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:
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.
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!
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:
To find out the best German bank for your need, you can have a look at our Best German Banks’ Guide in English.
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:
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!
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:
Monese is our top choice for a mobile bank account in Germany: keep on reading to know more!
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 in 14 languages and the possibilitz to tranfer money in 19 different foreing currencies.
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:
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:
Besides, according to the type of bank, you may need
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.
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:
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!
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? |
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:
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!
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.
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.
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.
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.
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.
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.
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
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