Opening a bank account in Germany - Guide - Expat.com (2023)

FAQs

How can an expat open a 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.

Although it is theoretically possible for anyone to open a business account with any bank, non-German citizens who don't reside in Germany can usually only open accounts with so-called direct banks (Direktbanken).

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).

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.

us bank Frankfurt, Hessen, Germany.

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.

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.

Which bank is best in Germany for non residents? ›

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 offer our accounts in the following countries: Austria, Belgium, Denmark, Estonia, Finland, France (not available for residents in the DOM/TOM), Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.

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.

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.

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.

In most cases, applicants have to prove that they have around 11.208 euros at their disposal for one year.

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.

Apply in Person at a Bank

If you are in a time crunch and need your SCHUFA report immediately, your best bet is visiting a bank. It does not matter if you do not have a bank account with these particular banks, they will still be able to process your SCHUFA for you.

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.

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.

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.

You can even open an online account before arriving in Germany, although you'll need to verify your address before receiving your debit card.

JPMorgan Chase Bank, N.A., Frankfurt Branch (Germany) - Bank Profile.

The sheet will include German American Bank's routing number 083904563 and the format for the entire MICR line.

No, Zelle® can only be used to send funds to someone who has a bank account in the United States.

How do I transfer money to my German bank account? ›

If you live in a foreign country other than Switzerland: Ask your local bank about depositing the US Treasury check. Many European banks no longer allow check deposits, they have moved past checks, so you may have trouble in those situations. When that's the case, opening a US bank account may be the best alternative.

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.

If you have bank accounts located outside of the United States, the Bank Secrecy Act may require that you report those account balances to the Internal Revenue Service (IRS) by filing form TD F 90-22.1, also known as the Report of Foreign Banks and Financial Accounts (FBAR).

More In File

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.

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.

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.

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.

Today your currency transfer options include credit cards, remittance services (MoneyGram, PayPal/Xoom, Western Union, etc.), forex transfer firms (CurrencyFair, Global Reach, OFX, Wise, formerly TransferWise, etc. – usually with a minimum of $150 to $500 USD), and your local bank (usually the worst option).

Do I have to pay tax on money transferred from overseas to USA? ›

Do You Have To Pay Taxes On Money Transferred From Overseas? Generally, yes. You don't have to pay taxes on international funds under a certain threshold, but if you're importing a significant amount of capital from overseas, you should expect to pay taxes on your transfers.

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.

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.

The account opening is possible with a place of residence in Germany or abroad. There is no creditworthiness check.

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.

However, as long as you're a US resident or citizen, you can actually (and a bit surprisingly) have an N26 account both in the EU and the US at the same time.

At N26, all our accounts feature free card payments worldwide, as often as you like and with no foreign transaction fees.

Is it possible to open a US bank account online as a non-resident? No. Most US banks will require non-residents to apply for an account in person. That means you have to travel to the US and walk into a bank branch to set up your account.

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.

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 I keep my US bank account without a US address? ›

All you have to do to keep it intact is to have the address on the account changed to a relative or friend's address in America and have your statements sent to you online.

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.

What is this? The good news is that, in some countries, like Lithuania, Poland and Bulgaria, you can easily open a bank account without being a resident. In some cases, all you need to provide is your passport. In other cases, you will need to provide a proof of residency from your country.

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.

All you need to do to remotely open a bank account in Europe is provide properly notarized documents (if you need to open a personal account) or Apostille (if you need to open a corporate account) that are translated into the language required by the bank.

Valid passport. Proof of address not older than 3 months. 3 months' statements from your offshore bank. Proof of income.

Yes, but you will likely need to provide extra documentation to verify your identity, place of residence, and the legal purpose of the account.

Meet the Republic Of Georgia – The world's easiest country to open an (offshore) bank account.