The best banks in Germany
Have you recently moved to Germany? Do you have a bank account here? After moving to Germany, opening a bank account is a vital thing. Whether you need to pay your rent, pay for amenities, or looking for a salary, a bank account is required everywhere.
As you know now that opening a bank account is necessary, so you must be thinking of beginning your search for the best bank in Germany. But which bank to choose in Germany? Finding the best out of many can become difficult for you. Especially if you do not have any prior knowledge about the banking system here.
Being an expat, apart from selecting the best one out of the different German banks, choosing the type of account, can also become tricky for you.
Private banks, Public banks, and Commercial banks are the three pillars of Germany’s banking system. There are more than 1800 banks, and above 35000 recognized branches here. In addition to this, you will also see numerous international banks in Germany.
If we talk about the different types of accounts, then usually there are two types – current account and savings account. But there are various other types of accounts also like credit, loan, etc.
We have selected the best german banks that offer English service and clear contracts to expats and non-German speakers. We have listed below the criteria by which we have listed a top 4 of the best banks in Germany.
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#1 -The best bank for expats
The best bank for expats and English speaking people – free mastercard, low fees and excellent customer service. |
The best bank for expats and English speaking people – free mastercard, low fees and excellent customer service. |
9.3
|
Visit N26.de |
#2
Great bank for expats – free cash withdrawals worldwide, 3 million customers in Germany – stricter application rules. |
Great bank for expats – free cash withdrawals worldwide, 3 million customers in Germany – stricter application rules. |
8.9
| Visit DKB.de |
#3
Great bank for if you need more than only a current account – personal advice at local branches possible. |
Great bank for if you need more than only a current account – personal advice at local branches possible. |
8.4
| Visit Postbank.de |
#4
Flexible account options, great bank for students, employees, and pensioners. |
Flexible account options, great bank for students, employees, and pensioners. |
8.1
| Visit Netbank.de |
Different types of accounts:
- Current Account (Girokonto) – Most of the financial transactions in Germany completes using this account. It is the best among all as you can open it free of charge.
- Savings Account (Sparkonto) – It is opened at the same time when a current account or Girokonto is opened. The account is used to save your money and allows you to earn interest on it.
- Blocked Account (Sperrkonto) – This type of account is preferable for foreign students. It is required so that they can prove they have the required funds to live a comfortable life in Germany. The holder of the account can withdraw up to €853.
- Mietkautionskonto (Mietkaution Sparkonto) – This account contains deposits for your apartment. It is used when you are unable to pay your rent, then the bank provides this amount to your landlord, and you can repay it with interest amount. It is beneficial for international students.
These are the common types of accounts that German banks provide to their customers. However, there are some additional types that individual banks make their customers available with. We will list here the best bank for expats in Germany.
Top best banks in Germany
If you want to select the best bank in Germany after German banks comparison, then here are the top banks for you.
N26
You can open a free online bank account that provides you all the facilities. You can save, spend, and even can keep track of your transactions and savings with a single app.
Advantages
- You will get a free Mastercard that you can use worldwide.
- Your account is 3D secure that prevents fraudulent activities when you are making online payments.
- The push notifications keep you updated with all your transactions.
- You can enjoy hassle-free bank transfers with the N26 bank account.
- No paperwork is required for opening an online bank account in N26.
- If you are facing any problem, then contact bank support in your preferred language. N26’s customer support provides help in different languages – English, German, Italian, Spanish, and French.
Disadvantage
- Though N26 is one of the best German banks, the only downside is, it is focused only on the younger generation or for tech-savvy people.
DKB
It is also counted among one of the best banks in Germany. The bank serves above 3 million customers with full customer satisfaction.
Advantages
- Active users can enjoy free cash withdrawals worldwide.
- Foreign transactions are charged zero. This facility is also for active users.
- You will get a free Visa credit card.
- You can also view bank and credit card statements online.
Disadvantages
- You will get a few ATMs for free deposit.
- Because of Visa Credit Card, there is a higher entry requirement; thus, the bank comes up with a higher application refusal.
Postbank
Being an expat if you are making a German bank account comparison, then Postbank can also be a good option for you. Opening a current account here gives you every financial help that you are looking for.
Advantages
- You will get a free Postbank visa card for the first year. Thereafter, you will only be charged 29 euros per year.
- Phone banking facility is also available.
- You will also get a sign-up bonus.
- There are local branches throughout Germany.
Disadvantages
- The registration form is not available in English.
- There are limited free cash withdrawals.
Netbank
Netbank’s current account is beneficial for all – students, employees, and pensioners too. The bank provides you everything that you require with flexible equipment.
Advantages
- You can enjoy affordable account management.
- With a Netbank master card, you can withdraw money and also make cashless payments almost everywhere.
- You also get an attractive insurance package with the premium card.
- Netbank’s SMS service always keeps you informed about your current balance.
Disadvantages
- The registration form is only in the German language, which makes account opening hard for foreigners.
- If you frequently withdraw money with a master card, it will incur higher costs. It is advised to use the credit card instead of the master card, as free withdrawals are available only once a month.
- As it is a direct bank, so visiting the branch is impossible.
Tips and tricks
Being an expat you should be ready with the following documents for opening an account in one of the best banks of Germany:
- Carry your passport along with you. If you are an EU citizen, you can also carry a national identity card.
- Your registration proof is also required.
- If you are opening a student account, then student registration is required.
- Initial deposit as per the bank requirements.
- Some banks even ask for proof of income, payslips, salary statements, recommendation letter from employer, etc.
These are the regular documents that generally every bank asks for. It is advised to check with the bank about the required documents to eliminate the delay or hassle in opening the bank account in Germany.