German Bank Account

Best German Bank Account

Bank account coins

One of the most important things you have to do is to open a German bank account once you move to Berlin.

Without a German bank account you will not be able to rent a house, get a German mobile contract or get an internet contract.

Any German landlords will ask you to provide German bank account details from which your rent will be deducted from.

The same goes for a German mobile phone contract or any other contract. You will need to provide your German account details for that.

And most importantly, employers usually only transfer your hard earned salary to a German bank account, so make sure to sign up for a German bank account straight away after moving to Berlin.

Furthermore, if you are still paying/getting cash at ATMs in Berlin with your foreign bank account you might be charged a hefty fee.

After pointing out the importance of opening a German bank account there are some things you might want to consider before you sign up with a specific bank.

ATM shortage in Berlin

ATM Berlin

Berlin and other big German cities have a serious shortage of ATMs.

That means that if you signed up with the wrong bank you might pay some really heavy fees when withdrawing money from an ATM which is not from your bank.

These fees can vary depending on to which bank the ATM belongs to.

But you can be sure that the fee for taking money out of an ATM that is not from your bank can be as high as 5€ per withdrawal.

Make sure your new German bank not only issues a Girocard or Maestro Card, but also a (free) credit card.

This way you will be able to pay 90% of times cashless, which means the ATM shortage is not as annoying as it used to be.

Try to avoid those yellow blue ATMs from Euronet as they charge a premium for cash withdrawals, which is between 1,95€ and 4,99€

Insider Tip 1

Bank Account with Girocard or Maestro

If you don’t like the idea of carrying a lot of cash around with you then a Girocard (sometimes still called EC-Card) or a Maestrocard will come in handy.

Both Girocard and Maestrocards are widely accepted in Germany, from restaurants to supermarkets.

With both cards you will also be able to get out cash at ATMs (make sure that they have the Girocard and/or Maestrocard logo) with your personal PIN number.

Furthermore both cards are always connected with your checking account.

Whenever you pay with these cards the money will be directly taken out of your account.

So if you run low on money and you do not have enough cash on your checking account a credit card will com in handy.

Bank Account including a Credit Card

Credit card

Credit cards are not yet that widely accepted as they are in e.g. the US.

Especially in Berlin you will experience rather sooner than later that many restaurants still do not accept credit cards.

Nevertheless a credit card might come in handy sometimes, when you have to pay something online or when you don’t have enough money in your savings account.

Most German banks will offer you a credit card when opening a bank account, but be careful with the interests you have to pay when you are in an overdraft. This also varies from bank to bank.

Only lately with Corona we see more and more businesses accepting credit cards in Berlin.

Make sure to get a new credit card with a contactless payment option, which does not even require you to enter a PIN for sums of below 30-40€.

Comparison of Best Bank Accounts in Berlin and Germany

DKBN26NetbankPostbankComdirect
English sign up processNoYesNoNoNo
Sign up from abroadYesYesNoNoNo
Bank account fees0€0€4,85€/month1,90€/month0€
Free cash withdrawal GermanyUnlimited
for Aktivkunden
Yes, 3 times/month at any ATMYes, limited
2-3 free withdrawals per month
Yes, limited
Free withdrawal at 12.000 ATMs of Cash Group
Yes with Girocard
Free cash withdrawal worldwideYes, unlimitedOnly with paid accountYes, limited
2-3 free withdrawals per month with
NoYes, ATM with Visa sign
Credit card includedYes 0€/month
Visa
Yes 0€/month
Mastercard
No
Mastercard Debit 10€/year
No
Extra Visa Card 0€ first year, afterwards 29€/year
Yes 0€/month
Visa
Overdraft fees6,74% interest p.a.8,9% interest p.a.8% interest p.a.10,33%-14,95% interest p.a.6,5% – 11,0% interest p.a.
Additional servicesDKB Live
Free tickets for football, icehockey & much more
Unlimited free cash withdrawal at 11.500 retail storesNextbike limited free usage.Sign up bonus of up to 150€ (certain conditions apply)
Comparison German bank accounts

Finding the Best Bank in Germany

There are so many different banks in Germany you can choose from that talking about all of them would take up too much time.

That’s why you gonna hear only about the best options for you.

DKB – Deutsche Kredit Bank

dkb logo - deutsche kredit bank

DKB is, in our opinion, by far the best German bank. That is if you are comfortable with doing all your banking online and you don’t mind to sign up for your account in German.

DKB – Deutsche Kredit Bank has some outstanding advantages other traditional banks do not offer.

With your free of charge DKB credit card you can withdraw cashfrom any ATM without charges no matter what company that ATM is from.

Remember the problem, that there are not many ATMs around in Berlin? When you sign up for a credit card with DKB Cash you will not have that problem at all.

And even better, no matter where in the world you need to get cash out of an ATM it will always be for free.

So if you plan on travelling around Europe this is the best option for you. DKB Cash also includes an EC-Card which comes in handy whenever you don’t want to pay in cash.

Remember again the issue, that credit cards are not accepted everywhere.

All new cards come with the option to pay contactless in stores, which comes in very handy during corona-times.

After pointing out all advantages keep in mind that DKB is strictly an online bank and you cannot walk into one of their branches if you encounter any problems.

That being said you can always call them or write an email for any assistance.

Furthermore, they have a 24/7 emergency number that will help you out with any problem that might occur.

Lately, and probably due to the incredible success of N26, DKB also heavily improved their mobile banking services.

Once you install the DKB mobile app and the mobile TAN app all your banking can be easily done via your smartphone instead of your laptop.

N26 – The Mobile Bank

n26 logo

You can open the most modern German bank account right now at N26.

While most German banks still seem to be stuck in the 20th century (a lot of paperwork, physical locations with long queues, only in German, etc.) N26 brings banking to your smartphone and computer.

Signing up with N26 can be done completely online and without sending any papers. Also it does not take more than 10 minutes to go through the whole signup process.

All you need is your ID/passport, provide your address and then during the signup process you will do a online verification via your webcam.

Oh yes, and a major advantage is that the whole process is also in English (alternatively also in Spanish, French and Italian)!

Complete signup process in English! Our recommendation for all English natives.

Insider Tip 2

That is a huge thing, as we know the struggle with other banks and their completely German sign up process.

Furthermore opening a N26 bank account is completely free of charge and inlcudes a free Maestro card & a free Mastercard credit card.

And to top it off you can with you can get out cash for free at

  • Any ATM in Germany up to 3 times/ month (as almost anybody qualifies for the Fair Use Policy)
  • Any ATM outside of Germany for as often as you want
  • Up to 11.500 retail stores for as often as you like

All N26 cards come with a NFC chip for contactless payments, which is a great feature nowadays. Payments up to around 40€ don’t even require a PIN anymore, so no touching number-pads during Corona-times.

Honestly, N26 right now is a really great option for all foreigners (as it offers all services also in English) as well as Germans.

The interface and mobile app is far better than that of any other bank we have seen so far and the conditions are really unbeatable.

Sign up for a German bank account without an Anmeldung (registered address) in Germany. Only with N26 you can do this already from abroad.

Insider Tip 3

See our complete article about how to sign up for a German bank account from abroad.

Plus, as we already mentioned, the whole sign-up process is online and in English.

Netbank

Netbank Logo

Netbank is another strictly online banking company.

It is one of the pioneers in online banking and already in business since 1999.

When signing up at Netbank you will also be able to get money out of any ATM for free in Berlin and worldwide.

However, compared to DKB or N26, their online banking interface and customer service is not that great.

But if you are rejected by N26 and DKB for any reasons we can recommend Netbank as your third option.

Postbank

Postbank logo

Another decent alternative to N26, DKB and Netbank is Postbank, the biggest retail-customer bank in Germany.

Their most interesting product is called “Postbank Giro direct”, which includes a free EC-card. Alternatively you can also opt in for a free Visa credit card (at least first year free of charges).

The Postbank Grio direkt charges a monthly fee of 1,90€ per month.

However, if you are a student or an Azubi you might be able to get this Girokonto completely free of charge.

At least make sure to use the Visa Card option, which is free of charge in the first year, to make up for the monthly fee.

Although credit cards are not widely accepted in Germany and especially Berlin it will always come in handy, e.g. if you want to buy stuff online.

What makes Postbank a good choice for you is the fact, that you can get out cash for free with the EC card at around 12.000 ATMs around Germany.

Plus you can get cash at almost any post shop (Deutsche Post) or Shell gas stations.

This is especially important as you might remember that in Berlin there are only few ATMs around and if you happen to need cash from an ATM which is not affiliated with your bank you are going to pay some heavy fees.

Comdirect

Logo comdirect

Very similar to DKB, comdirect also offers a free Visa credit card and is purely online.

There are no Comdirect branches around Germany, but this will not be a problem for you, as the visa credit card also allows you to get cash out at any machine around Germany and abroad without any fees.

Signing up with Comdirect is as easy as it can get.

All you need to do is apply for your Comdirect Visa card online and they will send everything to your place by post.

As you can see there are many similarities between DKB and Comdirect, so with either of them you will have made a good choice.

Another big advantage of Comdirect is that they do not have tough joining requirements for potential clients.

In the past, DKB refused some clients as they could not provide proof of enough income, whereas Comdirect seems to be a bit less restrictive.

Other German Banks

Sparkasse

If all this online banking is not for you Sparkasse is probably your best choice.

Sparkasse has some branches throughout Berlin, the busiest one right at Alexanderplatz, and other central locations in Berlin.

Keep in mind if you are in need of money they will charge you if you get money out of a non-Sparkasse ATM.

Commerzbank

Commerzbank currently offers a bank account including EC-card (but without a credit card) free of charge, if you open your bank account online.

Best of all Commerzbank offers some nice bonuses from time to time. Right now, as far as we can see, there are no bonuses for a sign-up, but it is worth keeping your eyes open.

Commerzbank has been one of the best rated banks in Germany for years now, so I think they are pretty sure about themselves being one of the best banks in Germany.

Otherwise they probably would not offer you from time to time a 50€ compensation in case that you don’t like their service.

Best German Bank Account for Foreigners and Expats

The good news is that most expats and foreigners are able to open a German bank account from abroad already.

We can highly recommend signing up with DKB if you need to have a German bank account from the day you start living in Berlin.

During the sign-up process simply state your current foreign address and you are going to be able to sign up for your German bank account including the free DKB Visa card from abroad.

If you prefer to have online banking completely in English your No.1 choice should be N26.

This will save you a lot of time and hassle when moving to Berlin.

How to open a German Bank Account step by step

Bank account

If you are a German citizen and you already have a brand new Personalausweis then you can easily open a bank account just with your Personalausweis, a reader and a so called AusweisApp.

Anyhow, as most of you either are not German or still have an old German Personalausweis, the most common way to open a German bank account is the following:

No matter if N26, DKB, Comdirect, Commerzbank or any other bank, the sign up process will always be very similar.

First of all you will need to provide a lot of personal information including name, age, nationality, monthly income, address and so on.

Also don’t be surprised that the banks already gonna ask you how much you earn.

Depending on this answer you might either be accepted or declined as a client.

Especially DKB is known to be very restrictive unfortunately, so if you don’t have a stable income your chances to open a bank account with DKB are very slim.

If you get rejected by one bank don’t worry. Usually the next bank will accept your application then.

Insider Tip 3

After entering all your information you will be asked to accept several terms and conditions, including a statement that says you are not laundering money.

Be aware that you might also need to have your Anmeldebescheinigung already in some cases.

And if you are from outside the European Union and your country has no bilateral agreement with Germany you might even need to wait until you get your Steueridentifikationsnummer (tax ID) from the German IRS before you can open a bank account,

Now all that is left to do is wait until you get all kinds of letters to the address you stated and with these forms and your ID you have to identify yourself at a local Deutsche Post branch.

Alternatively you can also do the Online-ID-process, which is way more comfortable.

In order to identify yourself online you need a webcam, your current ID or passport and a Pin-number, which you will receive via email from DKB.

Also N26 offers an Online-ID-process that only requieres a webcam and a 5 minute validation of your passport/ID.

And after following through all the above mentioned steps you have succesfully opened a German bank account.

Just a reminder that opening a German bank account is probably the most important thing to do when moving to Berlin.

Only with a valid German bank account you will be able to sign up for an Internet provider or to get a German mobile contract or even signing up for cable TV.

But with our help you can take on these tasks in no time.