Key takeaways
- Opening a bank account in Germany is straightforward. You can open an account online or directly at a branch.
- You only need an ID and registration certificate (Meldebescheinigung) to open a bank account in Germany.
- Expats from non-EU countries must also submit a residence permit, and students must have a university enrollment letter on top.
- N26* and Revolut are the best online banks in Germany for expats. C24* is the best online bank for expats who know basic German.
- Commerzbank* and Deutsche Bank* are the best brick-and-mortar banks for expats in Germany.
Table of Contents
Types of banks in Germany
There are two types of banks in Germany.
- Brick-and-mortar banks: These are traditional banks with physical branches.
- Fintechs or online banks: These are modern banks without physical branches.
Here are some main differences between the traditional banks and fintechs.
| Traditional banks | Fintechs | |
| Physical branches | ✅ | No physical branches |
| Fees | High fees | ✅ Low to no fee |
| Language | Few banks offer English customer support. You don’t get English support in all the bank branches. | ✅ English and German |
| Digital services | Offers decent digital services and banking apps. | ✅ Offers amazing mobile banking and digital services. |
| Major banks | Commerzbank* Deutsche Bank* Post bank (now part of Deutsche Bank) Sparkasse | N26* Revolut C24* |
| Safety | Offer statutory deposit protection of 100k € per customer | Offer statutory deposit protection of 100k € per customer |
We recommend having accounts with at least two banks in Germany: one with a traditional bank and one with a fintech. Here are the reasons
- Never keep all your money in one bank (diversify).
- Banks in Germany have the authority to block or close your account without giving any reason. So, if one account is blocked, you can use another to cover your daily expenses. Getting your account blocked is very common and can happen to anyone.
- If you have over 100,000 € in cash, split it in different banks. This is because banks offer statutory deposit protection of 100,000€ per customer. So, if a bank goes bankrupt, you’ll get a maximum of 100k€.
- There might be situations where you’ll need a personal consultation, such as a mortgage. In such situations, it helps to have an account with a traditional bank.
Types of bank accounts in Germany
There are four main types of bank accounts in Germany.
- Checking account or current account (Girokonto): This is your main account where you get your salary and pay your daily expenses.
- Daily savings account (Tagesgeldkonto): It’s a type of savings account connected to your checking account. You get interest on your money in this account and can deposit and withdraw money anytime. You can only withdraw money to your connected checking account.
- Savings account (Sparkonto): A typical savings account with restrictions. You can deposit money anytime. However, you cannot withdraw money yourself. You must ask your bank consultant to withdraw the money. You also earn interest in this account.
- Business account (Geschäftkonto): You need a business account if you are a business owner in Germany. A business account makes it easier to maintain your books. You use this account for business purposes only.
Other than these, Germany has three more types of bank accounts.
- Basic account (Basiskonto): This is similar to a checking account but with limited features. It is suitable for EU residents who don’t have a permanent address in Germany. Banks in Germany cannot decline to open a basic account without providing a reason in writing.
- Student account (Studentenkonto): Banks offer special bank accounts for students. Such accounts don’t have any fees. If you are 18 and above, you can open the account yourself. However, you need a legal guardian’s consent if you are below 18.
- Children’s account (Kinderkonto): Parents can open a bank account for their minor child. Such accounts charge no fees. However, parents cannot use this account for themselves. Children get their own tax allowance on the interest earned.
Who can open a bank account in Germany?
- EU residents without a permanent address in Germany. They can open a basic account (Basiskonto) with any German bank. However, a few fintechs, such as N26*, also offer normal checking accounts.
- Residents (irrespective of nationality) who have a permanent address in Germany. The bank requires a registration certificate (Meldebescheinigung) as address proof.
Every bank has its eligibility criteria for opening a bank account. So, banks can reject your application without giving any reason.
Some main reasons banks reject opening a bank account are as follows:
- You don’t have a good creditworthiness. Banks check your creditworthiness based on your (Schufa Score), job contract, income, etc. People who are new to Germany have a hard time opening a bank account.
- The bank doesn’t open bank accounts of citizens of specific countries. The list of countries varies from bank to bank.
How can you open a bank account in Germany?
The process of opening a bank account in Germany is straightforward.
- Pick a bank you want to open an account with.
- You can open a bank account online or at the bank’s branch.
- In both cases, you must fill out the application form.
- Verify your identity. The bank employee can verify your identity at the branch directly. If you are opening an account online, you have two options to verify yourself.
- Video-Ident: You need your ID and must download a video-ident app. Someone on the video call will verify you and your ID.
- Post-Ident: In this case, you take your account opening documents and ID to the local Deutsche Post branch. They verify your ID and send the documents to the bank free of cost.
- Usually, the bank account is opened immediately if you open it at a branch or using Video-Ident. However, you cannot access online banking as your PIN for the two-factor authentication app will arrive via post. Online banks like N26*, C24*, etc., allow you to access your online banking immediately after successful verification.
Which banks in Germany accept expats?
- It’s easier for expats to open a bank account with any online bank (fintech). We find Revolut and N26* among the best.
- Some traditional banks like Commerzbank* and Deutsche Bank* are also expat-friendly.
What documents do you need to open a bank account in Germany?
- EU nationals outside Germany: You can open a basic account. Few fintechs like N26* allow opening a normal checking account. You only need your ID.
- Non-EU nationals outside Germany: You cannot open a bank account in Germany
- EU nationals in Germany: You need your ID and a registration certificate (Meldebescheinigung) from the local municipal office (Rathaus).
- Non-EU nationals in Germany: You need a passport, residence permit, and a registration certificate (Meldebescheinigung) from the local municipal office (Rathaus).
NOTE: Only a passport is enough for expats from certain countries, such as the US, Japan, Canada, New Zealand, Australia, etc.
Documents required to open a student account
- Passport
- Residence permit
- Registration certificate (Meldebescheinigung)
- University enrollment letter / Training contract / Student ID
If you are a minor (under 18), you need the following additional documents.
- Your birth certificate
- ID or passport of the legal guardian (both parents, even if they are separated)
- If a parent has sole custody, only their passport is required along with a certificate of sole custody (Sorgerechtsbeschluss bei alleinigem Sorgerecht)
- Marriage certificate if parents have different last names
What should you check about the bank before opening an account in it?
- Ensure the bank you choose has a German banking license. You can check if the bank has a German banking license on BaFin.
- All banks with German banking licenses offer statutory deposit protection of 100,000 € per customer.
- Check the bank’s fees. Traditional banks usually charge account maintenance and other fees based on your account type. Fintechs usually charge no fees or low fees.
- Do you get a free credit card? Many online websites offer only pay via credit card option. So, you’ll need a credit card in Germany sooner or later. N26* and C24* offer free MasterCard that you can use for online payments.
Which bank offers the best checking account in Germany?
For expats who are settled in Germany
C24* is the clear winner. No bank offers the services C24 provides for free. The only drawback is it’s only in German.
You can read our complete review of C24 here.
If you prefer a traditional bank, ING, Commerzbank*, and Deutsche Bank* are some good options.
For expats who are new in Germany (with no German skills)
Revolut and N26* are the best options. It’s easier for expats to open a bank account with them. Additionally, they offer free checking bank accounts with English customer support.
You read our complete review of Revolut and N26 to learn more.
Can you open an account from outside Germany?
Whether you can open a bank account in Germany from outside Germany depends on your nationality.
EU nationals
- You can open a basic account (Basiskonto) without having a permanent address in Germany.
- You can open a normal checking account with fintechs like N26*.
Non-EU nationals
No, you cannot open a bank account without having a permanent address (registration certificate) in Germany. Depending on your nationality, you may even need a residence permit to open the account.
What can you do if the bank refuses to open your account?
Suppose you have a permanent address (registration certificate) and residence card. You applied to open an account at a bank. However, the bank rejected your application.
First, you must get your Schufa report and check for incorrect entries. Incorrect entries may decrease your Schufa score and cause banks to reject your account opening application.
If the bank rejects your application, you have three options.
- Request a manual review from the bank. One of the bank employees will review your application again and make the decision.
- Open an account with another bank. Every bank has its own rules for accepting new customers. So, don’t sweat if one bank rejects your application. There are tons of banks in Germany.
- Open a basic account (Basiskonto). German banks cannot reject basic account applications without giving a reason. However, this option is available only to EU nationals.
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