Are you planning to move to Germany? Or perhaps you want to open a foreign bank account? Whatever the reason you need a bank account in Germany for, you can choose between a traditional bank or an online one where registration is not required.
Therefore, in this article, you will learn how and when you can open a German account. What will be required and what does the verification process look like? How much does maintaining an account cost? We will review online offers as well as traditional banks.
Can you open a bank account in Germany without a registration?
Opening a bank account in Germany is definitely possible. You can do it even if you don’t have a registration and a residential address. However, in this case, the number of banks will be limited. Having a registration in Germany gives us significantly more options. In this case, practically every bank allows you to open an account.
Most German traditional banks such as Sparkasse or Volksbank require clients to have a permanent residential address. Sometimes, presenting other documents may be necessary, but we will discuss this in the next chapter. Internet banks, commonly referred to as Direct Banks, offer greater flexibility. They also provide the option to open accounts online even if you are currently in another country.
What documents will be required and what does the verification process entail?
Opening a bank account in Germany is a relatively easy process. Depending on whether you have a registered address, you can either go to the bank in person or apply online. If you want to open a traditional account in a German bank, you will need to prepare some additional documents.
A valid proof of identity will definitely be required – this could be a passport or identity card. Most banks also require proof of address, so this could be a rental agreement or utility bills in our name from the last 3 months.
Sometimes it happens that the bank requires, for example, confirmation of receiving a salary or proof of employment. It could be a statement from another account, although it would be much better to provide a contract with the employer. It depends on the individual requirements of the specific institution, so I recommend contacting the chosen bank.
Methods of identity verification in German banks
In Germany, there are several ways to verify your identity. When opening an account in a traditional bank in Germany, you will be able to choose the appropriate method.
Process POSTIDENT is basically verification at the post office. Just visit a Deutsche Post branch with an account opening application and a valid proof of identity. In this case, you don’t have to pay anything, all fees are covered by the bank.
After submitting scanned documents to the bank, you just need to have a video call. During the call, you will show your ID in front of the camera so that the bank employee can check its front and back side as well as security features like holograms.
This type is used by online banks. It involves submitting a bank account application through the bank’s application. Then, you need to take a photo of the front and back of your identity card. Finally, you may need to take a selfie or a short video with the identity card in hand. All instructions are available in the application, which guides us step by step.
If the bank where you want to open an account does not offer POSTIDENT or VideoIdent, you can use a local bank, lawyer, or in some cases, a notary, auditor, or tax advisor to verify your identity. For example, the bank will confirm your identity directly on the application form, sending it to the chosen bank in Germany.
Account in Germany without registration online – overview of offers
In this section, we will discuss specific banks and institutions that you can use to open a bank account in Germany. Furthermore, on the list below, you will also find alternative ways to get an account in euros.
WISE account – the best account as an alternative
The first recommended alternative will be WISE. This online bank account allows you to easily open an account in European currency. Although you won’t receive a German IBAN number, this is not a problem, as the account itself is fully functional.
A big advantage is the possibility of opening accounts in many other currencies, including PLN, which, combined with attractive exchange rates, provides us with a very good tool for managing finances.
WISE is a foreign bank with a global reach. It operates in over 140 countries and handles around 50 currencies. You can order a VISA card for your account, either digital or traditional, physical.
Managing your account is free, as well as most basic banking operations. However, a fee may be charged for issuing a physical card.
REVOLUT – free account abroad
Revolut is a convenient solution for those who want to open a bank account in Germany without the need for registration. It offers several types of accounts that differ in the range of services and price. Revolut allows for easy online financial management, perfect for people living or planning to move to Germany.
Check out more information about Revolut >
N26 Account – a bank account in Germany
Bank N26 is an online, virtual bank that is part of the German banking system. N26 is based in Germany and offers a full-fledged account with a German IBAN.
The basic account in N26 is free, with no monthly account maintenance fees. The only cost is €10 for card delivery. Additionally, with the Mastercard debit card, you can make payments worldwide, taking advantage of attractive currency exchange rates. The bank offers three free ATM withdrawals per month, with additional withdrawals incurring a fee (€2 in Europe, 1.7% outside Europe).
N26 collaborates with WISE, allowing for cheap international transfers at the mid-market exchange rate, with a low flat fee. The bank also has numerous partnerships with stores and services, offering customers discounts.
Security is crucial at N26 – it is a licensed bank with a guarantee of up to €100,000. The ability to block the card in the mobile application further enhances security.
In addition to the free account, N26 also offers paid accounts: N26 Smart (€4.90 per month), N26 YOU (€9.90 per month), and N26 Metal (€16.90 per month), each with additional benefits.
Comdirect – German bank account
Comdirect is a German bank that allows you to open an account without being registered in Germany. It offers a German bank account in euros and a Visa card. The account opening process starts with filling out an online application. Identity verification is then required, which can be done online or at the post office using VideoIdent, E-Ident, or PostIdent methods.
Opening and maintaining an account with Comdirect incurs no fees. Withdrawals from 9000 ATMs in Germany are also free, including at banks such as Commerzbank, Deutsche Bank, HypoVereinsbank, Postbank, Shell petrol stations, and retail partners like Rewe, Penny, or Aldi Süd.
Traditional bank account in Germany – overview of banks
When choosing a bank in Germany, you have various options available: private German banks, public savings banks (Sparkassen), cooperative banks (Volksbanken/Raiffeisenbanken), international banks, and online banks (direct banks).
The largest private bank in Germany is Deutsche Bank with around 12 million customers, followed by Commerzbank with around 4 million. Large banks like Deutsche Bank are popular among foreigners, offering various current accounts, including accounts with access to online and mobile banking and health insurance options. Commerzbank offers accounts with free cash withdrawals at ATMs and money transfer capabilities.
Sparkassen are savings banks owned by public shareholders, such as cities or communities, popular among German customers. Volksbanken/Raiffeisenbanken are cooperative banks and credit unions, offering basic accounts with free banking, debit card payments, and online banking.
In Germany, branches of international banks such as Barclays Bank, BNP Paribas, Citibank, HSBC, ING Bank, Santander also operate, offering services tailored to the needs of expatriates and similar banking options as the main German banks.
Free bank account in Germany
Alright, but most likely most of you are looking for a free account, so let’s see which banks or offers provide a 100% guarantee that the bank will not charge any additional costs. The good news is that there are banks that offer free account management in Germany without any additional hidden fees.
Among the options worth considering is WISE. It is a choice for those who appreciate simple online solutions. WISE allows you to open an account entirely online, while also offering the ability to hold funds in over 50 currencies. WISE stands out for its transparency of currency conversion costs, operating based on the real mid-market exchange rate. Additionally, it offers fast money transfers with low fees, which is especially beneficial for those who frequently send money abroad.
Other banks offering free online accounts are also available on the market, such as N26, Postbank, Comdirect, or ING. Each of them has its own unique features and offers that are worth considering depending on individual needs.
Summary – in which bank to open an account in Germany?
In summary, opening a bank account in Germany is available to everyone, regardless of having a registered address or a negative entry in SCHUFA. Both traditional banks and modern online financial institutions offer various options for individuals wishing to open an account in Germany.
For individuals without registered residence in Germany, online banks such as Wise, N26, or Revolut can be the perfect solution, offering simple account opening procedures and flexible usage terms. On the other hand, traditional banks such as Deutsche Bank, Commerzbank, or Sparkassen require customers to have a permanent address in Germany, but they may offer additional services and benefits.