Are you new to Germany and need to set up a bank account? Whether you’re an expat, an international student, or a fresh arrival, this guide will walk you through everything you need to know to get started. 

1. Overview of German Banks 

Germany has a well-established banking system with a mix of traditional and digital banks catering to expats. Here are some of the most popular options:

1. Deutsche Bank (Traditional, German)

One of Germany’s largest banks, Deutsche Bank offers a full range of financial services, including expat-friendly accounts. They provide English support, international transfers, and premium banking services.

2. Commerzbank (Traditional, German)

A reliable choice with branches nationwide, Commerzbank provides English-language banking, free basic accounts, and expat-friendly features like multi-currency transactions.

3. N26 (Digital, German)

A popular mobile-only bank with a user-friendly app, N26 is ideal for expats looking for quick setup and free basic accounts. It offers international transfers via Wise and has no foreign transaction fees for online purchases.

4. DKB (Deutsche Kreditbank) (Traditional/Digital Hybrid, German)

A great option for those wanting a mix of traditional and online banking. DKB offers free accounts with a Visa debit card and low fees for ATM withdrawals worldwide.

5. Revolut (Digital, International)

While not a German bank, Revolut is widely used in Germany by expats for its multi-currency accounts. Offers competitive exchange rates and low-cost international transfers.

6. Wise (formerly TransferWise) (Digital, International)

Another international banking solution, Wise provides a multi-currency account that allows you to hold and exchange money in various currencies at low fees.

For expats, the best choice depends on factors like whether you need a physical branch, free ATM withdrawals, or seamless international transactions. Traditional banks require more paperwork, while digital banks offer a quicker, more flexible setup.

2. Requirements for Opening a Bank Account 

To open a bank account in Germany, you'll need the following documents:

• Proof of Identity: A document like your passport or national ID is required to verify your identity. 

• Proof of Address: This refers to your official registration certificate, such as the Meldebescheinigung, which you receive after registering your address in Germany. 

• Proof of Income (optional): Certain banks may request proof of income, especially if you’re opening an account with a credit line. 

• Visa or Residence Permit: Non-EU residents are often required to present their visa or residence permit to meet legal requirements.

Once you have these documents in hand, visit your preferred bank branch or start the process online if you choose an online bank. 

3. Transferring Non-Euro Currency to Your New Bank Account 

If you need to transfer money to your German account in a foreign currency, follow these steps for a smooth process:

1. Check Exchange Rates: Use tools like XE or check rates provided by your bank to ensure you’re getting a good deal. 

2. Choose a Transfer Method: Banks, online transfer services such as Wise or Paypal, and apps like Revolut or CurrencyFair offer easy ways to send money internationally. 

3. Provide Bank Details: Share your German bank's IBAN (International Bank Account Number) and BIC/SWIFT code with the sender or input them in the transfer service you’re using. 

4. Understand Transfer Fees: Some banks may charge fees for currency conversion or international transactions. Compare options to minimise costs. 

Online banks like N26 often partner with platforms such as Wise to offer low-cost transfers directly within their mobile banking app. 

4. Additional Services to Consider 

Opening a bank account in Germany can come with added perks and services depending on your provider. Here are a few to look out for:

• Credit Options: Check if the bank offers overdrafts, credit cards, or personal loans. 

• Savings Accounts: Consider setting up a separate account for savings to benefit from better interest rates. 

• Insurance Packages: Some banks offer insurance add-ons, such as travel or liability insurance, bundled with your account. 

• International-Friendly Features: If you’ll frequently handle foreign currencies, look for accounts with free international transfers or multi-currency options. 

Final Thoughts 

Opening a bank account is an essential first step to settling into life in Germany. By understanding your options and preparing the right documents, the process can be completed quickly and efficiently. 

Welcome to Germany, and happy banking!