Opening a bank account in Germany: Guide and recommendations
Are you looking for a German bank account? Did you already choose yours and want to get everything prepared for your bank appointment? If you are new in Germany and want to enjoy life there for a longer period of time, you will need bank account for life’s basics. In Germany you will need to open a bank account in order to get your salary, pay the rent and transfer and receive money from abroad.
If finding the best bank account is difficult, opening a bank account in Germany can be even more stressful, that's why in this article we guide you through the entire application process and we will show you:
- which types of German banks you could open a bank account in
- how to open a bank account in Germany
- the documents required to open a bank account
- what you should consider when opening a bank account and
- some key terms to understand German banking system
GIROMATCH is your independent credit platform. Our team guides you through German banking and financial products, writes reviews for foreigners living in Germany and provides you with important information to improve your financial situation in Germany.
Fintechs, neobanks and traditional banks: Which is the best bank for you?
Even if the number of institutions is constantly sinking, Germany remains one of the few countries with more than 2000 banks. If you want to open an account there, you will have to choose between a Mobile Bank, an Online Bank or a Traditional Banks. The main difference lies in their account management methods and product offer: While with a mobile bank you can enjoy a playful and easy banking experience, online and traditional banks offer more financial products such as personal loans, credit cards and mortgages.
In the following table, you can see the main characteristics of mobile, online and traditional German banks. If you want to know more about the best banks in Germany, you can have a look at our banking guide!
| Type of bank account | 📱 Mobile bank | 💻 Online bank | 🏦 Traditional bank |
| Pros | ✅Account management 100% online or via App ✅Quick set up ✅Available without residence | ✅Account management 100% online ✅Personal loans, mortgages and insurances ✅Big and stable institutions | ✅Online and offline account management ✅Entire products' offer: personal loans, credit cards, mortgages ✅Personal advisor at a bank branch |
| Cons | ❌Do not offer loans, insurance or mortgages ❌Many do not have a German IBAN | ❌Do not offer personal advise on financial products | ❌Slow processes ❌More documentation required (e.g. residence in Germany) |
| Users | Digital natives, Travelers, Students | Digital Natives, Expats, Power Users | Traditional Users, Families, Long-term stay in Germany |
| Examples | N26, Vivid Money, bunq | ING, comdirect, DKB | Deutsche Bank, Commerzbank |
Types of bank accounts: What you should look at to find a good bank account for students or foreigners in Germany
When it comes to choose your future German bank account, you could run into difficulties. However, we simplified the process for you. First of all, you will need to look at your necessities:
- you may need to open a bank account in Germany without living there or you may not have your residence yet
- you may want to avoid paperwork and German slow bureaucracy and find the fastest way to open a bank account in Germany
- you may want to open a bank account with specific features (e.g. a bank account for students, investments’ offers, saving accounts’ options)
To find out the best German bank for your need, you can have a look at our Best German Banks’ Guide in English.
Can I open a bank account online? A good option if you are not living in Germany
If you want to open a bank account in Germany without living there, you can opt for opening a bank account online at a mobile bank. Additionally, you will avoid slow paperwork and enjoy a modern banking experience. Mobile bank accounts are our favorite for those who whish:
- a quick application process
- English speaking support (via Chat or Email)
- instant access to your bank account
Mobile banks are banks which operate mainly through online banking or an App. If you are a digital nomad or still do not have a residence permit in Germany, neobanks as Monese or N26 could be perfect for your case. However, if you want to apply for a personal loan or a credit card, you should first have a look at the products' offer of these banks: often mobile banks do not offer additional financial products!
Setting up a German bank account in few minutes
In a typical mobile bank, opening a bank account takes only few minutes: you only need your smartphone and a reliable internet connection. You can open your German bank account everywhere and you will be able to use your account immediately after the opening!
These are the steps to open your bank account online:
- Download the bank’s app
- Enter your personal data and select your account model
- Confirm your identity via videocall, video or selfie
- Top up your account and off you go!
Monese is our top choice for a mobile bank account in Germany: keep on reading to know more!
Monese: Our best option for foreigners to open a bank account online
Monese offers a bank account for non-resident, students an expats. When opening Monese’s free account, you will not need to show your residence permit and the application process takes only few minutes. Besides, you will have instant access to your bank account and virtual debit card, a customer service available in14 languages and the possibilitz to tranfer money in19 different foreing currencies.
Monese
Speed: 5/5
Account and cards: 4/5
Service: 4/5
RESULT
4.3
03/2023
Speed: 5/5
Account and cards: 4/5
Costs: 4.5/5
Service: 4/5
How to open a bank account in Germany? The advantages of a traditional German bank
Of course, by opening a bank account online, you have a time-advantage in comparison to going to a bank branch. However, if you have a grasp of the German language and are already in Germany, you may want to open a bank account in a big and known bank, such as Deutsche Bank or Commerzbank.
In particular, if you need some additional features for your banking experience, there you will meet your personal financial advisor, who will analyze your situation and show you the bank’s complete products’ palette.
At a German traditional bank as Deutsche Bank or Commerzbank, you will get:
- a longer application process and up to 10 days for effectively using your bank account
- often a German speaking customer service
- a personal financial advisor for your needs
- a broader products’ palette which includes mortgage, loans and savings accounts
Documents required to open a bank account in Germany
Both in a bank branch or online, you will need some basic documents in order to be able to open a bank account in Germany:
- application form (provided by the bank)
- your passport or identity card, if you come from a European country
- proof of residence in Germany (“Anmeldung” or “Meldebescheinigung” in German)
- proof of income or
- proof of your student status
Besides, according to the type of bank, you may need
- an initial deposit, whose amount is determined by the bank
- your SCHUFA entry (which is automatically checked by the bank once you agreed the SCHUFA clause)
Which bank is the best for you?
If you still do not know where to start when looking for your future German bank, you can have a look at our guide on Germany's best banks! There you will find a list of options at your disposal, their different account models and all advantages or disadvantages of different providers.
Why is a proof of residence required to open a bank account in Germany?
In Germany, when opening a bank account, credit institutions carry out a legitimation test, pursuant to Section 154 of the German Fiscal Code. This is intended to prevent third parties from opening an account in another name or taking out loans in the name of a non-existent person, for example, in order to obtain money illegally or to carry out transactions that violate the Money Laundering Act.
The Money Laundering Act regulates which information must be collected in order to determine your identity, this includes:
- Surname and first name
- Date and place of birth
- Address
- Nationality
- Identity card’s details
As a foreigner living in Germany, your identification document may not contain your current German address, that is why you are required to show proof of your German residence (“Meldebescheinigung”). The majority of German traditional branch-based banks (in German “Filialbanken”) offer a personal application service in order to open a bank account. Your identification is therefore carried out personally by checking your documents.
However, if you still do not live in Germany and you want to open a bank account from another country, you can have a look at online or mobile banks. Some of these banks enable you to open a bank account online and identify yourself per video-call. In this case you will only need your identity document and a mobile phone number in order to pass the legitimation test. We’ve recollected a list of mobile banks where you can open a bank account without having a German residence. Try to have a look at bunq, N26, Tomorrow Bank and Vivid Money!
What you should consider when opening a bank account in Germany
Sometimes you may be in a hurry to open your bank account because you need it quickly. However, it is worth taking your time to analyze different options. A complete bank account with different features may spare you money and efforts looking for additional options somewhere else. Besides, knowing the possibilities of your bank account will turn you into a power user. Here we list some of the most important features you should consider when applying for a bank account in Germany:
| Features | What you should consider |
Monthly fee | Is the fee you will pay balanced with the additional features of the bank account? Does the account’s monthly fee aggravate your monthly budget for your stay in Germany? Did you consider the advantages granted by more expensive accounts such as sustainable banking? If you are applying for a free bank account: do you need a minimum monthly income or a specific status (e.g. student)? |
Cash withdrawals | How much do cash withdrawals cost abroad? Is there a monthly limit for cash withdrawals? At which ATMs can you withdraw your money in Germany and abroad? Is there an additional fee to withdraw money in different currencies? |
Credit cards | Are credit cards included in the bank account? What type of credit card are you granted? Does your credit card grant you a credit line or is it a debit card which you can only pay by direct debit with? |
Personal loans | Does your bank offer personal loans? Do you have the possibility to apply for a charge credit card or a revolving credit card? Does your bank account have an overdraft facility in case of economic hardship? And which additional costs does it imply? |
Additional features | Does your bank have a sustainability focus? Do you have an English speaking customer service at your disposal? Do you want a stocks and crypto trading account? How can you contact your bank: face-to-face, online or by telephone? Are there any offers such as cashback and bonus? |
Glossary of terms: GIROMATCH guides you through German banking
| German | English |
| Bankkonto | Bank account |
| Kontoinhaber | Account holder |
| Kontostand | Account's balance |
| Girokonto | Checking account |
| Sparkonto | Savings account |
| Bankrate | Bank rate |
| Bankauszug | Bank statement |
| Kreditkartenabrechnung | Credit card invoice |
| Abrechnungsperiode | Billing period |
| Soll | Debit |
| Überweisung | Bank transference |
| Guthaben | Balance (money you dispose of) |
| Bargeld | Cash |
| Studentenausweis | Student card, Immatrikulation letter |
| EC-Karte | Bank card |
| Auszahlung | Payment |
| Einzahlung | Deposit |
| Geldautomat | ATM (cash dispenser) |
FAQs about opening a bank account in Germany
Can a bank reject opening a bank account?
From 2016, everyone in Germany has the right to own a basic bank account which enables money transfers and cashless payments. Therefore every bank has the duty to offer this possibility. However there are some cases where your application may be rejected:
How to open a bank account in Germany with bad credit?
According to German law, you cannot be rejected to open a basic bank account because of bad credit. Since everyone has the right to open a bank account in Germany, banks have the duty to grant you with a basic bank account. However, some banks may reject you in case of bad creditworthiness, if you are applying for a bank account with an overdraft facility. In that case, banks will check your creditworthiness to determine whether to grant an overdraft and its amount.
However, you can have a look a modern neobanks which do not check your credit history when opening a bank account. bunq and Vivid Money are two examples. We have also tried them out!
Can I open a bank account in Germany without address?
The majority of German traditional banks such as Deutsche Bank or Commerzbank will ask you to provide proof of residence in Germany in order to open a bank account. However, you could have a look at N26, Tomorrow Bank, bunq and Vivid Money, since these mobile banks do not require you to live in Germany to open a basic account.
Can I transfer money to an international bank account?
Once you open a bank account, you may want to transfer your money to someone else. In this case, you can either use your online banking, your telephone banking or go directly to a bank branch with the money you want to transfer. In order to do a correct transfer, you will need: the name of the bank account holder, the IBAN of the bank account where you want to transfer money to, its BIC (Bank Identifier Code), the amount of the transfer, its payment reference and your credentials.
How can I close my bank account?
As a bank account holder, you can close your account at any time without additional fees. You can use this template (in German) for your closing letter. You should send it as a certified letter to your bank.If you open a bank account remotely, you have the right to withdraw it in 14 days upon opening.
How can I open a bank account for someone else?
In Germany, you cannot open a bank account for someone else. Only in case you are the health care proxy of the person who needs a bank account, you can ask the bank a form which grants you power of attorney in order to open a bank account.
Can a minor open a bank account in Germany?
Minors of the age between 7 and 17 can open a bank account with the presence of their parents. It means that when applying for a bank account, the bank will require identity documents of both the minor and of his or her parents. If you want to open a bank account for a minor who still does not have an identity document, you will need his or her birth certificate.
How can I open a bank account in another country?
If you have a bank account in a bank which operates abroad, you can ask your bank to transfer your account to an international branch. Otherwise, you could check these mobile banks, which do not require proof of German residency: N26, Tomorrow Bank, bunq and Vivid Money.
What this an international bank account number?
The International Bank Account Number (IBAN) is a 34 alphanumeric code expressed in groups of 4 which identifies your bank account according to the international standard ISO 13616:2020. It comprises: Here you have a sample of Germany’s international bank number: DE91 1000 0000 0123 4567 89
the branch identifier
FAQs
What are the requirements for opening 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).
Can an American open a Deutsche Bank account in Germany? ›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 a foreign citizen open a bank account in Germany? ›Required Documents to Open a Bank Account as a Non-Resident
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)
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.
| Minimum to Open | $100 | $100 |
| Monthly Service Fee | For a low $7.00 account maintenance fee, this account can pay for itself if you use the benefits. | Enroll in eStatements to avoid a $3 monthly paper statement fee. |
| Learn More Open Account | Learn More Open Account |
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.
Which German bank is best for American? ›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.
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.
- Best Exchange Rates (and Fastest): Wise.
- Fee Free: OFX.
- Sending Money to Family and Friends: WorldRemit.
- Large Amounts: XE.
- Best Big Brand: Xoom, powered by PayPal.
Deutsche Bank USA
Having first established a presence in the Americas in the 19th century, the bank began independent operations in the US in 1978, opening its first North American branch in New York City.
Can I open a European bank account from the US? ›
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 is best in Germany for non residents? ›- N26.
- Deutsche Bank.
- Commerzbank.
- ING.
- *Wise and *Revolut do not ask for a registered address according to some sources. source
- *bunq.
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.
Can US citizens open foreign bank accounts? ›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.
Can I live in Germany without address? ›Registering your address in Germany is mandatory.
By law, everyone staying longer than three months in Germany must register their address (anmelden) within 14 days of moving into a new apartment. Not registering your address within 14 days can result in a fine of up to €1,000.
Anyone who moves into a residence in Germany must register within two weeks of moving in. To register, you have to go to the registration authority of your municipality and present a valid ID card, passport or passport substitute document and a certificate issued by the person providing the residence.
What is the limit for German American Bank? ›Depending on your qualifications, most customers are eligible to deposit up to $4,000 per check, up to $4,000 per day, and up to $20,000 in a 30 day timeframe. How much does it cost to deposit a check using Mobile Deposit? Mobile Deposit is free to German American customers.
Is German American Bank 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.
How much does it cost to have a bank account in Germany? ›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.
Can I use my US debit card in Germany? ›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.
What U.S. Bank operates in Germany? ›
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).
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.
What is the best US credit card to use in Germany? ›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.
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.
What American credit cards are accepted in Germany? ›Visa and Mastercard are widely accepted in Germany. You'll find American Express and Diners Club credit cards are accepted in fewer locations. Some businesses may not accept cards for purchases below a set amount and some supermarkets won't take credit cards at all.
Which USA bank is for international? ›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.
Should I get euros before going to Germany? ›Resist the urge to buy foreign currency before your trip.
Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.
No, Zelle® can only be used to send funds to someone who has a bank account in the United States.
How much money can you transfer without being reported in Germany? ›Cash sums totalling 10,000 or more euros on trips to and from Germany must be declared to the customs authorities. This applies to both cash and equivalent means of payment.
What is the cheapest way to send money from USA to Germany? ›Wise (formerly Transferwise) is one of the cheapest ways to transfer money overseas. Wise offers the inter-bank/mid-market rates that are the real exchange rates you see on your Google search and the transfer fees are shown upfront. The fees are low and transparent.
Do I have to pay tax on money transferred from overseas to Germany? ›
Anyone who has registered their residence in Germany or resides in Germany is subject to unlimited income tax (unbeschränkt einkommensteuerpflichtig). As a result, all income, whether from home or abroad, must be taxed in Germany. In addition, taxes are levied by the respective state from abroad.
Why is N26 closed in the US? ›N26 has made the decision to sharpen its focus on its European business and will no longer be available to customers in the US after January 18th, 2022. What will happen next? US customers have been sent a formal notification email to the email address connected to their account.
Do banks in Germany speak English? ›Although banks do have the right to choose the language with which they prefer to communicate with the ECB, most choose English. Outside Germany there are over 100 banks in the EU, of which only 14 ask to communicate with the ECB using their native language. In Germany, only 3 banks communicate in English.
How do I open a European bank account for a non resident? ›You can open a non-resident account in Europe with the expat division of a global banking branch. However, you may find it easier and cheaper to get an account with a specialist online provider instead.
Which country in Europe is best to open bank account? ›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.
We're here to help!
Fortunately, opening a bank account in a foreign country is totally possible — and totally legal, as long as you're not doing so for tax evasion purposes. However, it may take a few more steps than opening a domestic account would.
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 I keep my German bank account if I move abroad? ›Many expats prefer to keep their German banking account(s) even after they have left the country. In any event, it's a good idea to keep your account at least for several months after you leave, in order to pay last-minute expenses and take care of other financial matters.
Which bank is best for expats? ›- Revolut — Best overall digital nomad bank account.
- Wise — Best multi-currency account for digital nomads.
- N26 — Best fully-licensed neobank in Europe.
- Chime — Best fee-free ATM access for Americans.
- Starling Bank — Best international UK bank account.
In order to open a bank account in Germany, you'll need to submit documents confirming your identity that are recognised in Germany. Documents issued abroad must be authenticated by an apostille or legalisation, depending on the country of issue.
How do I open a German bank account from the US? ›
- Your passport/photo ID with a valid visa or residence permit.
- Proof of address.
- Evidence of income/employment (required by many banks, depending on the account you want to open)
- Proof that you are a student, if opening a student account.
The account opening is possible with a place of residence in Germany or abroad. There is no creditworthiness check.
Do US citizens have to report foreign bank accounts? ›Who Must File the FBAR? A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
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.
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.
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.
As soon as your account is ready, you have to deposit at least 11.208 euros into it. Once you've arrived in Germany, you should make an appointment in a branch office of your bank.
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.
Are there any American banks in Germany? ›us bank Frankfurt, Hessen, Germany.
Is there a bank of America in Germany? ›Whatever your needs, a Bank of America financial center with walk-up ATM in Berlin can help. Stop by a local branch or make an appointment today.
What is the limit for German American bank? ›
Depending on your qualifications, most customers are eligible to deposit up to $4,000 per check, up to $4,000 per day, and up to $20,000 in a 30 day timeframe. How much does it cost to deposit a check using Mobile Deposit? Mobile Deposit is free to German American customers.
What is the minimum proof of funds in Germany? ›In order to receive a study visa for Germany you will be required to present proof of financial resources. This serves as a guarantee that you can afford the cost of studying in Germany. Since January 2023 you are expected to demonstrate funds of 934 EUR per month / 11,208 EUR per year.
What is proof of income in Germany? ›proof of income (Einkommensnachweis), which could be bank statements and payslips showing your salary, your German employment contract, proof of scholarship or any other document that proves you can afford your tenancy.