Bank Accounts for FOREIGNERS in Germany – 2024

Embarking on your journey in Germany requires more than just embracing the culture; it necessitates practical steps to ensure a smooth transition. At the forefront of these steps is opening a bank account, a crucial element for daily life. Whether you’re paying rent, signing up for a phone plan, or registering for essential services, having a German bank account is a prerequisite.

However, times are changing and what was once the “best bank” for English speakers last year might not be your best option moving forward. This blog post not only unveils the 10 top-rated banks for English speakers in Germany but also equips you with a checklist to make an informed decision.

NOTE: Before diving into the specifics, it’s essential to understand the nuances of German banking terms like “Girokonto,” “Maestro-Karte,” or “EC Karte.” If these terms sound unfamiliar, a quick visit to our Welcome Program can provide valuable insights into the world of German banking.

Here’s what you can expect in the guide below ⬇️

✅ The 10 Top-Rated and Best Banks for English Speakers Living in Germany This Year
✅ How to Open a Bank Account in Germany
✅ Important Considerations When Choosing Your Bank

So, here you have it! The best banks for English speakers living in Germany.

PS: If you do decide to go with a German bank, we also go through an in-depth German application together in the Welcome Program to get you set up for success. 

The 10 top-rated and best banks for English speakers living in Germany this year! 

If you’re just looking for a quick answer, here you have it: 

1. N26: One of the most well-known mobile banks for ex-pats living in Germany that runs in several languages (English, of course)
2. Wise Bank: For those who spend often in different currencies (also one of the only cards that accept American documentation)
3. Kontist: The best mobile bank for English-speaking ex-pats who are self-employed 
4. TOMORROW: The English/German mobile bank which helps save our future and our planet
5. Commerzbank: The #1 rated bank in Germany year after year (has physical branch locations & a mobile app)
6. Revolut: The best bank for budget-friendly English speakers who love analytics and cryptocurrencies
7. Comdirect: A beloved mobile banking service that runs in the German language but is amazing for families opening children’s accounts
8. DKB: One of the most affordable and international mobile banks here in Germany 
9. Postbank: One of the most flexible online banking options in Germany – account switching, multiple withdrawal locations, etc.
10. vivid: The best all-in-one bank for English or German speakers who want to bank, invest, and organize their savings/spending for free (this is my bank)

How do I open a bank account in Germany?

Thankfully, nowadays it is extremely easy to open up a bank account here in Germany (even if you haven’t moved here yet). We include a full extensive explanation in the Welcome Program if you’d like to check that out, otherwise, I’ll give it to you simply here.

Most banks today offer signups online. Even better, most account signups take less than 10 minutes (especially if you’ve chosen a mobile bank that’s run in the English language). Simply head to one of the websites mentioned above and you can get started. For branch locations (Santander, Commerzbank, Postbank) you can also open up your account at a branch location, though I guess that they’ll just fill out the online form for you while you sit there.

You’ll need to provide proof of identification and sometimes also proof of residency/immigration to Germany. Not all, but some, may require scanned copies of your previous payslips, but most English mobile banks do not request this information.

Important things to look out for when picking your bank

Is there a monthly fee or any other fees involved?

While this may seem like the first thing you should be asking, I would also suggest that you check out why a monthly fee might be included or why not. Many of the banks that do charge a small fee are also offering premium services that you may not be getting with the free accounts.

What languages do they run in? 

Many of the banks mentioned in this article run not only in the German and English languages but many more as well. If it is important for you to be banking in the English language, then make sure you choose one from the chart below that offers services in English. If you don’t mind managing your banking in German, then make sure you’re brushing up on a few German language lessons now. This might help: here are 10 of the best websites and apps to learn the German language. 

Where can you withdraw money? 

The biggest downside to mobile banking is that withdrawing money doesn’t have to be difficult, but can be difficult to understand at first. This is because many mobile banks offer various *new* ways to withdraw money. Some allow you to withdraw money at partner shops (for example Lidl, Aldi, DM, Rossman, etc.) while others allow you to withdraw money for free at various ATMs or partner bank locations.

Do you receive both a credit card and a debit card?

A debit card in Germany is called a “Girokarte/EC Karte” and your debit account is called a “Girokonto”. A credit card is quite simply translated to “Kreditkarte” so this one should be easy to manage. If you would like to make sure you also receive a credit card with your signup, make sure you check beforehand (or down below). You may also be particular about whether a Visa or Mastercard is provided, you can check this too.

Do they have a branch location or is it just run online/via app?

If this is important to you, make sure you check beforehand (or down below). Not many banks (from our list only Santander, Commerzbank, and Postbank) offer branch locations, simply because mobile banking has become so easy to manage for people of all ages today.

So now that you know what you need to be looking out for before you pick a bank that works for you, let’s get into the comparisons of the different bank options that you have here in Germany.

The best banks for English speakers living in Germany | COMPARISONS

PS: You’re going to need to transfer some money into your new account shortly, so take a look at our list of The Best Options for International Money Transfers to/from Germany.