Open a German bank account without any paperwork or bureaucracy, and without even needing to speak German. Perfect for expats, foreigners and non-residents from abroad.
Opening a German bank account can be tedious and stressful, and it’s even harder if you’re an expat who doesn’t speak the language. Traditionally there’s slow bureaucracy, folders of paperwork, unfamiliar terms and the uneasy feeling that you don’t know exactly what you’re getting. We’ve all been there before. We’ve also asked ourselves why it takes a week toopen a bank account, why a PIN has to be sent by paper mail and why some representatives speak English, but aren’t allowed to speak to you in English. We’re confident that there’s a better way, so let’s go over everything you need to know, point by point.
For the purpose of this article, let’s assume that you’re looking for a Girokonto. That means you can get an International Bank Account Number (IBAN), you can transfer money in and out, and you can get a bank card to make purchases and withdraw cash from ATMs.
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Now that you know which account and card you want, it’s time to find the right bank that offers them in an affordable and convenient way. There are generally three different kinds of banks in Germany:
Cash Group — a network of the four biggest national banks with brick-and-mortar locations that allow you to withdraw cash for free at any of their bank ATMs.
Sparkassen — local or municipal banks with brick-and-mortar locations that allow you to withdraw cash for free at any Sparkasse bank ATM across the country.
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Direct Banks — any bank that doesn’t have a physical location, so you can do everything you need through online banking and make withdrawals from any ATMs, though sometimes with fees.
There are obviously advantages and disadvantages to every bank, but most of them share a signup process that requires a working knowledge of German and a great deal of patience.
Depending on your choice of bank, you can complete an online application or walk into a branch location to speak with a representative.
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If you have questions about step 3, you’re not alone. This method isn’t possible if you’re a non-resident, a temporary student resident or a foreigner trying to create an account from abroad. You already need a registered German address, which is a big step all on its own.
If you want to open an overdraft (Dispokredit), the bank will have to check your Schufa score or a similar external credit bureau score, an assessment of your creditworthiness, so you won’t be able to get one right away because you won’t have a pre-existing financial history in Germany. By the way, all of the above will most likely happen in German. We know anecdotally, at least, that banks rarely offer the required level of English customer service, and contracts are often only available in German because of the sensitive nature of financial services. You’ll also not be able to use your bank account right away — on the same day — after either process described above.
By now you may be thinking this whole thing is unnecessarily difficult, and we agree. That’s why we’ve made it possible to open a bank account in Germany without any paperwork or bureaucracy, or speaking any German.
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Offers a free Bank Account and Mastercard debit card in Germany. It’s completely mobile, so you can create your account and do all of your banking directly from the mobile app.
At the end of this quick process, you’ll have an IBAN so you can use your account immediately. You can do this from abroad if you have an address in Germany, and if you need to transfer money from your foreign account outside the Euro zone, you can make an international transfer using our partner service TransferWise, which is built directly into the app. All you have to do is select Transfer from the + menu and select your currencies. Card delivery time is just 3–5 business days, so you can make withdrawals and card purchases within the week.
The basic bank account it’s as safe as an account from any major German bank because it’s protected by the same Compensation Scheme of German Banks (Entschädigungseinrichtung deutscher Banken) for up to €100.000 by law.
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Here’s our favorite part: you can make instant transfers to any other user with just your confirmation PIN, so you’ll never have to deal with transaction authentication number (TAN) lists like at other banks. You’ll get a push notification after every transaction so you’re up to date at all times.
The bank account may be one of the easiest accounts to open, and one of the most powerful too. We took out all the stress of paperwork, bureaucracy and not knowing the language so you can finally have an enjoyable personal banking experience.
If you found this article helpful, check out our other expat how-to guides for moving to Germany, where we explain how to do your Anmeldung, how to get your residence permit, and more.
How To Open A Bank Account In Germany As A Foreigner
At , we’ve taken the red tape out of opening a bank account in Germany. Open an online account in minutes—all you’ll need is your smartphone, a valid address in Germany, and a valid photo ID. You’ll get an official German IBAN, so you can pay and be paid like a local. Plus, there are no hidden fees and you’ll always have access to English-speaking customer service, so you can focus on settling in to your new home.
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. Depending on the bank, you usually have to visit a branch in person to open an account. Some banks also offer online services for opening an account, but you need to provide notarized copies of your documents. Some German banks have specific policies and fees for non-resident accounts. Contact the bank you're interested in to confirm their requirements for non-resident account holders.
Yes, it's generally possible for individuals to open bank accounts in multiple countries. Before opening accounts in multiple countries, make sure to comply with all relevant regulations. Some countries have anti-money laundering (AML) and know-your-customer (KYC) regulations and need additional documentation and information when opening accounts for non-residents.
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The time it takes to open a bank account varies. It depends on many factors, including the country you're in, the bank you choose, the type of account you're opening, and if you have all of the necessary documentation ready.
If you visit a bank branch in person, you can open a bank account on the same day. Online applications might take a few minutes and you usually can start using your new bank account right away.
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From getting health insurance, to opening a bank account and renting an apartment: We got you covered with our guide on moving to Germany.
Thinking of emigrating to Spain? Before embarking on the trip, you should read this guide. Follow these tips to adapt quickly and smoothly.The banking industry has always been competitive, but today, consumers can find banks online nationwide, not just in their local area. To compete for the business against other financial institutions, you must know how to get clients as a bank to get the new business you desire.
The trick is to showcase yourself as an authority in the industry. You want to show your audience that you are the right solution to their banking needs. When consumers or small businesses look for financial services, they may feel vulnerable and unsure, so it’s your job to make them feel confident and comfortable in their decision to trust you with their banking needs.
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There are many ways to get new customers for credit unions, community banks, or online financial institutions, but it begins with narrowing your audience and understanding your target market and their banking needs. Next, you’ll build your brand, show your authority compared to other banks and credit unions, and narrow your content strategy to find the ideal clients looking for a new account.
To have a successful bank, you must not waste time marketing to just any audience. Instead, you must narrow your target market and focus your marketing efforts on the demographics that could help increase visibility. For example, if you pay higher interest rates on savings accounts or other deposit accounts for high-net-worth individuals, your focus would be to find banking customers with a high net worth.
The key is to know where your clients spend time, what types of advertisements they respond to, and how they prefer to communicate to grow your financial brand while narrowing your audience as much as possible to get new leads.
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