ATMs in Germany accept Cirrus, Maestro (both run by MasterCard) and Visa (Plus) cards. You can confirm if an ATM is compatible by checking whether your card network's logo is on the machine.
What is the most powerful bank in America? ›1. JPMorgan Chase. Chase Bank is the consumer banking division of JPMorgan Chase. It currently has more than 4,700 branches and more than 16,000 ATMs.
Which U.S. Bank is best for foreigners? ›- HSBC.
- Citi.
- Bank of America.
- Capital One.
- Chase.
- Charles Schwab Bank.
- Wells Fargo.
- Wise.
Using a credit card
Visa and Mastercard are widely accepted in Germany. You could also use American Express cards and Discover cards with the Diners Club logo — though fewer locations accept them.
The best credit card to use in Germany is a Visa credit card or a Mastercard. The credit card provider American Express is not so commonly accepted, as shops and restaurants would have to pay much higher fees to offer it.
Do you need a credit score in Germany? ›Germany. In Germany, each person starts with a universal score of 100 points, which lowers as the consumer borrows money. Germany has its own major credit bureau, known as SCHUFA. Their credit bureau tracks consumer credit data including borrowing activity, balances and payments, to generate a score.
Which bank is best for foreigners in Germany? ›
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.
As of August 8, 2021, the German Federal Financial Supervisory Authority (BaFin) will require the presentation of a meaningful document as proof of origin for cash deposits of more than 10,000 euros.
Can I open a bank account in Germany as a tourist? ›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.
What documents do I need to open a bank account in Germany? ›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).
Where to keep money in Germany? ›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.
It's possible to open a bank account in Europe for many US citizens. However, providers, such as Wise offer multi-currency accounts in several different European currencies. You can also get a card that lets you spend like a local in over 170 countries.
Can you keep your German bank account after leaving Germany? ›Bank Account: Can you keep your German bank account when leaving Germany? Yes, you can. And you should certainly keep it at least a few months until after you have left Germany since you will still need it for some transactions after you leave (e.g., your last electricity bill, your deposit from your landlord, etc.).
How to open a Sparkasse account for foreigners? ›If you come from a country in the European Union, you can open your bank account with Berliner Sparkasse online in just a few steps. Enter your data into the online application form. Verify yourself in a few minutes with a valid ID card or passport via video ident on your computer, tablet or mobile phone. All done!
Do I pay taxes on foreign bank accounts? ›Since foreign accounts are taxable, the IRS and U.S. Treasury have a very rigid process for declaring overseas assets. Any American citizen with foreign bank accounts totaling more than $10,000 in aggregate, or at any time during the calendar year, is required to report such accounts to the Treasury Department.
How much money can a US citizen have in a foreign bank account? ›If you exceed the $10,000 threshold, you must report all foreign accounts, not just any single account that exceeds $10,000.
What documents do I need for a German bank account? ›
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).
Can you open a German bank account from abroad? ›DKB: Foreigners can also open a bank account. Identity verification is possible at a local bank or a lawyer abroad. The lawyer or bank must complete the registration form and send it directly to the bank. The costs incurred for this are not covered by the DKB.
Can I transfer money to a German bank account? ›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.
It is a fact that credit institutions in Germany commit themselves under civil law not to disclose customer-related data to third parties. Nevertheless, in some cases banks must disclose their customers' account data to the investigating authorities.
How can I open a US bank account from Germany? ›- Proof of address with contact information and personal details.
- Two forms of ID — Passport and government-issued ID or valid driver's license.
- Social Security number or Individual Taxpayer Identification Number.
These banks require a social security number, which non-citizens don't have. This is the most common problem that foreigners realize. However, larger banks such as US Bank, TD Bank, Bank of America, Chase, and Wells Fargo will allow non-residents to set up a checking account and a savings account.
Can I open a bank account in another country without living there? ›Yes, but you will likely need to provide extra documentation to verify your identity, place of residence, and the legal purpose of the account.