Types of bank accounts in Germany
Banks in Germany offer a range of different accounts for expatriates, and there are numerous types of bank to choose from as well. We can't cover them all here, but it helps to provide a short introduction.
Most arrivals will want to create what is known as a Girokonto. This is essentially a checking account or current account, and can be provided by various forms of bank. There are big international banks that offer Girokonto, or current accounts, for foreign residents.
Applicants must be sure to check the Kontoführungsgebühren (account fees) when making a decision, as they can bump up the cost of banking quite a lot in some cases.
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). That way, students can receive their monthly payments and add them to work income or payments from abroad.
Moving to Germany from a non-EU country? You'll likely need a blocked account as financial proof for your visa.
Some people may want one account that offers advantages for international money transfers, as well as a current account that guarantees good ATM access anywhere in Germany. You won't always find an account with the features you need, and there's nothing wrong with shopping around. There's no limit to how many bank accounts you can use, so find a mix that works for you.
How to open a German bank account
Opening a bank account in Germany isn't usually a difficult task
In fact, knowing the value of solid savings and a good credit rating, Germans have gone out of their way to make the process streamlined and efficient.
Before you can open a bank account in Germany, you'll need to satisfy certain requirements. In most traditional banks, individuals who come from outside the European Union must provide documentation such as proof of residency, or in some cases, a visa and proof of address is enough.
What do I need to open a bank account in Germany?
These requirements mean that a little work will be involved when you start an account. However, the various stages aren't hard, and you should have most of the documents required. To set you on your way, here's a breakdown of things needed to open a bank account in Germany:
- Your passport
- A valid German visa
- Any documents showing that you are enrolled on a university course or employed in Germany
- Your Meldebescheinigung (documents confirming your German address). This can be obtained by making an appointment at your local Bürgeramt - which functions like a town or city hall.
- Some banks may also request documentation showing a regular income, such as your last three pay slips.
Once you have these documents, you can head to a local bank branch and start filling out forms.
However, nowadays the best place to open a bank account is definitely online!
Popular mobile banks like N26* and Bunq* allow users to apply 100% online. Just download the app, submit a few personal details, and then add your ID information. Within a few minutes, you can be up and running, depositing euros as with any normal account.
Mobile banking isn't the only option, of course. Many arrivals like to visit a nearby bank branch to meet the staff and discuss their accounts. These accounts often deliver more complex features like credit cards overdrafts, and may suit self-employed workers and families. We recommend Commerzbank* for people who prefer to visit a physical branch to do their banking.
There's nothing to stop people using both mobile banks and conventional banks. In fact, that's a very common option for expatriates as they navigate Germany's financial system.
Bank transfer
Transferring money from abroad and between German banks could be a headache for expatriates, but it doesn't have to be
German banks know that easy transfers are a major selling point and way to serve their customers, so they tend to make the process relatively hassle-free.
How do I transfer money to a German bank account?
Making a domestic transfer (Überweisung) between German bank accounts isn't complex at all. To do so, use your bank's online banking portal, via your banking app, or visit a local branch. You will need the account details of the receiving account. So, if you are paying your monthly rent, be sure to request these details from your landlord.
Even better, you can set up a standing order (Dauerauftrag) which transfers a set amount of money at regular intervals. For variable transfers such as phone bills, you can also set up direct debits called Einzugsermächtigung.
How long do bank transfers take in Germany?
Depending on your bank and the bank you are transferring to, transfers may be immediate, or can take a couple days. Online banks like N26 offer you functions like 'Moneybeam' which sends money instantly to other N26*, users. Revolut, Bunq*, and Monese all offer similar functions.
However, most bank transfers to a recipient with a different bank won't be instantaneous. If you need to make a payment by a certain date, be sure to leave a couple of days leeway. Transfers will typically take 2-4 working days.
What is the cheapest way to transfer money internationally?
If you are transferring money from an EU-based bank with an IBAN code to another EU-based bank, transfers are normally free and easy. For non-EU nationals, fees and delays could be involved, but specialist transfer services exist to make the process simpler.
Wise is probably the cheapest and most popular method. This mobile-based service can be connected to online banking services like PayPal, and will convert foreign currencies into Euros, before depositing them into your German account. When you sign up, you'll need to provide some basic personal details, including your full German bank details. Beyond that, all that's involved is a swipe of the smartphone screen.
Our International Money Transfer page presents you more providers to transfer money internationally.
Recommended Banks in Germany
Germany's banking landscape is changing fast, and here are some of the current leading operators for international residents to consider:
Which bank is recommended for students in Germany?
Our top recommendation? N26*!
Here's why:
Some other top recomendations include:
- Commerzbank* , a leading international commercial bank in Germany.Commerzbank Girokonto is an excellent fit for those aged under 30 who want to open a current bank account in a traditional bank. Their Girokonto has no account fees and you are able to get both a Visa credit card and a Girocard, which you can use in several stores within Germany.
- Postbank* is a retail banking branch of Deutsche Bank and is a leading provider in Germany. With physical branches as well as mobile banking, it is a great choice for those who are living in Germany.
For an in-depth comparison, check out our article all about choosing a current account.
*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.
