Best Banks in Germany for Expats
Opening a German bank account as a foreigner is significantly easier than it was five years ago — provided you know which four or five banks to actually apply to.
The five accounts to actually apply to
N26 (BaFin-licensed, Berlin): fully English onboarding via video ident, DE IBAN, no Anmeldung required, DGS-covered. Standard tier is free; Metal (€16.90/month) adds insurance and cash-interest features. The default choice for most new arrivals.
Trade Republic (BaFin-licensed, Berlin): technically a broker with an integrated cash account paying 2%+ interest, DE IBAN, Visa debit card. English onboarding. Not a substitute for a full current account (no Dispo, limited direct-debit management) but excellent as a savings sidecar.
Bunq (DNB-licensed, Amsterdam, operating in Germany): NL IBAN accepted by almost all German counterparties for salary and rent; multi-currency and sub-IBAN features are stronger than N26.
Commerzbank / Deutsche Bank Digital: incumbent Kontokorrent with a German IBAN, in-person or video ident, English customer support. Slower onboarding but the strongest offering if you need a Dispo (overdraft), Baufinanzierung (mortgage) or long-term banking relationship.
ING Germany: fully digital German-licensed direct bank, English onboarding via video ident, DE IBAN, Girocard, free current account.
The Anmeldung and SCHUFA layers
The Anmeldung is the mandatory registration of residence with the local Bürgeramt. Neobanks (N26, Bunq, Revolut, Trade Republic) do not require it to open an account — a valid passport and any EU or supported non-EU residency is enough. Most traditional banks (Commerzbank, Sparkasse, Deutsche Bank) do require an Anmeldung certificate before finalising the account.
SCHUFA is Germany's main private credit bureau. Every German-licensed bank reports account holding and any credit exposure to SCHUFA. A brand-new expat has a 'thin file' at SCHUFA — this does not stop you opening a current account, but it does prevent credit-card approval, Dispo above token amounts, and instalment purchases (Klarna Ratenkauf, Amazon monthly).
The path to a full SCHUFA record is: open a bank account, activate the standard payment behaviour (salary in, direct debits out) for 3–6 months, then apply for a small credit card. Six months later, the file will support most standard rental and credit applications.
What to check before opening
German IBAN vs. foreign IBAN: since SEPA harmonisation, refusing a payment because it is on a non-DE IBAN is illegal — but employers and landlords sometimes still push back informally. For friction-free onboarding into German life, a DE IBAN is worth having. N26, Trade Republic, Commerzbank, Deutsche Bank and ING all issue them; Bunq and Revolut give NL and LT IBANs respectively.
Girocard vs. Debit Mastercard/Visa: Girocard (the German domestic debit scheme) is still accepted at more small retailers, bakeries and pharmacies than a Debit Mastercard. Neobanks issue Debit Mastercard/Visa only; incumbents offer a Girocard alongside. In practice, 95%+ of retail accepts Visa/Mastercard as of 2026, and the gap is closing fast.
Deposit protection: every German-licensed retail bank is DGS-covered up to €100,000 per depositor. Members of the private-bank association (Commerzbank, Deutsche Bank) carry additional protection via the Einlagensicherungsfonds far above the €100,000 line; savings banks (Sparkassen) and cooperative banks (Volksbanken) use institutional protection schemes that guarantee the bank as a whole rather than the individual deposit.
Frequently asked questions
- For most expats, N26 is the default: fully English, no Anmeldung, DE IBAN, DGS-covered. Add Trade Republic for savings and yield.
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Informational purpose only. Rates and product terms change frequently — always verify with the issuing institution before opening an account. Some links may be affiliate or partner links and never influence editorial rankings.
