What is the best German bank for expats? (2024)

This guide helps you pick a bank in Germany. You need a bank account to pay rent, get paid by your employer, and many other things.

Before you start, learn how banking works in Germany. It helps you choose better.

German banks for expats

When you open your first bank account, choose an expat-friendly bank like N26, bunq, Wise, Monese, Tomorrow, Vivid and Revolut.

An expat-friendly bank…

• Speaks English and other languages
• Lets you open an account quickly
• Accepts foreign passports and documents
• Does not ask for a residence permit or a registration certificate

N26

In my opinion, N26 is the most expat-friendly German bank. I use them since 2016. They let you open an account quickly, without an Anmeldung. They speak English, French, German, Italian and Spanish.

Their basic account covers all your basic needs: no monthly fees, free ATM withdrawals, multiple languages, a German IBAN and a solid mobile banking experience.

The biggest disadvantage: the required documents. Depending on your nationality, you might need a plastic residence permit that’s valid for 1 year. This is a problem for some recent immigrants.

My review of N26

bunq

They are a good alternative to N26. They are more expensive, but they accept more passport types. They let you open an account quickly, without an Anmeldung.³⁷ They speak English, Dutch, French, German, Italian, Portuguese and Spanish.

The free account is a little limited. The paid accounts have free ATM withdrawals. If you pay more, you get a German IBAN.

Wise and Revolut

Wise and Revolut are the easiest way to get a bank account. They have the easiest requirements, and accept the most passport types.³ You can open an account before you arrive in Germany, without a German address, a residence permit or an Anmeldung.

The free account includes most of what you need: free ATM withdrawals (up to 200€ per month), multiple languages, and a good mobile app. You don’t get a German IBAN: Wise gives you a Belgian IBAN, and Revolut gives you a Lithuanian IBAN. This is not a big problem.

Wise speaks English, Chinese, French, German, Hungarian, Indonesian, Italian, Japanese, Polish, Portuguese, Romanian, Russian, Spanish, Thai, Turkish and Ukrainian. Revolut speaks English and German.

Banks that are not expat-friendly

These banks are not expat-friendly:

• C24
  It’s an excellent bank, but they accept fewer passports and might require a residence permit.¹ They only speak German. They don’t accept US citizens.⁵
• Sparkasse
  If you want a traditional bank with physical branches, this is the best option. They accept Russians, Iranians, Syrians and citizens of other sanctioned countries.² You need a registered address and a residence permit.¹² Basic online banking is in English, everything else is in German.
• Deutsche Bank
  It takes too long to open an account.¹⁰ They mostly speak German. Online banking, customer service and some documents are in English.⁷ You might need a residence permit.³⁶
• Commerzbank
  It takes too long to open an account.⁹ You need a registration certificate and a residence permit that’s valid for at least 6 months.⁶ Basic online banking is in English, everything else is in German.
• ING
  It’s a good bank, but you need EU citizenship or German permanent residence to open an account.¹⁴ They only speak German.
• DKB
  It’s a good bank, but they refuse recent immigrants.¹³ They only speak German.
• comdirect
  You need an Anmeldung, or you must follow extra steps. They only speak German.

English-speaking banks

These banks let you do everything in English. Their online banking, documents and customer service are in English.

• Wise–English, Chinese, French, German, Hungarian, Indonesian, Italian, Japanese, Polish, Portuguese, Romanian, Russian, Spanish, Thai, Turkish and Ukrainian
• Monese–English, French, German, Brazilian Portuguese, European Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish, Czech, Turkish, Estonian, Lithuanian and Ukrainian
• bunq–English, Dutch, French, German, Italian, Portuguese and Spanish
• N26–English, French, German, Italian and Spanish
• Revolut–English

These banks let you do some things in English. They have physical branches, and some employees might speak English.

• Deutsche Bank–Customer service and online banking in English. Some documents are in English.
• Commerzbank–Basic online banking in English.
• Berliner Sparkasse–Basic online banking in English.

Free bank accounts

I strongly recommend to get a free bank account. Don’t pay your bank to hold your money. In theory, every bank must offer a free account (the Basiskonto), but this account is often too limited.

These banks offer a free bank account with no monthly fees:

• C24
  The best free bank account in my opinion. It’s the only free account that includes a Girocard. They only speak German.
• N26
  The best free bank account if you don’t speak German. It covers all your basic banking needs.
• bunq
  The free account is very limited: no free ATM withdrawals, no payment card, and no German IBAN. The paid accounts make more sense.
• Wise
• Revolut

These banks have no monthly fee if you deposit at least 700€ per month:

• DKB
• ING¹⁹
• 1822direkt¹⁶
• comdirect¹⁷
• Commerzbank¹⁸

These banks have no monthly fee for young people:

• 1822direkt–No fee under 27 years old.²⁰

These banks have no monthly fee for students:

• Berliner Sparkasse–No fee for students under 26 years old.²¹ 8.50€ per year for a debit card.
• Deutsche Bank–No monthly fee for EU students.²²
• comdirect–No fee for students under 28 years old.¹⁷
• Commerzbank–No fee for students under 27 years old.¹⁸
• ING–Just 1€ per month for the debit card.¹⁹
• Volksbank–No monthly fee for students.²³

These banks might still charge for a credit card, or to withdraw money from an ATM. Choose a bank with no ATM fees.

Banks with no ATM fees

Choose a bank with free ATM withdrawals. In Germany, you often need cash. On average, Germans withdraw cash 3 times per month. They withdraw around 200€ per month.¹¹ Don’t pay 5€ to 7€ every time you use an ATM. It’s a waste of money.

These banks let you use any ATM in Germany for free:

• DKB
• ING–Minimum withdrawal is 50€.²⁶
• bunq–6 free withdrawals per month.²⁴ You can only withdraw 250€ per day in the first 3 months, and 500€ per day after 3 months.²⁵
• C24–4 free withdrawals per month.
• N26–3 free withdrawals per month, then 2€ per withdrawal.
• comdirect–3 free withdrawals per month. Use Cash Group ATMs for free (15% of ATMs). 9.90€ per withdrawal outside the Eurozone.
• Wise–Withdraw up to 200€ per month for free.
• Revolut–Withdraw up to 200€ per month for free.

These banks only let you use some ATMs for free. You might need to walk another 10 minutes to find a free ATM. I don’t recommend them.

• Berliner Sparkasse
  Use Sparkasse ATMs for free (45% of ATMs).²⁸ Fee of 2% (minimum 7.50€) per withdrawal from other ATMs.²¹
• Berliner Volksbank
  Use BVR ATMs for free (32% of ATMs).³⁵ Fee of 7.50€ or 1% of withdrawal amount for other ATMs.²⁹
• Commerzbank
  Use Cash Group ATMs for free (15% of ATMs). Fee of 1.95% (minimum 5.98€) of withdrawal amount for other ATMs.¹⁸
• Deutsche Bank
  Use Cash Group ATMs for free (15% of ATMs).²⁸ Fee of 6€ or 1% of withdrawal amount for other ATMs.
• 1822direkt
  4 free withdrawals per month from Sparkasse ATMs²⁷ (45% of ATMs).²⁸ Otherwise, 2€ per withdrawal.²⁷

Banks that don’t require an Anmeldung

Many banks ask for a registration certificate. You only get it after you find an apartment and register your address. If you just moved to Germany, this is not possible.

These banks don’t ask for a registration certificate:

• N26
• bunq
• C24
• DKB⁴
• Wise
• Deutsche Bank
• Vivid
• Monese
• Revolut

Banks with physical branches

Some banks have no physical branches. You do everything online or in their app.

Other banks still have physical branches. You can go there in person. In my opinion, you don’t need this. Going in person is not better or faster.

These banks have branches in Berlin:

• Commerzbank
• Deutsche Bank
• Postbank
• Sparkasse

Banks in other EU countries

You don’t need a German bank. You can use a bank in any EU country. Your money is safe with any EU bank: it’s always insured up to 100,000€.⁸

There are a few differences:

• Foreign IBAN
  IBAN discrimination is illegal, but it still happens.³⁴ Some businesses refuse foreign bank account numbers (IBAN). If your IBAN does not start with “DE”, you might get an error. If you can, choose a bank that gives you a German IBAN.
• No Girocard
  Girocards are a common payment method in Germany. Only German banks give you a Girocard. Many small businesses only accept cash and Girocards, no Visa or Mastercard. It’s rarely a problem; you can just pay with cash. I have no Girocard since 2016, and I never had a problem.
• No Schufa record
  Usually, opening a bank account is a good way to get your first Schufa record. Non-German banks don’t create a Schufa record.

Blocking account for students

To apply for a student visa, you usually need a proof of financial resources (Finanzierungsnachweis) like a scholarship or a blocked account (Sperrkonto).³⁰

Usually, you only need a blocked account for the first year. When you renew your student visa, it might not be needed.¹⁵

You can open a blocked account with…

• Expatrio
• Fintiba
• Coracle
• Sparkasse, but only at some branches³¹
• Kotak Mahindra Bank in India³³

Deutsche Bank stopped offering blocked accounts.³²

Which bank should I choose?

The best banks for foreigners are N26 and bunq. I use N26 since 2016, and I recommend them. Wise is also a good option, but they have a low free withdrawal limit, and no German IBAN.

None of these banks give you a Girocard. If you need one, C24 is a really good option, but they only speak German.

If you can’t open an account anywhere, Wise and Sparkasse accept most people.³ If you are Russian, Iranian or Syrian, Sparkasse is the best option.²

The best German-speaking bank is C24. DKB and ING are also great, but they don’t accept recent immigrants.