Moving and settling down in a new country can be a stressful process, especially when it comes to finances. Figuring out the best way to manage your money and open a bank account can be a daunting task. If you are planning to, or already have relocated to Germany, you’ll know that one of the biggest requirements for living in Germany is your blocked account. This account is a mandatory requirement for getting your German visa. But once you have your blocked account, what happens next? Want a fast, easy, and secure Blocked Account? Open yours online while still in your home country. You'll need to open a current account in Germany to disburse your money that originally funded your blocked account. This is why it is essential to choose the best bank that suits your needs. From online banking, to free ATM withdrawals, there are many features to consider when choosing your German bank account provider. In this article, we’ll recommend the best banks for your stay in Germany, as chosen by us, Expatrio. With years of experience helping international students and expats, our list is compiled of some of the best current accounts in Germany. Read on to discover the top banks we recommend. Votedbest bank in the worldby Forbes, N26 is a fully licensed online German bank that offers a wide range of banking services to residents and non-residents. We believe it’s one of the top choices for students and expats in Germany due to its simplified online account opening procedure, German IBAN, and no hidden fees - including fee-free international transfers. With N26, you can open an account in only a few minutes with just your passport. N26 offers a free bank account, a virtual card, and 24/7 English-speaking support. You can access your account from their mobile app or web version, meaning you can make transfers, track your spending, and more all while on the go. For people looking for even more features, N26 offers four different membership plans. Choose from extras like purchase protection, a higher number of free ATM withdrawals, and premium partner offers. Commerzbank is one of the most popular commercial banks in Germany, boasting a vast network of more than 1,000 branches across the country. It’s particularly good for students under 30 who are looking to open a current account in a traditional, physical bank branch. The Commerzbank account does not have any monthly subscription costs and offers free ATM withdrawals at more than 7,000 ATMs, making it a cost-effective option for students and expats alike. Another traditional bank popular in Germany is Postbank. Postbank has been a leader in traditional banking for over 130 years. With more than 10 million customers, you're in good hands when it comes to reliability and convenience. Postbank also offers a range of services, from online banking to debit and credit cards. Monese is another bank that caters to the needs of international students and expats. It’s a fully licensed UK mobile bank that provides customers with a European IBAN, ensuring easy access to the European banking system. Monese offers a mobile app that allows you to manage your account on the go. It also supports multiple languages, including German, English, French, Spanish, and more. For those looking for a cost-effective and convenient banking solution, Revolut is a great banking choice. As a digital-only bank, Revolut offers the convenience of traditional banks without the extra charges and fees. You can open an account in minutes, send money to friends and family instantly, and access your funds 24/7 from anywhere in the world. On top of this, Revolut offers a range of features that make it a great choice for those looking to manage their finances on-the-go. With its intuitive app and budgeting tools, you can track your spending and stay on top of your finances wherever you are. Plus, you get access to exclusive discounts and rewards – something that traditional banks can't always offer. Tomorrow Bank is a sustainable bank that focuses on promoting ecological and social sustainability through its services. It’s an excellent choice for expats who are environmentally conscious and looking for a modern banking experience. Tomorrow Bank offers a free basic account, a transparent fee structure, and the option to upgrade to a premium account for additional features. Additionally, Tomorrow allows you to track your carbon footprint and offset your CO2 emissions with each transaction you make. Opening a bank account in Germany doesn’t have to be a daunting task. With Expatrio’s top recommendations, you can choose the most cost-effective and efficient way to manage your finances while studying or working in Germany. We highly recommend N26 as our top pick because of its convenience, no hidden fees, and German IBAN. Commerzbank, Postbank, Monese, Revolut and Tomorrow are all great options to suit varying financial needs and preferences. Don’t forget to do your research and compare the banking services before making your final decision. So, with all that info,which bank are you going to choose? *These are affiliate links with advertising intent. We might earn a small commission if you see value in the products and decide to buy them. Does our top pick sound good to you? Check out Commerzbank* today!Expatrio Blocked Account
1.N26*(our top recommendation):
2. *
3. *
4. Monese*
5. Revolut*
6. Tomorrow*
Open your bank account now
FAQs
What are the requirements for opening bank account in Germany? ›
- 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 best banks for foreigners are N26 and bunq. I use N26 since 2016, and I recommend them. Revolut and Wise are also good options, but they have a low free withdrawal limit, and no German IBAN.
Can I open a US bank account from Germany? ›Yes, you can. The process might be a bit complicated for non-citizens, but it's not impossible. Whether it's for business, travel, or personal reasons, setting up a US bank account will be worth the trouble. Banking in the US has many advantages.
What do you need to open a bank account at German American bank? ›- Government-issued Identification (i.e. driver's license)
- U.S. Taxpayer Identification Number.
- U.S. Citizenship or Resident Alien Status.
- Account information for accounts you would like to close at other banks and move to German American Bank.
It is often necessary to book an appointment to open an account in advance. Some banks also require a residence permit from the Foreigners' Registration Office and/or also your German tax identification number (Steuer-ID).
Can I open a bank account in Germany without a German address? ›"Yes, non-residents can open a bank account in Germany. However, requirements vary from one bank to another. Banks in Germany typically require non-residents to show their passport or national ID card, proof of address in their home country, and proof of income or documentation of the source of the funds.
Can I keep my German bank account after leaving Germany? ›We recommend informing your bank a couple of weeks beforehand but keeping the bank account for another six months afterward. You can also provide your financial institution with a follow-up bank account so they know where to direct any left-over money from your German bank account.
How to get a German IBAN? ›You can usually find your IBAN number by logging into your online banking, or checking your bank statement. If you want to send money overseas, it's important that you use the correct IBAN code. If you get it wrong, your bank might charge you for an invalid payment or send your money to the wrong destination.
Is it OK to have 2 bank accounts in Germany? ›Can I have two bank accounts in Germany? Germans aren't restricted to a single bank account. While it's advisable to set up a Girokonto to handle income and savings, this account often functions alongside a Sperrkonto (blocked account).
Can a German citizen have a U.S. Bank account? ›Yes, a foreigner can open a bank account in the US without needing a US address. However, not all banking institutions allow for it. Even traditional banks that do offer accounts to non-residents often have requirements – like opening the account in person – that make it difficult for non-residents to apply.
Can I use my U.S. Bank card in Germany? ›
Yes, cards issued by U.S. Bank can be used in most foreign countries. If you're planning to travel and want to use your card, let us know.
Does Bank of America operate in Germany? ›Whatever your needs, a Bank of America financial center with walk-up ATM in Berlin can help. Make an appointment to speak with one of our specialists or take advantage of the many banking services our ATMs have to offer.
What do you need to open 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).
What is the minimum balance for a German American savings account? ›What do you need to open a savings account? A low balance fee of $3.00 per calendar month will be assessed if balance falls below $300.00.
What does a foreigner need to open a bank account in the US? ›Verifying your identity will be different depending on the bank or credit union, but it typically involves providing the following: Photo ID. Eligible documents to prove your name and birth date include an unexpired passport, an alien registration card and a foreign driver's license. Proof of address.
How much bank balance is required for Germany? ›However, in general, you should have at least 7,300 INR (€80) in your bank account for each day of your stay in Germany. You may also need to show proof of other financial resources, such as a job offer or a letter from a sponsor.
How much money do you need in your bank account to go to Germany? ›As of February 2024, the current Blocked Account amount required to apply for a German visa is 11 208 Euros.
How many days does it take to open a bank account in Germany? ›Requirements for opening a checking account generally include a valid, government-issued photo ID such as a driver's license, state ID or passport. You'll also need basic personal information, such as your birthdate, Social Security number, taxpayer identification number or phone number.